Accelerating DeFi with EPNS
Our pilot program with Uniswap to refine the EPNS solution for DeFi
The DeFi ecosystem is a landscape of constant innovation. In the last year alone, we have seen an unprecedented amount of on-chain activity, prompting acute needs from users to keep on top of what is happening. EPNS is poised to accelerate the adoption of the DeFi ecosystem to meet the needs of users and dapps to keep up with rapid innovation.
Towards this effort, we are excited to announce that we are working with Uniswap to develop the core EPNS protocol. Uniswap is among the strongest teams and protocols in the Web3 space, and we are looking forward to working with the team to refine the EPNS protocol to create sustainable, decentralized notifications.
In May 2020, Uniswap launched V2 of its protocol. The launch required a significant communications and ecosystem management effort, as the successful launch of the V2 AMM required the migration of liquidity providers (LPs) from V1 to V2. The migration of LPs was successful due to Uniswap’s clear information and community visibility — but it still took months to happen.
Retrospectively, Uniswap’s V2 migration could have been aided by a notification service, which would have provided both Uniswap and LPs a single source for information and communication. Instead of relying on tweets, Telegram messages, and blog posts to get in front of LPs, Uniswap would be able to identify just the V1 LP wallets of the need to migrate to V2. At the time, there existed no native, on-chain way to inform specific eligible wallets. With EPNS, Uniswap could have enabled notifications to be sent to eligible wallets to better ensure communication and engagement around the migration. We are working with the Uniswap team to build out the core EPNS protocol to deliver decentralized notifications to Web3 users. Among those possible notifications, we anticipate enabling a notification system for future versions of Uniswap.
During our “pilot program” collaboration with Uniswap, we will build a channel for them with EPNS (see our litepaper for definitions of channels, services, and more). Anyone can subscribe to the Uniswap channel and begin receiving notifications to their wallets immediately. The notifications are customizable, and can include letting users know when their transactions have been approved, warning them about gas costs, notifying them of impermanent loss, and much more. By building this channel in collaboration with the Uniswap team, we will also have the opportunity to better understand precisely what dapps want from the EPNS protocol.
In the future, we anticipate a few trends that will increase the need for decentralized notifications.
- The DeFi ecosystem will continue to grow and innovate. In the last year alone, the ecosystem has seen the rise of governance tokens and the blending of DeFi and NFTs. This sort of novelty will not only continue, it will accelerate.
- Uniswap will continue to play a critical role in the evolution of the DeFi space. Uniswap has been a tremendous steward among blue chip DeFi projects, and will continue to be at the forefront of innovation in DeFi. As the DeFi ecosystem continues to grow, we anticipate Uniswap to be at the forefront of much of that innovation.
- Other protocols will follow suit and innovate on their own. DeFi is highly collaborative, and protocols are quick to adopt the behaviors that have proven successful for other dapps. We anticipate a successful innovation pioneered by one company to be swiftly adopted by others.
Altogether, the growing DeFi ecosystem we envision needs a way for users to separate the signal from the noise. EPNS is that solution. We are humbled and grateful to be collaborating with one of the brightest teams in the space to build precisely what the ecosystem needs: a decentralized notification service optimized to connect Web3 users and dapps.
Pilot Program Updates as of June 24th, 2021
With Uniswap we implemented EPNS decentralized notifications to let users know when a new proposal is submitted.
By making use of the Call to Action feature users will be able to go directly to the proposal with 1 click.
In this case we hooked directly with Uniswap’s V2 contracts.
Currently, we are exploring implementing EPNS for more use cases available with V3 including sending notifs when the LP provider range of trading curve goes out, ie: they are unable to earn any fees.
About Uniswap
Uniswap is a protocol on Ethereum for swapping ERC20 tokens without the need for buyers and sellers to create demand. The protocol facilitates automated transactions between cryptocurrency tokens on the Ethereum blockchain through the use of smart contracts.
Stay in touch! Website, Twitter, Discord
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.
Stay in touch! Website, Twitter, Telegram, Medium, Whitepaper, Litepaper
Announcement: EPNS is currently running an IDO, more details here!
