According to TechFlow, API3 announced the successful launch of the OEV Network mainnet on July 9. OEV Network is the first on-chain solution designed to recover profits lost due to oracle extractable value (OEV) and return them to dApps and DeFi protocols. This Layer 2 solution uses the Arbitrum Orbit technology stack to help lending protocols recover resources lost due to maximum extractable value (MEV), especially in liquidation situations, which can result in tens of millions of dollars in losses each year.
Ugur Mersinlioglu, product manager of API3, said that OEV Network will return the value that was originally lost to searchers and block builders to dApps, helping them generate sustainable income, increase user benefits or reduce fees. The launch of OEV Network marks a major achievement for API3 in developer solutions and solving value loss within the protocol.
