API3 is launching a dedicated chain built with Polygon Chain Development Kit (CDK) to allow dApps and their users to benefit from oracle extractable value (OEV) normally captured by third parties.
OEV is profit oracles can extract from transactions due to their privileged position as the source of data feeds. OEV Network will capture the OEV from all dApps that use API3 data feeds across all chains and return this value back to the protocols.
OEV Network is a specialized order flow auction platform that sells the rights to execute specific data feed updates for specific dApps to the highest bidder. The winner pays while executing the data feed update, allowing the dApp to immediately receive the proceeds on their native chain. Any dApp that uses API3 data feeds will be able to simply enable OEV Network and start earning.
“The robust security and customizable nature of Polygon CDK encourages innovative use cases for teams that are hyper-focused on solving unique problems,” said Sandeep Nailwal, Polygon co-founder. “API3 has always been at the forefront of unique problem solving, and the OEV network is a massive value unlock for builders across the ecosystem. We are excited to have APl3 join the Polygon CDK ecosystem.”
API3 joins a growing number of projects already using and testing Polygon CDK, including Libre, Hypr, OKX, Astar, Canto, Gnosis Pay, Immutable, Palm Network, and IDEX. Polygon CDK makes it easy for developers to design and launch ZK L2s on Ethereum. In the future, Polygon CDK-deployed chains can be interoperable and unified within a broader web of ZK-powered L2s in the Polygon ecosystem.
The first iteration of OEV Network will be a single Validium on the Ethereum mainnet that uses ETH as the gas token. This configuration will evolve over time to fit the emerging needs of the platform. Enabled by Presto, a private ZK-rollup solution from Gateway FM, OEV Network will be accessible to a broad range of dApps across the on Polygon CDK ecosystem.
The Sepolia testnet is already live and open for anyone to try out:
- Network name: OEV Network Sepolia testnet
- RPC URL: https://oev-network-sepolia-testnet-rpc.eu-north-2.gateway.fm
- Chain ID: 736160594
- Currency symbol: testETH
- Block explorer URL: https://oev-network-sepolia-testnet-blockscout.eu-north-2.gateway.fm
- Bridge URL: https://oev-network-sepolia-testnet-bridge.eu-north-2.gateway.fm
Projects interested in using OEV Network can reach out directly to the team at [email protected].
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