Polygon zkEVM, a popular layer 2 scaling solution on the Polygon network, is set to introduce a managed data feed service to enhance its Total Value Locked (TVL) growth. The new service will be provided by API3, a leading blockchain oracle provider. API3 has been offering first-party Oracle services to Polygon zkEVM since April this year.
The introduction of managed dAPIs (decentralized data feeds) on the API3 Market will enable developers on Polygon zkEVM to access multi-source, aggregated data feeds directly on-chain. This will be facilitated by first-party oracle nodes with native-chain aggregation. The aim is to provide real-time market data to DeFi protocols and DEXs, ensuring transparency and security while reducing costs.
API3’s push oracle solution is being hailed as a transformative shift in the DeFi space. It aligns the incentives for data providers, networks, and dApps, making it an attractive option for various DeFi applications. The integration of managed dAPIs with Polygon’s scalable infrastructure is expected to drive adoption and scaling for Polygon zkEVM, attracting the next billion users to the network.
Polygon zkEVM has already shown impressive growth since its launch in March this year. It has attracted over $46 million in TVL, with a peak of $56 million, according to data from L2Beat. The network has witnessed a significant increase in user participation, with over 400,000 addresses participating on-chain, more than double the figure since July 1st alone. The total deposits on its mainnet have surpassed $110 million.
Jack Melnick, from Polygon Labs, expressed excitement about API3’s deployment on Polygon zkEVM. He believes that the integration of managed dAPIs with Polygon’s infrastructure will contribute to a more transparent and secure future for decentralized finance.
With the introduction of the managed data feed service by API3, Polygon zkEVM is poised for further growth in TVL. The availability of reliable and aggregated data feeds directly on-chain will benefit developers and users on the network, boosting the overall ecosystem of decentralized finance.
Note: This article is for informational purposes only and should not be considered as financial advice.