Polygon zkEVM Welcomes Managed Data Feed Service by API3

The developers on Polygon zkEVM can now access multi-source, aggregated data feeds served directly on-chain by leading data providers. API3, the blockchain oracle provider, has introduced a managed data feed service to support the growth of Total Value Locked (TVL) on the network. This service is in addition to the first-party Oracle services that API3 has been providing since April.

New Push Oracle Service for Polygon zkEVM

The introduction of managed dAPIs on the API3 Market allows developers to access decentralized data feeds (dAPIs) delivered by first-party oracle nodes with native-chain aggregation. This push oracle solution, built on first-party architecture, aims to address the issues of transparency and security faced by most DeFi apps that use costly push-type oracles. The goal is to facilitate the seamless migration of DeFi protocols to Polygon zkEVM and increase its adoption and scaling.

Transformative Shift in Push Oracles

API3’s new push oracle is being seen as a transformative shift as it aligns the incentives for data providers, networks, and dApps. It offers a more transparent and secure future for decentralized finance. This innovative push oracle solution has been deployed on Polygon zkEVM, enhancing the DeFi ecosystem.

Polygon zkEVM Growth So Far

Polygon zkEVM, released in March this year, has attracted over $46 million in TVL in the last five months. It has seen significant growth in the number of addresses participating on-chain and over $110 million deposited onto its mainnet. The integration of managed dAPIs with Polygon’s scalable infrastructure marks a significant step forward for the network.

Hot Take

The introduction of API3’s managed data feed service and push oracle solution on Polygon zkEVM is a significant development for the network and the DeFi ecosystem. It addresses the challenges of transparency and security faced by DeFi apps, while also promoting adoption and scaling. This integration of decentralized data feeds and first-party architecture is expected to drive further growth and innovation in the space.