Summary
We propose the Ethereum Push Notifications Service be integrated with Frax Finance.
Decentralized notifications through EPNS establish a direct line of communication between Frax and users. All the users who deposit Frax as collateral will have the ability to get notifications.
Background
EPNS (https://epns.io/) is the first decentralized communication protocol that enables any dApp, smart contract, or backend to send push notifications tied to user wallet addresses.
Currently, the EPNS protocol powers notifications for 70+ projects, such as Ethereum Name Service (ENS), Uniswap, MakerDAO, Decentraland, and DoinGud around the Ethereum ecosystem, and soon will be deployed to all the EVM-compatible networks.
A brief history of EPNS
We started building EPNS in January 2020. While interacting with decentralized applications, we realized the lack of a notification mechanism that can notify users or wallet addresses about important events, updates, and actions. As a result, a lot of important events which require user attention end up being missed completely.
EPNS tries to solve this with its Push Notifications service. To do this efficiently, the notification is stored and treated like a JSON payload, and this is transformed as per the rules of the different carriers when the notification ends up reaching them.
The JSON payload can differ with payload types, and this ensures the flexibility of the content, as well as the data, storage interpretation, and delivery.
EPNS allows users to be in full control of what services they get notifications from, and impose rules on the services, which include spam protection for users. This means that notifications are treated as a social feed rather than a piece of information.
Why integrate EPNS with Frax Finance
Making the best use of technologies at hand to enhance user experience is the essence of innovation in Web3. Many protocols and dApps currently rely on emails or social media tools like Twitter, Telegram, and Discord to communicate with their users.
Implementing EPNS decentralized notifications creates a direct channel between Frax and Users. Users will be able to receive notifications and respond immediately.
All notifications can be delivered in rich media format with links and images, resulting in a more engaging user experience. Here are some of the use cases for which Frax stablecoin holders will receive notifications;
- New staking opportunities
- Notify when the lock period of your tokens is about to expire
- Governance proposal notifications
Sending out notifications for the above events will be very beneficial for users in finding staking opportunities as well as the latest governance proposals.
Link to resources and active communities
You will find all the relevant links to EPNS Website, Documentation, and Medium in the below provided link. It also has out Twitter and Discord community links.
Next steps
For: Frax Finance will leverage the Ethereum Push Notifications Service to serve decentralized notifications to its users.
Against: Do nothing
Thank you, everyone!