News Report Technology
June 18, 2024

API3 Introduces Oracle Stack On Bitlayer For Enhanced Developer Experience

In Brief

API3 launched its Oracle Stack on Bitlayer, allowing developers to use dAPI and OEV network to capture MEV generated through Oracle updates.

API3 Introduces Oracle Stack On Bitlayer For Enhanced Developer Experience

Decentralized data Oracle network API3 announced the availability of its Oracle Stack on Bitlayer, a Layer 2 solution for Bitcoin. This integration allows developers to utilize decentralized data sources (dAPI) and leverage the forthcoming OEV network to capture the protocol’s maximal extractable value (MEV) generated through Oracle updates.

Bitlayer operates as a Layer 2 protocol built upon the BitVM model, ensuring security on par with Bitcoin while achieving Turing completeness. Its primary focus lies in enabling trustless entry and exit of assets from Layer 1, facilitated by a Turing-complete virtual machine on Layer 2, and verification of Layer 2 state transitions’ validity by Layer 1. Additionally, Bitlayer combines Ethereum’s composability with Bitcoin’s security, providing faster and more cost-effective transaction capabilities.

Decentralized applications (dApps) utilizing Bitlayer now have the capability to access verifiable and decentralized data directly from the blockchain, eliminating the requirement to manage their own infrastructure for data retrieval. 

API3’s first-party oracle architecture ensures that data is stored directly on the blockchain from the data providers themselves. This decentralized and verifiable approach eliminates intermediaries seeking middlemen, providing a secure and streamlined method for integrating data onto the blockchain.

Developers looking to integrate dAPIs on Bitlayer are encouraged to explore the API3 Market. This platform provides a convenient way to discover, access, and oversee a diverse range of data feeds, encompassing cryptocurrencies, forex, equities, and commodities.

API3’s OEV Network To Enhance MEV And Data Accessibility For Bitlayer DApps

Additionally, once the OEV Network is launched, protocols utilizing API3‘s decentralized data feeds on Bitlayer will benefit from a fully integrated solution to reclaim MEV. Simultaneously, dApps will gain the capability to easily access any data feed available on the API3 Market, activate the OEV Network, and initiate earning mechanisms.

The OEV Network establishes a streamlined marketplace where oracle service providers and users collaborate to mitigate the adverse effects of MEV using targeted order-flow auctions. This network empowers users by enabling them to initiate timely price updates rather than relying on onchain updates, maximizing their utility. Tailored to specific applications, OEV Network captures all MEV generated by oracle updates at the protocol level and redistributes it to the corresponding dApp that contributed the value.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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