API3 announces the launch of OEV network, aiming to address the negative impact of MEV
BlockBeats news, on July 9th, the decentralized Web3 oracle API3 announced the launch of an innovative on-chain solution OEV network. It utilizes the Arbitrum Orbit technology stack and aims to help dApps and DeFi protocols reclaim tens of millions of dollars in economic value leaked due to MEV.
The OEV network operates as an on-chain execution environment for order flow auctions, possessing the right to execute specific dApp data stream updates to sell to the highest bidder. The winning bidder can only update the data stream by transferring their bid amount to a corresponding on-chain dApp.
The OEV network integrates with all data streams in the API3 market, which means that any protocol using API3 data streams can automatically reclaim value on any supported chain.
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