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API3’s Latest Move on Scroll Could Spell the End of Data Manipulation in DeFi – Details

API3’s recent integration with Scroll is setting new standards for data integrity and accessibility. This strategic development not only enhances the functionality of the Scroll Layer 2 solution but also pioneers new mechanisms for data utilization in blockchain applications.

Revolutionizing Data Access in DeFi

API3 is well known for its robust oracle solutions, and now it has introduced its high-tech Oracle Stack on Scroll which represents a considerable improvement on how developers can access decentralized data. Using this integration, developers can access API3s decentralized APIs (dAPIs) that will be critical for supporting the next generation of decentralized applications.

This is important because it provides a means for real-world data to be ported to and then fed directly into the blockchain networks that DeFi platforms rely on, in a way that is both secure and non-tamperable.

Simultaneously, the launch introduces the OEV Network, a technological breakthrough for updating oracles in the most efficient manner. The upgrade is concerned with making sure that the fundamental benefits of those updates are not simply siphoned off by arbitrage, but instead returned to the applications that originally built on them, and therefore recapturing MEV associated with these protocols.

Its significance is not just in the technical upgrade, but in the fact that as a global collective, it is moving towards a more sustainable and equitable financial system which minimizes value leakage and protects platform integrity.

API3’s Oracle Stack is now available on @Scroll_ZKP 📜

Builders can now leverage:

▲ +180 decentralized data feeds (dAPIs) on the API3 Market
▲ OEV Network to recapture protocol MEV (launching soon!)

Start building today! 🛠️ pic.twitter.com/cXQ46FBQNF

— API3 (@API3DAO) June 19, 2024

Enhancing Scalability and Security on Scroll

Scroll’s zero-knowledge proof-based Layer 2 solution provides an Ethereum application platform with scalability and efficiency. On the flip side, incorporating API3’s Oracle Stack into Scroll expands its suite of high-throughput applications, under the backdrop of a highly-secure framework vital for the likes of DeFi operations.

By utilizing API3’s oracles, as a part of Scroll’s infrastructure, applications can provide real-time market data without adding layers to existing architectures with compromising speed, which can be critical for DeFi.

In addition, by leveraging API3’s first-party oracle nodes, operated by data providers themselves, the data not only comes from a decentralized source, but also directly from a dolefully accurate source. This model also eliminates the middlemen we have in traditional data provision that contribute to likely points of failure and thus increase the reliability of the data feeds.

So, Scroll’s integration of API3’s Ethereum-based Oracle Stack represents more than another cog in a decentralized application; it should also spark further ingenuity in the greater DeFi sector. This provides a powerful suite of tools for developers to build richer, more dynamic, and more responsible applications, pushing the boundaries of what is possible with blockchain technology to achieve a more open and inclusive financial system.

As the partnership between API3 and Scroll matures, the potential for new applications and use cases is boundless. Extending beyond simple swapping and trading, the partnership will revolutionize DeFi possibilities from streamlined liquidity management across platforms to complex financial products.

This is not a simple tech integration, but one step closer to opening up fully autonomous, secure and efficient financial services to everybody, regardless of any geographic or economic line that divides us all.

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