API3 Launches OEV Network Mainnet to Reclaim MEV Leaks, TVS Hits $1 Billion

Jul 9, 2024, 02:01 PM

API3 has launched the OEV Network mainnet, a Layer 2 solution leveraging the Arbitrum Orbit tech stack, designed to enable dApps and DeFi protocols to reclaim value lost due to maximal extractable value (MEV) leaks, particularly in liquidations. The OEV Network is integrated with the API3 Oracle Stack, allowing every lending protocol on API3-supported chains to recapture protocol MEV. This launch marks a significant change in the economics behind oracles, enabling dApps to retain third-party extracted value from their integrated data feed updates and return it to their users. API3's total value secured (TVS) has grown from $20 million to $1 billion this year, highlighting the financial benefits of upgrading oracles. The OEV Network is also integrated with InitCapital's Liquidity Hook Money Market, benefiting users on 0xMantle and blast. Additionally, lending protocols on MetisL2 can now benefit from recapturing OEV, and the network is powered by Caldera.