Defi.org Supports Frax Finance
Defi.org supports Frax Finance. Frax users can rest easy knowing that their positions are monitored 24/7 and that they will receive real-time notifications to help them manage their risk.
The Best Way to Monitor Your Loaned Assets
Frax is one of the largest algorithmic stablecoin protocols on the Ethereum network, with their stablecoin, $FRAX, additionally implemented on 12 other chains. The decentralized protocol allows users to help stabilize $FRAX, earn yield, swap, and lend on their all-in-one platform.
To borrow on Frax, borrowers must post collateral. Taking collateralized loans carries certain risks, primarily the risk of liquidation. Borrowers need to ensure they do not cross their borrowing limit, which can trigger the liquidation of their collateral.
The Use Of Open DeFi Notification Protocol
Courtesy of Orbs Network
Using the Open DeFi Notification Protocol, Frax users can set up a “Position Health” notification. It will issue an alert when your position gets close to your specified Loan-to-value ratio (LTV). In this way, users have 24/7 monitoring of their position status and can take immediate action to mitigate the risk of liquidation.
In addition to this, Frax farmers can set up a “Pending Reward” notification which will notify the user when there are enough rewards in the veFXS pool to claim.
A Notification Standard for Leading DeFi Projects
The Open DeFi Notification Protocol is an open initiative to provide users with decentralized and free mobile notifications for on-chain events.
Frax joins other top DeFi lending protocols, such as Aave, Venus, and Alpaca Finance. Supported by the Open DeFi Notification app, liquidation risk notifications are one of the most popular use cases by app users.
The addition of Frax 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, it includes Aave, Uniswap, SushiSwap, QuickSwap, PancakeSwap, and more.
All in all, the app supports over 20 protocols across 6 networks: Ethereum, BSC, Polygon, Fantom, Cronos, and Avalanche.
The Protocol has been implemented fully by the Orbs network and will be executed by the Orbs Guardians, making this the 1st fully decentralized implementation of a notification protocol.
Note: The Open DeFi Notification Protocol is a beta version that is still under active development, and all underlying digital assets, blockchain networks, and DeFi platforms.
ABOUT Frax Finance
The Frax Protocol introduced the world to the concept of cryptocurrency. Being partially supports by collateral and partially stabilized algorithmically. With the vision to create highly scalable, decentralized money in place of fixed-supply digital assets like BTC.
About DeFi.org
DeFi.org is a community of thought leaders in the field of decentralized finance (DeFi). The community is led by the Orbs Network. Together with a consortium of market leaders in the blockchain and cryptocurrency industry. Collaborate and advance the cause of DeFi innovation.
