API3 Launches Layer 2 OEV Network on Arbitrum Orbit to Reclaim MEV for DeFi Protocols

Jul 11, 2024, 11:30 AM

API3 has launched the OEV Network mainnet, a Layer 2 solution leveraging the Arbitrum Orbit tech stack. This network is designed to enable decentralized applications (dApps) and decentralized finance (DeFi) protocols to reclaim value lost due to maximal extractable value (MEV) leaks, particularly in liquidations. The new OEV Network allows any protocol using API3's data feed to capture value across supported chains. API3's total value secured (TVS) has grown from $20 million to $1 billion this year. The launch marks a significant shift in the economics behind oracles, providing a built-in solution for lending protocols to recapture protocol MEV. Debut day for API3’s OEV Network signifies a revolution for lending protocols, allowing dApps to retain third party-extracted value and return it to their users.