EPNS Teams Up With Symphony Finance To Make Limit Order Push Notifications Easier
DeFi established itself as one of the world’s top industries following its historic summer of 2020. The sheer number of investment, entrepreneurship, and arbitrage opportunities now available in DeFi is mind-boggling. DeFi’s tried-and-true yield farming and staking methods are still bringing in new users on a daily basis.
In addition, cryptocurrency-based derivatives have recently gained popularity. On crypto exchanges, options and futures are already among the most popular financial products. With the emergence of Symphony Finance, even limit orders are now being brought to DeFi, and EPNS is excited to be collaborating with the protocol on their road to becoming DeFi’s go-to trading protocol.
“YOLO,” a yield optimized limit protocol developed by Symphony Finance, is one of DeFi’s first. By combining limit orders with yield farming, it tries to optimize overall profits for users. Limit orders, for the uninitiated, are financial contracts that allow the owner to establish their own price limit for buying or selling an asset. The order is executed if the limit price is achieved.
In this regard, Symphony Finance’s YOLO allows customers to deposit sold assets to place limit orders on digital assets. The asset is then placed on yield farming protocols like AAVE, Mstable, and Yearn by the protocol. The underlying asset creates yield for the user on a constant basis in this manner. If the limit price is achieved, the limit order is immediately executed, and the user receives the asset as well as the whole yield created.
Apart from yield generation, YOLO offers some fantastic features, such as “Liquidity Aggregation,” which helps consumers by completing limit orders at the best possible price. By removing the requirement for “Takers,” YOLO also ensures that orders are fulfilled once market prices are available. The integrated DEXes operate as Takers in the context of YOLO. Another feature provided by YOLO is stop loss, which is not present in many orderbook DEXes in DeFi today.
To keep all of these operations in Symphony Finance running properly, the protocol requires a way to communicate directly with its users, and what better way to do that than using EPNS?
What Is Involved in Collaboration?
EPNS make decentralized push alerts easier for investors, traders, and protocol users through with this partnership with Symphony Finance. These decentralized alerts have the potential to become a dependable mode of communication for the protocol with its users.
Users can elect to get notifications by subscribing to the official Symphony Finance channel on the EPNS. Users are notified instantly when their requests are fulfilled on Symphony. This reduces the need for them to manually check on the status of their limit orders, resulting in less friction between the protocol and its users.
EPNS is creating the Web3 ecosystem’s first open communication layer, initially for Ethereum, then for L2s and other blockchains. The protocol allows any smart contract, dApp, or standard server to broadcast platform-agnostic alerts attached to a user’s wallet addresses (ie: notifs can be integrated and shown on any crypto wallet, mobile apps, extension, or dApps).