We are excited to announce that API3’s Oracle Stack is available on Astar zkEVM, giving developers access to decentralized data feeds (dAPIs) and the soon to be launched OEV Network to recapture protocol MEV due to oracle updates. Developers on Astar can now access decentralized data feeds powered by first-party oracle nodes, which are operated directly by the data providers.
With the launch of OEV Network protocols using API3’s decentralized data feeds on Astar zkEVM will have a vertically integrated solution for recapturing MEV. Rather than protocols leaking value to searchers and block builders, the proceeds from oracle update auctions are programmatically returned to the dApp where the value originated, leading to better execution for users and better protocol performance for dApps.
Astar Network connects you to web3. It is the gateway for projects across enterprises, entertainment & gaming in Japan and beyond, driving global adoption. This Cross-Virtual Machine enables interoperability between the two environments making Astar Network a versatile choice for blockchain development that is accessible to developers familiar with various programming tools and languages.
Astar zkEVM is an Ethereum Layer 2 scaling solution developed in collaboration with Polygon’s Chain Development Kit using zero-knowledge cryptography and is also the first to integrate Polygon AggLayer. This solution allows for off-chain transaction execution while ensuring fast finality, lower transaction fees, and security are upheld by Ethereum. Astar zkEVM features native account abstraction to enhance the end-user experience and facilitates a bridge between Ethereum and Polkadot ecosystems, furthering the multi-chain vision of Astar Network.
Astar Network addresses the scalability challenges common to blockchain technology by implementing a next-generation multichain smart contract framework. This framework leverages the best features of both EVM and Wasm, along with the potential to integrate with numerous application-specific blockchains within the Polkadot ecosystem. This approach ensures a high degree of interoperability and future-proofing, enabling developers to create innovative and secure smart contracts.
Developers looking to utilize dAPIs on Astar can visit the API3 Market. The API3 Market provides an easy way to browse, access, and manage a wide variety of data feeds, including crypto, forex, equities, and commodities. With the launch of OEV Network, developers will simply be able to read any data feed, enable OEV Network, and start earning.
Simply Read Verifiable, Decentralized Data to Power dApps
API3’s first-party oracle architecture maintains data onchain directly from the data providers. This decentralized and verifiable design eliminates rent-seeking middlemen and offers a more secure and efficient method for bringing data onchain.
One of the key benefits of dAPIs is the ease of use for dApps and chains requiring oracle services. Rather than having to manage their own infrastructure, dApps can simply read data that is natively maintained on Astar. This solution makes it easy for dApps to quickly and easily migrate to Astar from other EVM-compatible chains, allowing for the rapid adoption and scaling of DeFi ecosystems.
API3’s first-party oracle architecture leverages data directly from the source. The oracle nodes are operated by the data providers themselves, bringing cryptographically signed data onto the blockchain. This allows dAPIs to be verified down to the API parameters and aligns with core principles of the blockchain ethos of transparency and onchain verification.
Protocols like Aave, Compound, and various DEXes all rely on data maintained directly on the consumer chain. API3 addresses this need by maintaining data on the native-chain in a verifiable and decentralized way. With the introduction of dAPIs on Astar, developers gain direct access to a wide assortment of real-world data, including crypto, forex, equities, and commodities straight from the source.
OEV Network: An Application-Specific Solution to Recapture MEV
DeFi protocols that rely on oracles leak a lot of MEV. For protocols like lending dApps, this amounts to millions of dollars a year.
OEV Network creates an efficient market where oracle service providers and searchers come together to combat the negative impact of MEV through specialized order-flow auctions. With OEV Network, searchers don’t need to wait for the price to update onchain, they can trigger the price update when it is most valuable. As an application-specific solution, it captures all the MEV created at the protocol level due to oracle updates and gives it back to the dApp that generated the value.
OEV Network gives every lending and borrowing protocol on Astar a built-in MEV solution by improving upon critical inefficiencies in the current oracle design space. By leveraging the security of a zk-rollup to create an efficient market for oracle updates, it not only improves the health of lending and borrowing dApps but also allows them to capture a multi-million dollar opportunity.
Getting Started with API3’s Oracle Stack
API3’s oracle stack is easy to implement and offers a flexible, scalable solution for developers building on Astar. For those new to dAPIs, a developer Getting Started with dAPIs Video is available to guide you through the API3 Market.
For more information about dAPIs or OEV Network, visit our website, follow us on Twitter, or explore the technical documentation.
