Last week, Api3DAO launched its OEV network, an innovative on-chain solution designed to recover oracle extractable value (OEV) for decentralized applications (dApps) and DeFi protocols.
This initiative aims to save millions of dollars for DeFi protocols by enhancing their efficiency and reducing operational costs.
#API3 keeps delivering
They launched OEV network, an on-chain solution aimed at recovering oracle extractable value (OEV) for dApps and DeFi protocols. It aims to save millions of dollars for DeFi protocols.
Reclaiming above $2, and fomo will kick in their inside. https://t.co/CfX5IfYmz4 pic.twitter.com/UqfaHllgei
— Alejandro₿TC (@Alejandro_XBT) July 15, 2024
Following the launch, the API3 token saw a significant rise over the past week, although it has declined by 5% in the past 24 hours. According to on-chain reports, seven hours ago, an early investor of @API3DAO deposited 3 million API3 tokens (worth approximately $6.17 million) onto Coinbase after three years of inactivity.
Additionally, the whale wallet 0x9b16 received 1.3 million API3 tokens ($4.67 million) at the end of 2021 and 2.03 million API3 tokens ($3.01 million) at the end of 2022 from a Timelock Contract. This wallet recently deposited 200,000 API3 tokens ($411,000) onto Binance and 68,500 API3 tokens ($141,000) onto OKX.
7 hrs ago, Early Investor of @API3DAO deposited 3M #API3 ($6.17M) onto #Coinbase after 3 inactive years
Whale wallet 0x9b16 (https://t.co/kDIXljeYcL) had previously received 1.3M $API3 ($4.67M) at the end of 2021 and 2.03M $API3 ($3.01M) at the end of 2022 from a Timelock… pic.twitter.com/5YKq4HRyJz
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) July 16, 2024
An analyst on X noted that the last time API3 was in the daily oversold area, it experienced nearly a 100% rally, indicating a solid RSI divergence at the lows. The recent price drop has filled the inefficiency gap from January 2024, and currently, the price is working on reclaiming the crucial $2 level, showing promising signs.
The last time when #API3 was in the daily oversold area produced a nearly 100% rally [green vertical line]
Additionally, forming a solid RSI divergence at the lows
In the last drop, It filled the inefficiency gap from January 2024
As of right now, the price is working on… https://t.co/dtAaKVwDOQ pic.twitter.com/gjdYBQLvG9
— Solid 堅固 (@SolidTradesz) July 15, 2024
API3’s OEV network aims to revolutionize DeFi protocols by providing next-generation oracle services. The API3 technology is already integrated with 33 EVM blockchains, with plans to expand to 40 EVM L1 and L2 chains. The Total Value Secured (TVS) by API3 grew from $20 million in January 2024 to over $1 billion by May 2024.
Compared to similar protocols like Chainlink (LINK) with an $8.4 billion market cap and Pyth (PYTH) with a $1.1 billion market cap, API3 remains highly undervalued with a market cap of only $230 million. This undervaluation suggests significant growth potential for API3 as it continues to expand its services and integrate with more blockchains.
TLDR: API3 aims to save millions for DeFi protocols through its OEV network. With expanding blockchain integrations and growing TVS, API3 is positioned as an undervalued asset compared to its peers, signaling a promising future.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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