More DeFi projects are adopting the decentralized autonomous organization (DAO) governance model to improve management and operational efficiency through distributed decision-making by community members. The Tracer DAO members have developed an innovative perpetual swaps platform by proposing and deciding on all major changes through shared governance. We are excited to announce our pilot program collaboration with Tracer DAO to provide decentralized push notifications to voting members to improve the DAO governance communication process.
How Decentralized Notifications Can Empower Tracer DAO
Tracer DAO is a derivative platform that provides a suite of risk management tools for both the digital and real world. One of the first financial contracts offered by Tracer DAO will be a perpetual swap contract, which is a widely traded contract that very cheaply enables people to go long or short on any underlying asset.
As part of Tracer DAO governance, all decisions are made by the DAO, discussed in open forums, and validated by votes. Anyone with TCR governance tokens has Tracer governance rights and can propose and vote on changes. Decisions range from introducing new perpetual swap pairs, deciding on critical contract variables, and engaging service providers.
Tracer DAO is ramping up quickly with the deployment of its Perpetual Swaps on scalable networks, integration with decentralized price feeds for permissionless derivatives, liquidation mechanisms, and partnerships with other service providers. As the platform and its services expand, governance rights holders are dealing with more governance proposals and related information. These voting members are highly dependent on notification services to deliver important information, including:
governance proposals
discussion forums on proposals
governance votes
vote results
Unfortunately, governance rights holders are currently reliant on email, Telegram, Discord and other social media channels to receive alerts. A push notification service would allow all governance members to receive and take timely action on governance proposals and votes while still protecting data privacy as smart contract users interact with internal and external data sources.
By leveraging EPNS, Tracer DAO members will be able to remain active in governing the protocol — ensuring that they do not miss a beat. Tracer DAO’s vision of democratic decision-making that supports the evolution of the next financial system will greatly benefit from EPNS technology. Patrick McNab, a contributor of Tracer DAO.
The EPNS Solution
The EPNS decentralized push notification service sends timely notifications through a single source of communication, the investor’s wallet. All notifications go directly to the user’s wallet where they can take immediate action. EPNS is the first native, on-chain notification solution to stream all crucial time-sensitive information to a user’s wallet. The partnership benefits to Tracer DAO members include:
EPNS will send all data notifications directly to Tracer DAO user wallets.
The EPNS and Tracer teams will adapt the highly customizable EPNS protocol to meet the various push notification needs of governance members.
EPNS channels and users can customize their notification settings for different data notification requirements.
How EPNS Will Support the Tracer DAO Governance Process
Under this pilot program, EPNS is building a dedicated channel for Tracer (see our lightpaper for definitions of channels, services, and more). Tracer DAO members can subscribe to the Tracer channel to receive customized notifications to their wallets. Through collaboration with the Tracer team, we will gain insight into the push notification needs of Tracer DAO governors and what they want from the EPNS protocol.
Decentralized notifications will allow proposals to be introduced and their pros and cons vetted among members in a more timely manner. Votes can be held without administrative delays and the results recorded directly on the digital ledger. Meanwhile, all users can continue to operate within the private, secure ecosystem of the Tracer protocol, while still keeping proposal content and voting results fully confidential and secure. Likewise, all push notifications will now be integrated into the Tracer ecosystem.
The DAO is the future of the enterprise. With the rules programmed into a smart contract, decisions can be made and results broadcast instantaneously. We believe decentralized push notifications are essential to the efficiency of the distributed governance process,” commented Harsh Rajat, Founder and Project Lead of Ethereum Push Notification Service.
Looking forward, we foresee many new EPNS notification channels being introduced within Tracer in particular, and DAO governance processes in general. Participation in network governance has been hindered by fragmented and slow discussion and voting channels, consuming the time of governance participants. Push notifications will be essential to lowering these frictions and building powerful and user centric tooling that quickly and easily alerts participants of important proposals and votes that will impact the DAO. Thus, we view decentralized push notifications as an important service that will place decentralized notifications at the core of the governance process.
Since Tracer is at the forefront of giving full responsibility to manage a DeFi platform to the distributed governance ecosystem, we expect our partnership to yield many new useful notification services and features for DAOs.
The long-term goal of the pilot program is to develop a notification system for future versions of the Tracer DAO. Governance members — who can easily integrate the EPNS protocol into a wallet — will expect push notifications to be an integral service. Going forward, we also expect to work closely with Tracer governance members to create new messaging solutions to meet their evolving push notification needs.
We are pleased to be partnering with Tracer and anticipate EPNS push notifications becoming an indispensable tool in DAO-run decentralized financial services.
About Tracer
Tracer is an open-source, smart contract protocol for derivatives. The Tracer Factory is a smart contract that can be used to host, modify and deploy censorship resistant financial contracts such as perpetual swaps. Tracer’s Perpetual Swaps are fully decentralised and highly capital efficient. Key characteristics include market-specific insurance, permissionless market deployment, and risk-free liquidations. Once deployed anybody with an internet connection will gain access to Tracer’s highly secure markets.
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About Ethereum Push Notification Service (EPNS)
EPNS is a decentralized notification protocol that enables users (wallet addresses) to receive notifications. Using the protocol, any dApp, service or smart contract can send notifications to users in a platform-agnostic fashion (mobile, tablet, web, user wallets, etc).