At the start of this year, Alpaca Finance integrated the Notification Protocol and the integration has been of great help to DeFi users especially those that use Alpaca Finance.
Alpaca users are now able to set up “position health” notifications that give an alert when the safety buffer of leveraged positions drops below the specified threshold. This way users can monitor their leveraged positions 24/7 without worrying about missing out on any notification.
Depending on the issued alert, users are able to take immediate action like adding collateral to mitigate liquidation in case of a low safety buffer alert.
What is Open DeFi Notifications Protocol?
Open DeFi Notification Protocol is a community-led initiative that was developed by defi.org. It provides users with free decentralized mobile notifications of any on-chain events that happen. The protocol is powered by the Orbs Network.
The Defi Notification Protocol is fully open meaning anyone can contribute new notifications. One only needs to implement a simple JavaScript web3 class that is responsible for extracting the notification from the data on the chain.
The protocol has an app called Open DeFi Notification Protocol App that is available on both Google Play and Apple AppStore.
What is Alpaca Finance?
Alpaca Finance is the largest lending protocol for leveraged yield farming (LYF) on Binance Smart Chain (BSC). It has a total value locked (TVL) of $ 800 million.
Alpaca borrowers are able to take under collateralized loans for leveraged yield farming positions. The loans enable users to increase their asset base and ultimately their yields.
However, opening a leveraged yield farming position comes with certain risks especially the risk of liquidation. Therefore, borrowers have to find a way of ensuring that they do not cross the liquidation threshold that triggers an automatic liquidation where all positions are closed to repay the debt.
Need for real-time notifications for LYF positions
Alpaca calculates the safety buffer of the entered positions for customers and displays how close the positions are to potential liquidation. However, displaying it does not help much since you may not be available to see the dashboard all the time.
That is where the Open DeFi Notification Protocol integration comes in. Through the integration, Alpaca Finance users can now get real-time notifications not only of real-time on-chain events but also in relation to the calculated safety buffer.
After the integration, Alpaca has also created a notification widget on their Portfolio page user interface to allow users to set alerts seamlessly.
In a nutshell, real-time notifications for DeFi users are a must especially when money is at stake and there is a likelihood of liquidation. With the Open DeFi Notification protocol integration on Alpaca Finance, DeFi users are assured of never missing any crucial alert.
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