Open DeFi partners with Venus
Open DeFi partners with Venus Protocol, the largest money market & synthetic stablecoin platform on BSC, with almost $800M in TVL.
Venus users can now sleep better knowing that their positions monitors 24/7 and that they will receive real-time notifications to help them manage their risk.
The Best Way to Monitor Leveraged Positions
Venus is the largest lending & borrowing protocol on Binance Smart Chain and is top 5 overall according to defillma. Venus enables DeFi users to take collateralized loans for various activities and strategies across the DeFi space.
However, opening collateralized loans carries certain risks, primarily the risk of liquidation. Borrowers need to ensure that they do not cross their borrow limit. It can trigger a liquidation bot to close their positions to repay the debt.
The borrowing limit depends on the Collateral Factor and is constantly displayed on the Venus app dashboard, indicating how close the position is to potential liquidation.
Furthermore, by using the Open DeFi Notification Protocol, Venus users can set up a “Low Liquidity” notification. It will issue an alert when your position gets close to liquidation. In this way, users have 24/7 monitoring of their position status. They can take immediate action in order to mitigate the risk of liquidation.
A Notification Standard for Leading DeFi Projects
Furthermore, the Open DeFi Notification Protocol is an open initiative to provide users with decentralized and free mobile notifications for on-chain events.
Venus joins other top DeFi lending protocols, such as Alpaca Finance, supported by the Open DeFi Notification app, with liquidation risk notifications being one of the most popular use-cases by the app users.
Integration with other projects
The addition of Venus 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, as well as SpiritSwap, and more.
ABOUT Venus Protocol
Venus Protocol is the simple and powerful community-driven finance for the entire globe.
ABOUT Open DeFi Notification
The Open DeFi Notification Protocol by defi.org is a community-led initiative. It also provides users with decentralized and free mobile notifications for on-chain events.
RESOURCES
Medium
