API3: What is OEV (Oracle Extractable Value)? Why is it important?
This is the content summary of WuBlockchain Podcast. Please listen to the full version: Can you give us a quick background of the story of API3 and how the OEV network came to launch ? API3 is an Oracle project established from the founders’ prior experience chainlink nodes and their pursuit to devise a system that is more efficient, direct, and verifiable, which led to the inception of API3. Oracles have a wide range of applications, yet the most recognized use case is price feeds, a critical requirement for the decentralized finance (DeFi) sector. Currently, no substantial revenue is generated from providing price feeds, as the operation is largely subsidized either by Oracle projects through the sale of their own tokens to support the feeds or by networks investing millions into these services. This is why API3 places significant emphasis on identifying self-sustaining niches, allowing an Oracle project to be financially viable. This approach paved the way for the launch of the OEV ...