UMA

Across Protocol and Uniswap have joined forces to pioneer a new standard for cross-chain intents. The proposed standard aims to create a unified framework that enhances interoperability among intents-based systems across various blockchain networks. It will allow different systems using intents to interoperate through a shared filler network, reducing entry barriers for fillers, lowering operational costs, and providing applications access to a broader network. The key innovation is a universal specification that guides how applications handle users' cross-chain requests, streamlining processes and improving the user experience. The standard involves the 'CrossChainOrder' and 'CrossChainSettler' components. By adopting this standard, dApps can ensure that all cross-chain actions are consistent and efficient, reducing risks associated with isolated or proprietary networks. Across and Uniswap Labs have opened the proposal for community feedback and are seeking to discuss it further with the CAKE Working Group. The goal is for this standard to become a cornerstone of interoperability in DeFi.

The Arbitrum DAO has integrated oSnap to distribute its Long-Term Incentives Pilot Program. Up to 45 million ARB tokens, one of the largest incentive programs in history, will be distributed using oSnap alongside other governance tools like HedgeyFinance and Tally. The Arbitrum DAO is streamlining the decentralized distribution of LTIPP funds through oSnap. More details are available in the latest blog post from oSnap.

The Optimistic Oracle, a decentralized oracle developed by UMA, aims to address key challenges in building prediction markets. It offers secure market settlement, decentralized dispute resolution, and trustless on-chain verification. The oracle is designed to serve as a trusted and decentralized backbone for DeFi and other applications, enabling builders to create prediction markets optimistically and securely on the Ethereum blockchain.

Oval has introduced a novel method of auctioning the right to extract Overlooked Exchange Value (OEV) to the highest bidder, with the profits generated being returned to the lending protocols that originally created the OEV. This approach aims to help lending protocols reclaim millions of dollars in OEV revenue that they currently miss out on each year.

According to a preliminary assessment by Messari, auctioneers in the cryptocurrency space appear to have moderate pricing power. Entities like Oval, which conducts OEV auctions for UMA Protocol, are reportedly charging 50% of the surplus they generate. Messari anticipates this trend of auctioneers exercising pricing power to continue.

Oval is a service that allows lending protocols to capture a significant portion of the miner extractable value (MEV) generated during liquidations on their platforms. When market volatility increases, the amount of MEV from liquidations also rises. Oval facilitates an auction process where MEV searchers bid to backrun price updates and liquidate undercollateralized loans first, earning the liquidation bonus. Oval then distributes up to 90% of this MEV back to the lending protocol. This helps lending protocols recapture value that would otherwise be lost to the MEV supply chain.

UMA Protocol and SEDA, two projects working towards a fairer and more democratized future for Miner Extractable Value (MEV) and Operator Extractable Value (OEV), have discussed strategies for the fair capture and distribution of these values on the blockchain. Over the past month, MEV/OEV has leaked over $100 million, highlighting the need for solutions. The discussion covered topics such as the differences between MEV and OEV, who deserves to capture these values, and designs for the future. A recap blog post and a co-authored blog were released to provide insights into the discussion.

A prediction market hosted on Polymarket for the prison sentence of Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, saw over a million dollars worth of bets placed. Bankman-Fried was officially sentenced to 25 years in prison yesterday, and this fact has been verified on-chain by the Optimistic Oracle (OO) protocol. The Polymarket platform allows users to bet on the outcomes of various events, and the details of this particular prediction market are available for public viewing.

Vega Protocol, a decentralized exchange, has introduced a new points market for trading derivatives based on HyperliquidX points. This market, like all other points markets on Vega, is secured and resolved through the Optimistic Oracle, ensuring transparency and reliability. The addition expands the range of assets available for trading on the platform.

According to a retweet by UMAprotocol, approximately 30,000 ETH has been lost to Miner Extractable Value (MEV) in the past month. MEV refers to the maximum value that can be extracted by including, excluding, or re-ordering transactions within a block. UMAprotocol and SEDA are two projects working towards a fairer and more democratized future for MEV and Operator Extractable Value (OEV). They have co-authored a blog post to help understand these concepts and will be hosting a Spaces discussion with Jasper and Campbell Easton to further explore the topic.