In-depth Analysis of Web3 Communication Protocol: Push Protocol

In decentralized networks, effective communication mechanisms are crucial. Without interconnectivity between nodes, the entire network will become an isolated information island. The social domain especially requires smooth and secure information transmission, which is the foundation for the derivation of social assets and financial attributes.

Despite the large user base of traditional social giants, current Web3 social communication still mainly relies on traditional tools. The number of protocols that support internal communication within DApps and perform well is limited, and the cross-protocol and cross-chain communication capabilities are even scarcer.

It is worth noting that although push notifications have been widely used in Web2, in the Web3 domain, despite the presence of numerous scenarios that require notifications, such as DeFi price fluctuation alerts, most applications still rely on traditional methods to handle notification needs. This is primarily because most DApps still exist in the form of PC web pages, with slow development on mobile platforms, which limits the application of push notifications in Web3.

This article will introduce a decentralized communication protocol designed specifically for Web3: Push Protocol. This protocol allows smart contracts, DApps, and even traditional services to send notifications to wallet addresses, and can be widely used in various scenarios such as DeFi asset liquidation, domain expiration reminders, and media news push.

Push Protocol Overview

Push Protocol is a Web3-based communication protocol that enables various forms of communication such as notifications, chat, and video to be sent to wallet addresses in a decentralized manner. Its core goal is to address communication issues in Web3 applications, enhance user experience, and promote the large-scale adoption of a decentralized web.

As of April 2024, Push Protocol has sent out over 6 million notifications, totaling 74 million since its launch, becoming a leading project in the decentralized communication field.

The main advantage of the Push Protocol is that it allows any dApp, smart contract, or backend service to interact and communicate directly with user wallet addresses. This includes multiple application scenarios such as DeFi protocols sending transaction information, DAO organizations conducting governance and voting, GameFi platforms providing user incentives, and data analysis protocols achieving real-time user notifications.

PUSH, as the governance token of the Push Protocol, is used to protect the network, reward nodes, promote the protocol's utility, and facilitate the operation of Push DAO. Currently, the circulation rate of PUSH has reached 60%, with a circulating market value of approximately $12.6 million.

Team Background and Development History

The Push Protocol is led by Indian founder Harsh Rajat, along with co-founder Richa Joshi and an experienced team. The advisory team includes several industry leaders who provide strategic support and industry insights for the project.

Since its establishment in 2020, Push Protocol has completed multiple rounds of financing, with a total financing amount of 11 million USD and a valuation of up to 130 million USD. The investors include several well-known investment institutions and individuals.

In terms of technological development, Push Protocol has undergone several important technical and strategic evolutions since its launch on the Ethereum mainnet in early 2022. The project supports multi-chain communication, achieving seamless expansion from Ethereum to other networks. In 2023, Push Protocol was selected by MetaMask as a Snap integration project, further enhancing its influence in the Web3 ecosystem.

Core Technologies and Application Scenarios

Push Protocol verifies and indexes communication content through an open, gasless, multi-chain, and platform-independent approach, ensuring the decentralization, immutability, and traceability of messages. Its messaging mechanism based on IPFS storage and sharing provides users with a secure, private, and efficient communication solution.

Main application scenarios include:

1. DeFi protocol notification: Send transaction-related information, such as user education, dynamic pool status, etc.
2. DAO Governance and Voting: Provide end-to-end reminders to enhance participation in decentralized autonomous organizations.
3. GameFi user incentives: Support for NFT airdrops, rewards, and upgrade progress notifications to encourage user participation.
4. Data Analysis Protocol Notification: Provide timely user notifications, such as tracking NFT trading volume on specific trading platforms.
5. Alternative to Web2 message notification services: Real-time notifications for legal agreement signing, exchange events, etc.

Message Push Architecture

Push Protocol is built on three core concepts: users, channels, and subscribers for the message push architecture:

1. User: Includes communication entities such as contracts, wallets, individuals, etc., which can choose to join or exit the channel.
2. Channel: A logical container for sending messages, divided into public channels and private channels. A fee must be paid to send messages to prevent spam.
3. Subscriber: A user who has subscribed to a channel, can receive different types of messages and participate in interactions.

Core Advantages

1. Decentralization and Immutability: Adopting a subscription model, putting messages on-chain to ensure data traceability and security.
2. Multi-chain compatibility: Supports messaging services across multiple chains to adapt to the needs of different blockchain ecosystems.
3. Open network access: Push nodes can interact with various cryptocurrency wallets and dApps without the need to pay Gas fees.
4. Rich integration cases: Integrated with over 400 projects, including well-known DeFi protocols, social platforms, and NFT markets.
5. Strong technical support and development roadmap: Continuously advancing technology development and product optimization, the future V3 version will support non-EVM chains, further expanding cross-chain capabilities.

Push Protocol, as a Web3 communication infrastructure, provides essential messaging services for decentralized applications and is expected to play a crucial role in promoting the large-scale adoption of Web3.