The Open DeFi Notification Protocol Now Supports Alpaca Finance

Alpaca Finance, ​​the largest lending protocol for leveraged yield farming on BSC, has integrated the Open DeFi Notifications Protocol to provide its users with free mobile notification for on-chain events.

Alpaca users can now sleep better knowing that their leveraged positions are monitored 24/7 and that they will receive real-time notifications to help them manage their risk.

The Open DeFi Notification Protocol App is now available on both Apple AppStore and Google Play.

The Open DeFi Notification Protocol by defi.org is a community-led initiative to provide users with decentralized and free mobile notifications for on-chain events.

The Best Way to Monitor Leveraged Positions

Alpaca Finance is the largest lending protocol allowing leveraged yield farming (LYF) on Binance Smart Chain (and soon Fantom), with over $800M in TVL. Alpaca borrowers can take undercollateralized loans for leveraged yield farming positions to increase their assets base and yields.

However, opening an LYF position carries certain risks, primarily the risk of liquidation. Borrowers need to ensure that they do not cross the Liquidation Threshold, which will trigger a liquidation bot to close their positions to repay the debt. Alpaca calculates the Safety Buffer in the Your Positions dashboard which tells you how close you are to potential liquidation. Once it reaches zero, you can be liquidated.

As we all know, the crypto market is very volatile. At times such as these, borrowers can experience some sleepless nights, having to regularly monitor their position status.

Well, now, that's no more!

Using the Open DeFi Notification Protocol, Alpaca users can set up a "position health" notification which will issue an alert once your safety buffer drops below a specified threshold. In this way, users have 24/7 monitoring of their position health, and can take immediate action in case of a low safety buffer, such as adding collateral in order to increase their safety buffer to mitigate the risk of liquidation.

Integrations by Top DeFi Protocols

The Open DeFi Notification Protocol is a community-led initiative to provide users with decentralized and free mobile notifications for on-chain events.

Alpaca Finance joins an impressive lineup of leading DeFi projects who have already integrated the Notification app for the benefit of their users. Launch partners of The Open DeFi Notification Protocol include, among others, Quickswap and Trader Joe --- the largest DEX-AMMs on Polygon on Avalanche respectively.

All in all, the app supports 19 protocols across four networks: Ethereum, BSC, Polygon, and Avalanche!

Integrating new projects to the Open DeFi Notification Protocol is super easy!

With a quick 30 minute integration on Github, any DeFi project can provide its users with free mobile notifications for important events like accumulated pending rewards, price swings, near liquidations, stop loss, contract upgrades, new governance votes, and more. All it requires is implementing a simple JavaScript web3 class that extracts the notification from the chain data. This class is then contributed via PR to the protocol Github repo.

Expect more integration announcements soon...

Become involved and contribute:

https://github.com/open-defi-notification-protocol

Learn more about the Open DeFi Notification Protocol here.

Proudly born in the defi.org accelerator, join our Telegram channel for more updates!

Please Note

The Open DeFi Notification Protocol is a beta version that is still under active development, and all underlying digital assets, blockchain networks and DeFi platforms are also subject to ongoing development, and as such, the protocol or the underlying platforms:

(a) may contain bugs, errors and defects,

(b) may function improperly or be subject to periods of downtime and unavailability,

© may result in total or partial loss or corruption of data or a delay or a failure to send or receive expected notifications.

Any use of any platform, application and/or services described here is at your own risk and you are solely responsible for all transaction decisions. For more information, please see the Terms of Use and Privacy Policy.