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Orbs Launches Open DeFi Notification Protocol to Advance Risk Management for DeFi Traders

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Thu, 10/21/2021 - 13:17
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Vladislav Sopov
New instrument will allow crypto traders to customize and deploy personified notification system
Orbs Launches Open DeFi Notification Protocol to Advance Risk Management for DeFi Traders
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A chain-agnostic protocol is created in DeFi.Org Accelerator, which is a joint initiative by world-leading crypto exchange Binance, blockchain wallets vendor Moonstake and Orbs public blockchain platform.

Introducing Open DeFi Notification Protocol

According to the official announcement by Orbs Network, Open DeFi Notification Protocol, the newest addition to the toolkit of DeFi.Org Accelerator, is now available in the product's GitHub repository.

The protocol is capable to register and send notifications about the most crucial events for traders, such as accumulated pending rewards, price swings, near liquidations, stop loss, contract upgrades, new governance votes and so on.

This instrument allows every trader from a decentralized exchange to improve his/her risk management strategies and avoid losses during periods of increased volatility.

Orbs co-founder Tal Kol emphasizes the importance of this release for the entire segment of decentralized trading and cryptocurrency conversion:

Transparency is a hallmark of blockchain, yet reliable mobile notifications that can aid the DeFi community are virtually nonexistent. Our talented team has created a user-friendly protocol that functions almost like a reactive DeFi assistant, alerting users to the possibility of impending liquidations, significant price swings, contract upgrades and the like. We are positive it will make a huge impact.

Setting trading alerts in a matter of clicks

As per the explanation provided by the product team, inaugural releases of Open DeFi Notification Protocol will utilize a centralized node, while the next builds will be 100% decentralized.

The protocol can work with different DeFis simultaneously. Users just need to install "DeFI Notifications" applications for iOS and Android and scan the QR-code by Metamask plugin.

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No registration or KYC is required to start using Open DeFi Notification Protocol. Also, user-friendly UX/UI allows the protocol to be used by traders with various levels of expertise in crypto and blockchain.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)