API3’s Oracle Stack Now Live on Neon EVM

We are thrilled to announce that API3’s Oracle Stack is now available on Neon EVM! This integration brings powerful tools to developers building on Neon EVM, including decentralized data feeds (dAPIs) and API3’s upcoming OEV Network, designed to recapture protocol MEV with Oracle updates.

With API3's Oracle Stack, developers on Neon EVM can now access decentralized data feeds powered by first-party Oracle nodes. These nodes are operated directly by the data providers, who get data straight from the source creating a transition from traditional third-party oracle networks to innovative first-party oracle solutions approach. This ensures a more secure, reliable, and efficient method for bringing data on-chain, eliminating the need for intermediaries.

Let’s read on to examine how this integration will enable better on-chain data access. Meanwhile, for those interested in learning more about Neon EVM, we encourage you to check our docs!

Neon EVM and API3: Empowering Developers with Decentralized Data Feeds

API3’s first-party Oracle architecture leverages data directly from the source. This means that instead of managing their own infrastructure, dApps can directly access data natively maintained on Neon EVM. This feature will be useful for dApps migrating and deploying to Neon EVM from other EVM-compatible chains, allowing them access to onchain data feeds. Various dApps on the Neon EVM ecosystem can benefit from this, such as DeFi lending, synthetic assets, stablecoins, derivatives, and NFTs.

Key Features of API3’s Oracle Stack:

• Decentralized Data Feeds (dAPIs): Provides a wide variety of data feeds, including crypto, forex, equities, and commodities, all of which are verifiable and maintained on-chain directly by the data providers.

• OEV Network (soon-to-be-launched): An innovative solution in the pipeline intended to recapture MEV, ensuring that the value generated by Oracle updates is returned to the originating dApp. As per API3 announcements, this when implemented by API3 will enhance user execution and protocol performance.

These key features will augment the developer journey on Neon EVM as one may now leverage API3's dAPIs to build and scale their applications more efficiently, reducing overhead and improving data reliability. The OEV Network (when launched by API3) will further enhance this by creating an efficient market for Oracle updates, ensuring that MEV is captured and returned to the dApps, rather than being lost to external searchers and block builders. Post its launch, the OEV will help prevent protocols from leaking value to searchers and block builders, and the proceeds from oracle update auctions will be programmatically returned to the dApp where the value originated, leading to better execution for users and better protocol performance for dApps.

Additionally, verifiable and secure data storage with API3 dAPIs aims to ensure that datafeed values are stored securely on-chain and updated using unique identifiers. This process allows for robust verification, enhancing transparency and reliability.

Getting Started

Developers looking to utilize dAPIs on Neon EVM can visit the API3 Market to browse, access, and manage various data feeds. A comprehensive Getting Started with dAPIs video is available for developers new to the platform, ensuring a smooth onboarding process. For more detailed information, explore API3 technical docs.

Future Outlook

This integration marks another significant step in our mission to empower developers with the tools they need to build the next generation of dApps. By combining the strengths of API3 and Neon EVM, we are paving the way for a more robust, efficient, and decentralized future. Stay tuned for more exciting updates as we continue to enhance the Neon EVM ecosystem. Together, we are building the future of blockchain technology.

Are you building?

If you plan to build your dApp, read more on Neon EVM architecture on our docs. Contact Vishvendra Dhayal ([email protected]) on our DeFi team for an insightful conversation. Don’t miss a beat: join Neon EVM on Discord and Twitter for the latest updates.

About Neon EVM:

Neon EVM is an Ethereum Virtual Machine (EVM) that empowers developers to build and deploy dApps seamlessly from EVM chains to Solana, all from their existing codebase. It operates as a program on Solana that accepts transaction requests via public PRC endpoints. It gives developers the power to directly deploy Ethereum dApps with minimal reconfiguration to the code while benefiting from Solana's technical advantages, such as parallel processing. For more information about Neon EVM and future updates, visit NeonEVM.org and connect with the community on Twitter or Discord.

About API3:

API3 is a blockchain oracle provider leading the transition from traditional third-party oracle networks to first-party oracle solutions. API3 delivers a suite of products to developers building next-generation applications, including the first-party Airnode to connect API providers directly to the blockchain, decentralized data feeds (dAPIs) on the API3 Market, QRNG services for generating truly random numbers on-chain, and OEV Share to allow dApps to capture Oracle Extractable Value and improve protocol performance.

*Disclaimer: The information contained on this webpage shall not be considered as being of a promotional nature or aiming at commercial use and is not intended as and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained in this constitutes a solicitation, recommendation, endorsement, or offer by Neon EVM or any third-party service provider to buy or sell any crypto-assets or other financial instruments. We recommend users do their own research, fully understand the nature of their purchase/actions and the risks involved and always seek independent financial advice if in doubt.