UMA launches Oval to help DeFi protocols capture ‘oracle extractable value

UMA launches Oval to help DeFi protocols capture ‘oracle extractable value
фото показано с : invezz.com

2024-1-24 19:56

UMA has unveiled Oval, a MEV capture solution that the platform says will help DeFi protocols monetize the value that comes with the use of Chainlink oracle data.

MEV relates to the maximum value one can extract from a block, doing things like transaction reordering and exclusion.  Automated bots are increasingly deployed to get this value in the DeFi ecosystem.

While not a new oracle, Oval (the Oracle Value Aggregation Layer) allows users to tap into revenue streams around a type of MEV called Oracle Extractable Value (OEV). This kind of MEV is generated when DeFi protocols utilize an oracle’s price updates.

According to UMA, top DeFi protocols on Ethereum create OEV worth hundreds of millions of dollars every year. For instance, Aave and Compound have generated more than $100 million worth of oracle extractable value since their respective launches.

The value disappears within the MEV supply chain, not benefiting any of the protocols that create this kind of potential revenue.

“Oval redirects as much as 90% of OEV back to the protocol that created it. Revenue recaptured by Oval can make DeFi protocols and oracle infrastructure more sustainable,” UMA wrote in a blog.

Oval, developed in collaboration with Flashbots and integrates Chainlink Data Feeds. UMA launched Oval on the Ethereum mainnet.

UMA price defies BTC slump

UMA price rose sharply following today’s announcement, with UMA/USD reaching intraday highs of $6.95. UMA’s price skyrocketed last week, jumping from just above $2.01 to $6.22. The token slightly pared the gains to around $4.02 as the broader crypto market lull intensified over the weekend.

On Tuesday, as Bitcoin slumped below $40k to touch 2024 lows around $38,520, UMA defied the downturn to surge to its highest level since April 2022. Over $4 million in shorts were liquidated in 24 hours as the altcoin’s price rose.

UMA traded near $5.95 at the time of writing, about 14% up in the past 24 hours and 180% up in the past week.

The post UMA launches Oval to help DeFi protocols capture ‘oracle extractable value appeared first on Invezz

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value mev capture uma oracle protocols help

Источник: invezz.com

value mev → Результатов: 36


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