Boost the total value locked (TVL) growth of Polygon zkEVM with the introduction of a managed data feed service. This article highlights the importance of this new service and how it will contribute to the SEO strategy of Polygon zkEVM.
Polygon zkEVM Enhances its Data Feed Service with API3’s Managed dAPIs
Polygon zkEVM, a popular blockchain network, is taking a major step towards supporting the growth of its Total Value Locked (TVL) by introducing managed data feed services. This new offering will be provided by API3, a leading blockchain oracle provider that has been offering first-party Oracle services to Polygon zkEVM since April.
The integration of managed dAPIs on the API3 Market will enable developers on Polygon zkEVM to access decentralized data feeds (dAPIs). These data feeds are served directly on-chain by first-party oracle nodes with native-chain aggregation. This is a significant development for the DeFi economy, as lending protocols and perpetual DEXs heavily rely on real-time market data through oracles. However, many DeFi apps still use costly push-type oracles, which can pose risks to transparency and security. API3’s push oracle solution, built on a first-party architecture, aims to address these issues and facilitate the seamless migration of DeFi protocols to Polygon zkEVM from other chains.
This new system is expected to enhance the adoption and scaling of Polygon zkEVM, making it more accessible to the next billion users while mitigating the challenges posed by current Oracle options. Push oracles have already played a crucial role in popular DeFi apps such as Aave, Compound, and various DEXs. However, API3’s new push oracle solution is being hailed as a transformative shift that aligns the incentives for data providers, networks, and dApps.
Jack Melnick from Polygon Labs expressed excitement about API3’s deployment on Polygon zkEVM, stating that it enhances the DeFi ecosystem with an innovative push oracle solution. He believes that the integration of managed dAPIs with Polygon’s scalable infrastructure marks a significant step towards a more transparent and secure future for decentralized finance.
Polygon zkEVM has experienced remarkable growth since its launch in March of this year. It has attracted over $46 million in TVL in just five months and briefly peaked at $56 million. Additionally, it has amassed over 400,000 addresses that have participated on-chain, more than doubling since July 1st alone. The network has also seen over $110 million deposited onto its mainnet.
In conclusion, Polygon zkEVM’s integration of managed data feed services through API3’s dAPIs is poised to revolutionize the DeFi ecosystem on the network by providing developers with secure and transparent access to decentralized data feeds. This development is expected to attract more users and increase the scalability of the platform, further solidifying Polygon zkEVM’s position as a leading blockchain network for decentralized finance.