Hassan Maishera
The AP13 team announced via a Medium post on Thursday that it is taking a strategic pivot in the development of the OEV Network to build on Arbitrum Orbit. The decision was made as API3 seeks to deliver the most effective and efficient onchain solution for recapturing Oracle extractable value (OEV) for lending protocols.
API3 has transitioned to using Arbitrum Orbit as the backend infrastructure to guarantee execution, uptime, and scalability of the OEV Network. This Layer 2 solution provides searchers an open, permissionless, competitive execution environment for a truly secure and onchain order-flow auction.
API3 is a data oracle that enables APIs to feed data to blockchain applications directly without third-party middlemen. API3 is currently trading at $2.244, up by 3% in the last 24 hours.
Arbitrum is a suite of scaling solutions on Ethereum that utilize Optimistic Rollup. It allows users to enjoy faster speed and cheaper transaction costs when interacting with web3 dApps. ARB, the native coin of the Arbitrum network, is up by 1% today and is trading at $0.8255.
