Web3 Decentralization Communication Protocol Push Protocol Analysis

In the Web3 ecosystem, effective communication mechanisms are crucial. Without efficient interactions between nodes, the entire network will become isolated information islands. The social domain especially requires smooth and secure information transmission, which is the foundation for the formation of social assets and financial attributes.

Although traditional social media giants like WeChat reached 1.359 billion monthly active users and an average daily message volume of 45 billion in the first quarter of 2024, demonstrating a massive user base and influence, Web3 social communication still primarily relies on traditional tools such as Twitter and Telegram. Currently, there are not many protocols that can support internal communication within DApps and perform excellently, and cross-protocol and cross-chain social communication capabilities are even scarcer.

It is worth noting that, although there are many scenarios in Web3 that require notifications, such as DeFi price fluctuation alerts and voting result notifications, most applications still rely on traditional methods like email to meet notification needs. This is mainly because most DApps currently exist in the form of PC web pages, and the development on mobile devices has been relatively slow, limiting the widespread application of message pushing scenarios.

Against this background, Push Protocol has emerged as a decentralized communication protocol specifically designed for Web3. It enables smart contracts, DApps, and even traditional services to send notifications to wallet addresses, making it widely applicable in various scenarios such as DeFi asset liquidation, ENS domain expiration reminders, and media news push.

Overview of Push Protocol

Push Protocol is a Web3-based communication protocol that achieves diverse communication functions such as sending notifications, chatting, and video to wallet addresses in a decentralized manner. Its core goal is to address the communication gap in Web3 applications, enhance user experience, and promote the large-scale adoption of a decentralized web.

As of April 2024, the Push Protocol has issued over 6 million notifications, with a total notification volume reaching 74 million since its launch, becoming a leading project in the field of Decentralization communication.

The main advantage of this 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-related information, DAO organizations conducting governance and voting, GameFi platforms incentivizing users, and data analysis protocols providing real-time user notifications.

PUSH serves as the governance token of the Push Protocol, 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 is 60%, with a circulating market value of approximately 12.6 million USD.

Team Background and Development History

Push Protocol is led by Indian founder Harsh Rajat, along with co-founder Richa Joshi and a team of experienced professionals. The advisory team includes several well-known founders of blockchain projects, providing extensive 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 130 million USD. Investors include well-known institutions such as Binance Labs, Jump Crypto, and ParaFi.

In terms of technological development, Push Protocol has undergone several significant technical and strategic upgrades since its launch on the Ethereum mainnet in early 2022. After being officially renamed Push Protocol in September 2022, the project expanded to support multi-chain communication. 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 adopts an open, gas-free, multi-chain, and platform-independent approach to verify and index communication content, ensuring the decentralization, immutability, and traceability of messages. Its IPFS-based storage and sharing mechanism 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 Decentralization Autonomous Organizations.
3. GameFi User Incentives: Support for NFT airdrops, rewards, and upgrade progress notifications.
4. Data Analysis Protocol Notification: Provide timely user notifications, such as tracking NFT trading volume on specific platforms, monitoring trading pairs, etc.
5. Alternative to Web2 messaging notification services: Real-time notifications for legal agreement signing, exchange events, and other instant notifications.

Message Push Architecture

The message push service of the Push Protocol revolves around three core concepts: users, channels, and subscribers.

1. User: Includes communication entities such as contracts, wallets, individuals, etc., which can choose to join or leave the channel.
2. Channel: The logical container for sending messages, divided into public channels and private channels. Sending messages requires payment in ETH or DAI to prevent spam messages.
3. Subscriber: Users who have subscribed to the channel can receive different types of messages such as broadcast notifications, targeted notifications, and subset notifications.

Core Advantages

1. Decentralization and immutability: Adopting a subscription model to put messages on the chain, ensuring data traceability and integrity.
2. Multi-chain compatibility: Supports messaging services across multiple chains to adapt to the needs of different blockchain ecosystems.
3. Open network access: Any cryptocurrency wallet can interact with the push node without paying 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 promoting technological development and product optimization, the future V3 version will support non-EVM chains, further expanding cross-chain capabilities.

Push Protocol, as an important component of Web3 communication infrastructure, is providing critical communication support for the Decentralization ecosystem, promoting the popularization of Web3 applications and enhancing user experience.