The impressive performance of API3 extends beyond the daily gain, with a 28% increase in the past 7 days. Also, a 58% rise in the past month, and an astounding 142% gain over the last 90 days.
According to recent on-chain reports, DWF Labs, a significant player in the crypto space, deposited 500,000 API3 tokens into Binance, amounting to approximately 1.63 million US dollars in value.
Notably, DWF Labs received 1 million API3 tokens from the API3 Primary Treasury Agent address just two weeks ago, on January 15, at a price of $1.68 per token.
With the current market conditions, DWF Labs has realized a floating profit of $1.44 million from this transaction.
OEV Network Announcement And Price Impact On API3
The surge in API3’s value can be attributed to the recent announcement of the launch of the ZK-Rollup platform, OEV Network, by the oracle project API3. This innovative platform has propelled API3’s value by over 28% in the past seven days.
The OEV Network represents a groundbreaking development in the crypto space, serving as a specialized order flow auction platform. It enables the sale of rights to execute specific data feed updates for particular dApps to the highest bidder.
Just over a year ago, we introduced how dApps are leaking millions of dollars a year due to OEV.
Today, we are introducing the solution to recapture that value.
OEV Network is a zk-Rollup that captures OEV for all dApps across all chains.
— API3 (@API3DAO) January 29, 2024
Powered by Polygon CDK, a framework designed for creating custom ZK-rollups, the OEV Network promises to revolutionize data feed updates and enhance the efficiency of decentralized applications.
Overall, the surge in API3’s value, coupled with the introduction of the OEV Network, highlights the project’s growing significance in the cryptocurrency ecosystem. Also, its potential to drive innovation in decentralized oracle solutions. Investors and enthusiasts alike eagerly anticipate further developments and advancements in the API3 ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.