Overview
Push Protocol (formerly EPNS) is a Web3-native communication infrastructure protocol for decentralized push notifications, messaging, and video calls. Founded by Harsh Rajat and Richa Joshi in 2020, it addresses Web3's inability to proactively communicate with wallet addresses. "Channels" (notification senders like Aave, Uniswap) deliver messages to subscribers' wallets across chains. It has expanded from notifications to include Push Chat (encrypted wallet-to-wallet messaging) and Push Video.
Technology
- Push Nodes: Decentralized network validating, indexing, and delivering notifications
- Cross-Chain: Supports Ethereum, Polygon, BNB Chain, Arbitrum, and more
- Push Chat: End-to-end encrypted wallet-to-wallet messaging
- Developer SDKs: Comprehensive integration tools for dApps
Conditional notifications triggered by on-chain events (liquidation warnings, governance votes) solve a genuine UX gap. However, notification delivery relies on Push Nodes (semi-centralized relay) and the protocol competes with simpler solutions users already have (Telegram bots, email alerts).
Security
Smart contracts audited by ChainSafe and others. Notification validation prevents channel impersonation. Push Chat uses encryption for message privacy. No major security incidents reported. Concerns: node operators see notification metadata, and relay infrastructure could be disrupted if Push Nodes are censored.
Decentralization
Push Nodes are transitioning from Push Labs-operated to a decentralized validator network with PUSH staking. Currently centralized in practice. 1,000+ active channels and millions of subscriber relationships exist. Governance through PUSH token holders is operational.
Adoption
Notable integrations with Aave, Uniswap, Lens Protocol, ENS, and Unstoppable Domains — 1,000+ channels total with tens of millions of notifications delivered. However, depth varies significantly — many integrations are basic channels with limited engagement. Most crypto users still rely on Twitter, Discord, and Telegram rather than Push notifications.
Tokenomics
- Symbol: PUSH
- Total Supply: 100 million
- Distribution: Community 53%, team 21.6%, investors 22.4%, advisors 3%
- Utility: Governance, staking (planned for node operation), fee payment
Current revenue is minimal. The protocol provides genuine utility but has not found a monetization model generating significant fees. The gap between meaningful adoption and minimal revenue is the central tokenomics concern.
Risk Factors
- Revenue gap: Significant adoption but minimal revenue generation
- Centralized infrastructure: Node network not yet fully decentralized
- User habit inertia: Twitter/Discord/Telegram preferred for crypto updates
- Token utility weakness: Limited utility beyond governance currently
- Competition: XMTP, WalletConnect compete for wallet communication
Conclusion
Push Protocol addresses a genuine infrastructure gap — proactive wallet communication. Integrations with major protocols validate demand, and the expansion into chat and video creates a comprehensive Web3 communication stack. The core challenge is monetization: providing free infrastructure that users expect to remain free. Push needs to become the default Web3 communication layer and find sustainable revenue, or it risks being useful but economically unsustainable infrastructure.