Drops Partners with PARSIQ for Loan and Liquidation Alerts
The Drops team is excited to announce a partnership with PARSIQ, which will improve the communication of on-chain loan position information to Drops users.
PARSIQ is a data and automation platform that connects activity on blockchains to traditional web 2.0 applications in the real-world, which already has more than 50,000 users.
Currently, a majority of DeFi projects require active monitoring and management of positions by their users. This can easily lead to forgotten collateral and loan positions, resulting in silent margin calls and avoidable liquidations.
Drops will be utilizing PARSIQ’s infrastructure to automate a reliable delivery of on-chain data directly to users, via communication channels such as Telegram, Discord and email. This will enable Drops to effectively notify users regarding important information on their collateral and loan positions including margin calls, liquidations and expiration.
By setting up PARSIQ “Smart-Triggers”, the Drops platform will be able to select specific on-chain conditions and thresholds that will alert users regarding loan position data or actions.
PARSIQ is a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications.
PARSIQ technology is a proprietary ParsiQL programming language that allows users to monitor and interpret an endless stream of data on the blockchain; thus, it’s possible to monitor traders and ordinary users’ wallets.
Drops is a multi-chain liquidity and loans platform for NFTs. It’s adding much-needed utility to idle NFT assets. Users can leverage their NFTs to obtain loans in permissionless manner, reducing the opportunity cost of holding NFTs long-term.
This Drops infrastructure will become increasingly important as we witness the rise of “financial NFTs” — an expansion of the space beyond digital artwork into more tangible financial instruments.