TechFlow news, API3 announced the successful mainnet launch of the OEV Network on July 9. The OEV Network is the first on-chain solution designed to recapture profits lost due to oracle extractable value (OEV) and return them to dApps and DeFi protocols. This Layer 2 solution, built using Arbitrum Orbit technology stack, helps lending protocols reclaim resources lost to maximum extractable value (MEV), particularly during liquidations, where annual losses reach tens of millions of dollars.
Ugur Mersinlioglu, API3's Product Lead, stated that the OEV Network will return value that would otherwise be captured by searchers and block builders back to dApps, helping them generate sustainable revenue, increase user yields, or reduce fees. The launch of the OEV Network marks a significant milestone for API3 in developer solutions and addressing in-protocol value leakage.
