If there is anything that the Ethereum ecosystem believes in, it would be decentralization. Oftentimes, DeFi protocols tend to act as gatekeepers to which projects are allowed to be a part of their lending and borrowing pools; thereby barring a majority of DeFi projects from participation in the DeFi ecosystem.
UniLend is a permission-less decentralized protocol that combines spot trading services and money markets with lending and borrowing services through smart contracts. Even with the openness and permissionless features, one of the major gatekeepers of major adoption and user experience has always been the communication gap in the DeFi ecosystem.
To help UniLend overcome this barrier and to truly unlock the potential of digital assets for their users, we are glad to announce our pilot program with UniLend Finance to provide decentralized push notifications to their users.
Why is there a need for notifications in UniLend? — The Problem
Unlike other DeFi protocols out there, UniLend allows you to list ERC20s in a permissionless way on their platform, and also allows you to trade (spot trading), lend and borrow with interest and even perform Flash Loans on any ERC20 asset with liquidity, easily on their interface. This opens up a whole new door for projects that are not listed on other lending platforms who only provide permissioned access to list their projects as pools.
By leveraging these features, UniLend acts as an infrastructure that solves the problems of fragmentation and limited functionality in the current DeFi lending ecosystem by supporting and offering comprehensive functionality for a vast range of digital assets. However the lack of communication in the current state of DeFi protocols means that users of UniLend face trouble when they are not able to know when:
Their favorite cryptos are listed on UniLend
When their loans are about to get liquidated
When their trade (spot trade) has gone through
If their flash loan was successfully executed
When new governance proposals are listed
When new airdrops are announced
“UniLend is excited to integrate EPNS’s decentralized push notification service into our tech stack. This will create a more transparent overall user experience and give users engaging with our platform a more user-focused feel.” Chandresh Aharwar, UniLend Co-founder & CEO
Without the provision of instant real-time notifications for spot trades, and lending & borrowing; users may not be able to stay up to date on their loans, trades, and positions on UniLend. If they want to, users would need to keep a track of their positions by continuously logging back in to the dApp, to make sure their loans are not liquidated, or they need to scour social media to check if there are any new airdrops or giveaways happening on UniLend.
Instant EPNS Magic! — The Solution
The state of service-client relationship and communication is strictly restricted by Web2 infrastructure such as Telegram, Discord, Reddit, Twitter, Medium, etc. This not only results in fragmentation of sources of information but also results in a void in user personalization.In this age of Web3 technology, it is still a burning issue in how to create trustworth and efficient communication medium for services and users without invading their Web3 privacy.
“This partnership allows us at EPNS to not only support Unilend’s journey to true decentralization, but also provide them with a decentralized communication infrastructure to further their decentralization agenda” commented Harsh Rajat, founder EPNS.
By integrating with EPNS, the communication between services and users are greatly improved which also allows for a much more personalized user experience and completely uses Web3 decentralized infrastructure along with decentralized identity integrations in the near future — users can now receive alerts and notifications on events that concern them, their trade and loan positions, and also get to learn about major events, airdrops, governance proposals, and other announcements right at their fingertips without having to wander through the project’s social media all the time.
The Crossover — What we will achieve
EPNS will work with the UniLend team to set up channel (see our litepaper for definitions of channels, services, and more) to allow users to receive notifications directly on user wallets without any hassle, these channels will allow for use cases that encourage users to be more in control of information, and hence be more confident to make more educated decisions on their trades and stay on top of their DeFi game always.
UniLend users through EPNS will be able to:
Learn when new tokens are listed on the dApp
Learn the status of their swap or spot trade
Learn when new governance proposals or airdrops are announced
Get notified when their Flash Loan goes through.
Customize notifications according to their preferences and priorities
$PUSH Liquidity + Flash Loans!
UniLend is one of the first and only protocols that provides Flash Loan functionality to chains in addition to Ethereum. Flash Loans are more gas-efficient and cost lesser fees on the protocol, when compared to their competitors. Due to its nature of permissionless listing and Flash Loan fees as less as 0.05%, adding $PUSH liquidity to UniLend’s protocol allows $PUSH to be Flash Loaned and allows traders to take advantage of arbitrage opportunities, which also opens up many other trading strategies for $PUSH.
This creates a new revenue generating use case for $PUSH tokens & allows token holders to earn staking rewards & airdrops 🪂
Stakers on UniLend also get a share of the Flash Loans fee that are collected, as 70% of the Flash Loans Fee goes to the Staking Pool. With UniLend’s easy UX, the rewards are given instantly to the stakers and added to the liquidity pool and restaked.
By working with UniLend we are able to expand UniLend’s vision of following the Web3 ethos of decentralization. By allowing permissionless listing of tokens on their platform, UniLend allows any project to be able to leverage interest based lending and borrowing with collateralization which is usually restricted to only certain projects by most other platforms. By taking this approach, UniLend wants to embrace the Web3 ethos of decentralization and allow anyone to be a part of the larger DeFi ecosystem.
We are absolutely thrilled and honored to work with UniLend, and look forward to their users receiving decentralized push notifications that improve their overall user and trading experience.
About UniLend Finance
UniLend is a permission-less decentralized DeFi protocol that combines spot trading services and money markets with lending and borrowing services through smart contracts.
Stay in touch with UniLend Finance! Website | Telegram Community | Announcements Channel | Twitter | Blog | Github | Reddit
About Ethereum Push Notification Service
Ethereum Push Notification Service (EPNS) is a decentralized notification protocol that enables any smart contracts, dApps or even traditional services to send notifications to wallet addresses, as long as those wallet addresses have opted in to receive them from that particular service.