- Open DeFi Notification Protocol adds support for Aave.
- This allows Aave users to get alerts on their liquidation status.
- The Open DeFi Notification Protocol is created by DeFi.org.
DeFi.org’s Open DeFi Notification Protocol has given support for the Aave liquidity protocol, which has more than $11 billion in total value locked (TVL). With this new initiative, Aave users can now set up a “position health” notification which will issue an alert when their position gets close to liquidation.
— Orbs 🌐 (@orbs_network) August 8, 2022
In detail, with the DeFi notification protocol, users get alerts when the market fluctuates reaching any specific liquidation position that the users choose. Furthermore, as the notification protocol informs the users about their liquidation status and users can monitor their assets themselves, they can immediately take the required action by preventing any liquidity losses.
Open DeFi Notification Protocol is a free-for-use community-led initiative by DeFi.org and implemented by Orbs Network. It provides users with decentralized and free mobile notifications for on-chain events. Meanwhile, Aave is a decentralized non-custodial liquidity protocol on Ethereum and a few other blockchain networks.
According to DeFi.org’s blog, users of the Aave protocol can monitor their positions 24/7 for optimal risk management. If a user wants to borrow assets on Aave, they must keep collateral on the platform. However, using collateralized loans poses certain risks, notably, the risk of liquidation. “Borrowers need to ensure that they do not cross their borrow limit, which can trigger the liquidation of their collateral”, read the blog.
The addition of Aave makes for an impressive lineup of leading DeFi projects who have already been integrated into the Open DeFi Notification app for the benefit of their users, including among others: Aave, Uniswap, SushiSwap, QuickSwap, PancakeSwap and more.
Recently, DeFi.org launched $100,000 developers grants on its Open DeFi Notification Protocol, integrating with DappRadar and Orbs Network.