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⭕️API3 LAUNCHES MAINNET OEV NETWORK

⭕️API3 LAUNCHES MAINNET OEV NETWORK

Day: 08 | Time: 18:59:21 API3 has launched its mainnet OEV Network, an on-chain solution designed to capture the value of oracle extractable value (OEV) and return it to decentralized applications (dApps) and DeFi protocols. Utilizing Arbitrum technology, the OEV Network promises to save millions of dollars annually for these projects. The OEV Network solution addresses the issue of maximum extractable value (MEV), particularly concerning liquidations, which result in losses of tens of millions of dollars each year. By creating an efficient market for oracle updates, the value of auctions is returned to the originating dApps. The OEV Network provides an on-chain execution environment for order flow auctions, where the right to perform specific data feed updates for designated dApps is sold to the highest bidder. Winning the auction allows the bidder to update the data feed by transferring the bid amount to the corresponding dApp on the chain where the update is executed.

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