API3

In a recent interview with CryptoNews, API3's Developer Advocate Billy discussed the intricacies of API3's Oracle Stack and hinted at an upcoming collaboration with the OEV Network. The conversation, filmed at the Token2049 event in Dubai, provided insights into API3's decentralized oracle solution.

Oracle extractable value (OEV) refers to the value that can be extracted from oracle price updates on decentralized lending protocols. Stale prices on-chain can create arbitrage opportunities, while price updates can trigger liquidation bonuses. This leads to tens of millions of dollars being lost by lending protocols annually due to OEV. OEV Network, a zk-Rollup powered by Polygon CDK, aims to solve this issue by recapturing OEV across all chains that use the API3 oracle stack. By allowing lending protocols to recapture this value, OEV Network presents an evolution in oracle architecture, enhancing the performance and sustainability of decentralized applications (dApps).

API3, a decentralized oracle network, has announced its plans to support the Worldcoin Chain as an ecosystem partner from its launch day. API3 will provide its full oracle stack to developers building on the Worldcoin Chain, offering features like proof of data source and proof of maximum extractable value (MEV) recapture. This partnership aims to bring more verifiable and decentralized data sources to the Worldcoin ecosystem.

Exiled Racers, a decentralized gaming platform, is introducing on-chain gaming capabilities to Base, a decentralized data network. The platform utilizes API3's Quantum Random Number Generator (QRNG) to ensure verifiable and decentralized gameplay mechanics. This development brings provably fair and transparent gaming experiences to the Base ecosystem.

API3 has announced that its oracle stack, including decentralized data feeds and quantum random number generator (QRNG), will be deployed on the X Layer Ethereum Layer 2 network. This integration will provide developers on X Layer with access to over 160 decentralized data feeds integrated with the OEV Network, enabling them to recapture protocol maximum extractable value (MEV). Additionally, the API3 QRNG will offer a high standard for generating truly random numbers on-chain, critical for fair and trustworthy outcomes in NFT mints, blockchain games, and games of chance. The deployment aims to support builders on X Layer, a zkEVM validium network offering unmatched scalability, low fees, Ethereum's security, unified liquidity within Polygon's ecosystem, near-instant transaction finality, and seamless integration with the OKX ecosystem.

API3 has announced the availability of several new price feeds on its decentralized oracle market. The latest addition is the PENDLE/USD feed for the governance token of Pendle Finance's yield trading protocol. Previous additions include feeds for USDB (Blast's auto-rebasing stablecoin), SEI (Sei Network's staking token), ONDO (Ondo Foundation's governance token), mpETH/ETH exchange rate (Meta Pool's liquid staking token), and pufETH/stETH exchange rate (Puffer Finance's yield-generating token). These feeds enable developers to build on-chain products across 17 blockchains using reliable and decentralized data sources.

Maximal Extractable Value (MEV) has become a significant issue in the DeFi ecosystem, leading to increased transaction costs, reduced liquidity provider profitability, and a negative impact on user experience. API3 has introduced the OEV Network, designed to recapture Oracle Extractable Value (OEV), a subset of MEV arising from oracle updates or lack thereof. The OEV Network aims to maintain the security guarantees of data feeds while allowing the value generated by oracle updates to be auctioned off and recaptured by the protocol. All API3 data feeds will be integrated with the OEV Network, enabling protocols to optimize performance and reduce the negative impact of MEV by simply reading any data feed on the API3 Market and enabling the OEV Network.

API3 DAO, a decentralized organization focused on providing decentralized APIs, has announced the renaming of their zkEVM network from its previous testnet name to 'X Layer'. This move comes as the organization prepares for the public launch of the network. The renaming is part of API3 DAO's efforts to establish a verifiable and decentralized ecosystem for sourcing data directly from its source.

API3DAO has announced its participation in Zircuit L2's Build to Earn program. This collaboration will provide developers on the Zircuit Layer 2 network with access to API3's oracle stack, enabling them to utilize over 160 data feeds, recapture oracle economic value (OEV), and access random numbers through the Quantum Random Number Generator (QRNG). API3DAO encourages developers to build with their services and get rewarded.

API3 has released a tutorial video demonstrating how to upgrade an existing oracle to be compatible with the OEV Network. The video, presented by API3's Developer Relations team member wc49358, walks through the process of using the API3 Oracle Adapter to modify an oracle after the associated contracts have already been deployed. This allows for seamless integration with the OEV Network, which aims to provide verifiable and decentralized data directly from the source.