With EPNS, Ruler Protocol is revolutionizing the DeFi space
DeFi and the peer-to-peer lending and borrowing sector have grown in popularity and have become one of the Web3 ecosystem’s most popular use-cases. Although most peer-to-peer lending protocols rely on the value of the collateral given as security for the loans, this often entails the risk of liquidation during periods of market instability. Ruler protocol has emerged to counteract this, with non-liquidatable fixed-term loans for individuals who do not wish to face liquidation.
Users of the Ruler Protocol can take out short-term, fixed-rate, market-priced loans. They are non-recourse or non-liquidatable loans in which users are only required to repay their loans before the due date in order to receive their collateral back. Interest rates are controlled by market supply and demand, not by a bonding curve. Fungible loans are also possible using Ruler, where the debt/credit is represented by ERC20 tokens.
Although Ruler Protocol provides for fixed-term loans (typically for one month), customers have no method of being notified about their next due date for repaying the loan before it’s too late.
EPNS pilot will be working with Ruler in the Highlighted ways:
- Ruler Protocol users will receive reminders about their loans at least 24 hours before they expire.
- When minting rcTokens or rrTokens, users will get notifications.
- Notifications are sent out when the mint ratio falls below a certain threshold.
- Other sophisticated automatic alerts.
EPNS will collaborate with Ruler Protocol to further decentralize the DeFi and Web3 communication layers.
About Ethereum Push Notification Service
EPNS (Ethereum Push Notification Service) is a decentralized notification system that allows any smart contract, dApp, or even traditional service to deliver alerts to wallet addresses that have opted in to receive them from that specific service.
About Ruler Protocol
Ruler is a peer-to-peer DeFi lending and borrowing platform that offers loans with no danger of default.
