Because of the recent dip in the price of Ethereum, a large number of borrowers using DeFi platform MakerDAO's Vault faced the shock of their assets being liquidated because of them being unaware of it.
Currently, the user has to manage his/her CDP ratio by themselves manually, so as to prevent getting liquidated. But it's not possible for them to be aware of it all the time.
In order to fix this issue, I developed this Bot.
What it does
It keeps track of your Vault and verifies whether the current CDP is below the threshold specified by the user. Users can set custom values other than 150, for example, 220 so as to get updated on their risk profile well in advance of getting liquidated.
How I built it
I built two MESG services, one to keep track of current CDP values that fires send event, in case it's below the threshold and the other service to send the Telegram Notification to the user. User chat id along with details like Vault Number and Threshold value set by user is stored in MongoDB which gets populated when user first initiates the bot using /start.
Challenges I ran into
Setting up Telegram bot with MESG was a major challenge, but it turned out perfect in the end.
Accomplishments that I'm proud of
Successfully building a working application, which actually has real-world use case and a high demand in the Blockchain/DeFi.
What I learned
First time building Telegram Bots.
What's next for CDPAlerter (Telegram Bot)
We can expand the functionality to send Emails along with Telegram Messages so that there's a higher chance that the user receives our message. Using MESG, it would be very easy to integrate a new Service.