Biden bows out: what it means for crypto 🗳️

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📝 What you need to know

U.S. President Joe Biden’s decision not to seek re-election sent shockwaves around the world—and immediately sparked speculation as to what it meant for the crypto vote in the coming election.

With the crypto industry weighing the views of Biden’s potential replacements, experts saw it as a possible opportunity for the Democratic Party to regain ground lost to the Republicans, following Republican contender Donald Trump’s seeming Damascene conversion on Bitcoin.

But it was events on the other side of the world that had the most marked impact on Bitcoin’s price Monday morning, with China’s unexpected decision to cut interest rates briefly pushing the cryptocurrency above $68,000.

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Decentralized oracle provider API3 has announced the launch of the OEV Network, billed as “the first on-chain solution to recapture oracle extractable value (OEV) for lending protocols.”

Now live and fully integrated with the API3 Oracle Stack, the OEV Network is a layer 2 platform that aims to establish an efficient market for oracle updates.

“Instead of competing in blockspace auctions to get your transaction included first, searchers will compete for the right to perform oracle updates that allow for liquidations, with the proceeds of these auctions being programmatically returned to dapps,” said API3 Strategy Lead Ugur Mersinlioglu, adding that it could enable dapps to recapture “multi-million dollar opportunities.”

Find out more here.

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