DeFi on Web 3.0 Creates More Earnings Opportunities
Staking, liquidity mining, P2P lending — more people are migrating from centralized to decentralized finance (Defi) applications (called dApps) and creating a boom in DeFi transactions. Since January, the total value locked in DeFi dApps has tripled (326 percent) to $73.9 billion.
Decentralized peer-to-peer networks run on the blockchain promise to give users control over their money and data. No technology has had a bigger impact on the investment markets since electronic quote systems revolutionized financial exchanges, eventually unleashing the online trading revolution. Yet despite all the hype around P2P financial services, many parts of the network are still under centralized control.
Web 3.0 is ready to pitch the middlemen once and for all. DeFi was launched on the social web, Web 2.0 where intermediaries like brokers still provision web services and control the data. dApps and blockchains are currently building for Web 3.0, a fully autonomous web run by AI and learning machines where programmable intelligent agents like smart contracts, data oracles, and universal identities carry out the wishes of the dApp users.
Web 3.0 sounds like nirvana for investors but there’s one big hitch — decentralized notifications do not exist on Web 3.0 to provide you with important notifications, such as trade signal alerts, margin calls, and other key notifications that affect your earnings potential.
Out-of-Control DeFi Notifications
When it comes to notifications capabilities, Web 3.0 provides another parallel to the early days of electronic trading. Back then, brokers sent orders to the exchanges and had them filled automatically but they still had to liaise with the client by telephone, and eventually email and SMS. The retail client was powerless to seize a price move in the stock price of saying the new personal computing companies like Apple and Microsoft.
In DeFi, the broker is no longer in the way. The investor, though, is still put at a disadvantage by outdated modes of communication such as email and social media. That’s because important notifications that affect trade decisions like price, wallet, and ETH gas price alerts cannot be sent as a native feature of DeFi dApps.
The lack of an integrated notification system creates huge trading inefficiencies and risks, especially in DeFi markets with high price and gas price volatility. Real-time continuous information streams provide an important trading edge and risk management tool.
Notification Snafus and Scammers
As DeFi grows into a vast ecosystem of interoperable dApps, more cross-DeFi earnings opportunities are being created but so too are more risks from inadequate notification systems. The notification stream is becoming super congested from multi-asset wallets and single dApps that run them all, aggregating services and information across the Uniswaps, Compounds, and Kybers. Common complaints popping up in social media include:
- Transaction confirmation windows not appearing mid-swap when the trader connects the swap dApp to the wallet.
- Missing loan collateralization ratio changes and getting stuck with a big liquidity penalty.
- Time-sensitive market signals like big whale activity or liquidity pull overlooked because they are sent to social media and too late to act upon.
Alarmingly, scammers are exploiting these notification snafus. They are slipping in with links to fake wallet addresses asking for seed phrases or pop-ups mid-swap redirecting traders to invest in other assets, often from a supposed influencer.
DeFi dApps try to make up for this omission by offering a dozen different ways to receive notifications, including email, SMS, browser and push notification, Twitter, Telegram, and even a phone call option. Even then, traders complain that the notifications are lost in the social media maelstrom, do not work on X or Y Wallet or, horrors of horrors, the margin call notice has gone into the spam email folder.
EPNS — Never Miss a DeFi Earnings Opportunity
Uniswap, PoolTogether, and SuperFluid are examples of Web 3.0 ready DeFi platform’s investing in bringing decentralized notification services to Web 3.0 services to ensure their users can fully benefit from open permissionless networks. All three DeFi protocols are using the Ethereum Push Notification Service (EPNS) in pilot programs. EPNS is filling the gaping push notification void in Web 3.0 infrastructure with a blockchain agnostic decentralized middleware messaging solution for any dApp, smart contract, or Web 3.0 service. Our secure solution places all communications in a DeFi user’s single wallet interface.
Examples of how EPNS is pushing important information to users include:
Uniswap — Users of the liquidity protocol are able to receive notifications to their wallets such as transaction approval, gas costs, and impermanent losses. Both dApps and users can customize their notifications, including content and recipients.
Superfluid — The streaming cash-flow protocol is using EPNS to alert users of their recurring payments for subscriptions, crypto payrolls, rewards, and other streaming payments.
PoolTogether — The no-loss prize savings protocol gamify savings use EPNS to notify users of the prize pool rewards in DAI, USDC, COMP, and UNI.
Keeping your Defi activities apace with Web3 to gain the full potential of Web3 interconnectivity and intelligence is as simple as downloading the EPNS app on IOS or Android, or use your favorite wallet with EPNS integrations. Streamlining and securing your push notifications will not only allow you to seize earnings opportunities as they happen but also execute more effectively. Beyond missed messages, studies have shown that receivers of high-frequency push notifications are slower to respond and make more errors.
EPNS makes sure you know when, where, and how your DeFi assets are working for you so you can seize the opportunities as, not after, they arise. And using EPNS is another way you can earn while using DeFi. EPNS alerts are incentivized through Staking by Service.
