KEY TAKEAWAYS
- API3 has launched its Oracle Stack on the Ronin Network, offering developers access to over 190 data feeds through the API3 Market and OEV Network.
- The integration allows Ronin developers to utilize decentralized data feeds powered by first-party oracle nodes, enhancing protocol performance and user execution.
- Ronin, designed for gaming, supports large ecosystems with its EVM compatibility, processing over $4 billion in NFT volume and ensuring low-cost transactions.
- API3’s first-party oracle architecture provides cryptographically signed data directly from the source, facilitating rapid DeFi ecosystem scaling on Ronin.
API3 has announced that its Oracle Stack is now available on the Ronin Network, providing developers with access to over 190 data feeds through the API3 Market and the OEV Network. This integration allows developers on Ronin to utilize verifiable, multi-source, decentralized data feeds (dAPIs) powered by first-party oracle nodes, which are operated directly by the data providers.
With the OEV Network integrated into all of API3’s data feeds on Ronin, developers can now recapture protocol Maximum Extractable Value (MEV) due to oracle updates. This system ensures that rather than protocols losing value to searchers and block builders, the proceeds from oracle update auctions are returned to the decentralized application (dApp) where the value originated. This leads to improved execution for users and enhanced protocol performance for dApps.
Ronin Network: A Gaming-Focused Blockchain
Ronin is an Ethereum Virtual Machine (EVM)-compatible blockchain specifically designed for gaming. Created by Sky Mavis, the team behind Axie Infinity, Ronin has proven its capability to support large gaming ecosystems, processing over $4 billion in NFT volume and scaling Axie Infinity to accommodate millions of daily active users. Unlike general-purpose blockchains, Ronin is optimized for near-instant transactions and minimal fees, ensuring seamless and cost-effective in-game interactions.
Ronin’s infrastructure is robust and battle-tested, having handled 15% of all NFT trading volume in 2021, second only to Ethereum. The network prioritizes security and performance, employing a curated approach to application onboarding to minimize spam and maintain high network uptime.
API3’s First-Party Oracle Architecture
API3’s first-party oracle architecture brings data directly from the source, with oracle nodes operated by the data providers themselves. This approach ensures that data is cryptographically signed and maintained on-chain, aligning with the blockchain ethos of transparency and on-chain verification. The API3 Market offers an easy way for developers to browse, access, and manage a wide variety of data feeds, including popular cryptocurrencies, liquid staking tokens (LSTs), and stablecoins.
One of the key benefits of dAPIs is their ease of use for dApps and chains requiring oracle services. dApps can read data natively maintained on Ronin without managing their own infrastructure, facilitating rapid adoption and scaling of DeFi ecosystems. The introduction of dAPIs on Ronin provides developers with direct access to a wide assortment of real-time data straight from the source.
For more information, visit the announcement here.
Why This Matters: Impact, Industry Trends & Expert Insights
API3 has launched its Oracle Stack on the Ronin Network, offering developers access to over 190 data feeds, which enhances data access and reliability for decentralized applications.
Current trends in blockchain oracle integration emphasize the growing role of decentralized oracle networks (DONs) in enhancing security and reliability. Decentralized oracle networks, such as API3, are gaining prominence for their ability to provide secure and tamper-proof data feeds across various blockchain platforms, particularly in sectors like DeFi. This aligns with API3’s integration on Ronin, which aims to improve data access and execution for dApps. Helalabs
Recent industry research suggests that the integration of API3 could enhance data reliability for DeFi applications on Ronin, supporting the network’s expansion into DeFi and permissionless deployment. This supports Ronin’s strategic growth in the DeFi space by leveraging robust oracle services. Comp.xyz
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