Making Paraswap Operations Easier

Building and scaling a DeFi project is a tough job. Here’s how Paraswap made internal operations more efficient by using hal Notify.

Hal x Paraswap

Scaling a DeFi project with hal Notify

Augustin has one word to describe managing Paraswap operations: intricate. Paraswap reward programs require regular monitoring of smart contracts to ensure an adequate supply of PSP tokens in the protocol’s reward wallets. Initially, ParaSwap was monitoring these accounts manually, but with growth in the user base, this process became unreliable. The team was spending too much time checking and the risk of user error increased every day. Augustin reached out to Hal for a solution.
Notifications make your life easier by providing your team with actionable insights in real-time.
The Paraswap team needed to ensure that their reward accounts were topped-up, but they couldn’t devote precious resources to keeping eyes on them all the time. What they needed was a sentry who never slept, could send messages in their internal channels, and push status updates instantly based on predefined rules. Hal was here to help.
The first use case of hal Notify was to monitor the Gas Refund Program for staking PSP. To ensure that the reward wallet had a sufficient supply of PSP, the team manually calculated the average number of PSP tokens in the wallet and termed it the safety limit. Every time the smart contract’s value was less than the safety limit a notification would be sent to ParaSwap’s Slack channel. Someone on the Paraswap team could resupply the reward wallet without missing a beat. 
The PSP token can be staked in seven Pools. For every Pool, there is a smart contract for PSP staking. Another implementation of Notify tasks helps ParaSwap monitor transactions where large quantities of PSP tokens are staked/unstaked on any of the seven Pools. Simply put, this use case helps track whale transactions of the PSP tokens. 

Possible use cases

Augustin mentions how he would like to get enriched data from Hal. Such as aggregated data like averages, moving averages, and comparison of aggregated data for two time periods. Many of these use cases will be available with our new product hal Streams. Streams will allow users to enrich data before transferring it to their databases/notification channels. 

Working with hal Notify

Augustin says that he set up tasks himself on the Notify app. He could find all the inputs needed on Hal’s telegram channel. The solutions shared on the telegram channel were clear, specific, and ideal for allowing the user to set up tasks independently.

Save Yourself Some Time

Whether you need to push on-chain updates to your team or to your community, hal Notify makes your life easier by providing actionable insights in real-time. The Notifications interface is easy to understand and use, even for people who don’t code.
Do you have an idea for a useful notification? Try out HAL Notifications today for free!
If we don’t support the protocol you are interested in, just get in touch with our team.