API3 is pleased to announce our latest partnership with Dovish, a perpetual swap protocol in the DeFi ecosystem.
With a commitment to bringing smart money into DeFi, Dovish is “utilizing API3’s data feeds for their upcoming perpetual decentralized exchange (DEX) launch on Polygon’s zkEVM.”
After successfully launching an Automated Market Maker (AMM) on zkEVM in March, Dovish is now “expanding its services into perpetual options.”
These derivatives allow traders “to take long or short positions on an asset without needing to own it, offering a powerful tool to hedge against market risk and enabling successful trades regardless of market direction.”
Using a derivatives dapp on-chain “has advantages over centralized solutions.”
Notably, these advantages include “not having to trust a counterparty, open-source code, and most critically, data transparency.”
Traditionally, in centralized derivatives, data is “a point of trust and often sourced opaquely.”
However, by leveraging API3’s dAPIs, Dovish is able “to use data feeds where data flows directly from the source to the chain.” This eliminates the need “to trust middlemen node operators and provides accurate, transparent, and reliable asset pricing information.”
When Phase 2 of API3’s multi-source data feeds launches, data from companies like Twelvedata, Finage, DXFeed, and Kaiko will be “aggregated on-chain, giving users accurate, transparent, and reliable market data.”
Once Oracle Extractable Value (OEV) is enabled, the data feeds “will be even more granular.”
Users will be able “to trigger extra updates to the feeds, offering theoretically infinite granularity while retaining the benefits of simplicity and reliability inherent in a push oracle design.”
API3 providing data feeds “on the zkEVM network enables Dovish’s user-friendly perpetual swap protocol.” By targeting the growing DeFi user base seeking secure, transparent, and easy-to-use platforms, Dovish aligns perfectly “with API3’s mission to bring high-quality, secure, and reliable data to the blockchain.”
0xBob, Founder of Dovish, said:
“We are immensely grateful to API3 for their remarkable speed and innovation in our partnership. Dovish sees OEV as a future game changer, as it transforms the risks of frontrunning into an additional source of alpha for our users on our perpetual DEX. With API3’s support, we are empowered to create a secure and transparent DeFi ecosystem on Polygon’s zkEVM, and we couldn’t be more excited about the possibilities ahead.”
Dave Connor, BD Lead, API3, said:
“API3 is looking forward to seeing Dovish deploy its perpetual dex to Polygon zkEVM, and shares Dovish’s enthusiasm about Oracle Extractable Value. OEV has huge potential to bring value to dapps, by both improving the quality of data feeds they can use, and helping dapps retain liquidity. We expect the benefits of OEV to improve the experience of Dovish’s users, and are happy to support Dovish as we build towards it.”
