KEY TAKEAWAYS
- API3’s Oracle Stack is now integrated with Ink, a Layer 2 blockchain on the Ethereum OP Stack, enhancing data access for developers.
- The integration allows developers to utilize decentralized data feeds, improving transparency and verification in DeFi protocols.
- Ink aims to simplify DeFi development by combining Ethereum scaling solutions with Kraken’s security expertise.
- API3’s architecture eliminates middlemen, providing a secure method for on-chain data access, crucial for DeFi protocols.
API3 has announced that its Oracle Stack is now available on Ink, a Layer 2 blockchain built on the Ethereum OP Stack by Kraken. This integration provides developers with access to over 190 data feeds on the API3 Market and the OEV Network, enabling them to recapture protocol Maximum Extractable Value (MEV) due to oracle updates. The announcement was made here.
Developers on Ink can now utilize verifiable, multi-source, decentralized data feeds (dAPIs) powered by first-party oracle nodes operated directly by data providers. This setup ensures that data is cryptographically signed and maintained on-chain, aligning with blockchain principles of transparency and verification.
Enhancing DeFi Protocol Performance
The integration of the OEV Network with all of API3’s data feeds on Ink offers a built-in solution for recapturing MEV. This allows proceeds from oracle update auctions to be programmatically returned to the decentralized application (dApp) where the value originated, improving execution for users and enhancing protocol performance.
Ink, designed to serve as the house of DeFi within the Superchain ecosystem, combines Ethereum scaling solutions with Kraken’s expertise in security and reliability. It aims to simplify DeFi for developers and users, providing a robust development environment with financial support, documentation, and onboarding resources.
Streamlined Data Access for Developers
API3’s first-party oracle architecture eliminates the need for middlemen by maintaining data directly from providers. This decentralized approach offers a secure and efficient method for bringing data on-chain, making it easier for dApps to migrate to Ink from other EVM-compatible chains.
The API3 Market allows developers to browse, access, and manage a variety of data feeds, including those for popular cryptocurrencies, liquid staking tokens (LSTs), and stablecoins. This ease of access is crucial for DeFi protocols that rely on accurate and timely data.
With the introduction of dAPIs on Ink, developers gain direct access to real-time data, enhancing the performance and scalability of DeFi ecosystems. The OEV Network further supports this by creating an efficient market for oracle updates, allowing protocols to capture significant MEV opportunities.
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