A new wave of technologies, introduced by API3, aims to improve the speed, efficiency, and sustainability of decentralized finance.
API3 enhances the DeFi infrastructure to guarantee developers’ greater performance and long-term growth.
It is releasing its most recent technology, intended to enhance how DeFi protocols obtain real-world data, as per a press release.
API3 is striving to improve the effectiveness and value of data feeds for developers in light of DeFi’s explosive growth.
Oracles are essential to DeFi because they add value to blockchains by bringing critical data, such as prices.
Still, there is potential for improvement because the primary goal of traditional oracle services is data delivery.
In order to address this, API3 has created a new Oracle Stack that includes additional capabilities like the ability to recover value lost due to Miner Extractable Value, a typical issue in DeFi transactions.
API3 declared in May that its Total Value Secured had topped $1 billion, a tenfold rise in just 100 days. PAC Finance accounted for over half of the assets safeguarded across 20 protocols by the platform’s oracle services.
After being live on Bitget in February, the market capitalization of the API3 token increased by 70%, but it subsequently decreased to $252 million.
The Oracle Stack
Ugur Mersinlioglu, Strategy Lead for API3, claims that this new approach aids developers in obtaining the data they require and recovering value lost during data processing.
Developers can accelerate growth, lower costs, and improve protocol performance by utilizing API3’s Oracle.
Because the Oracle Stack is built to function across several blockchain networks, developers may easily incorporate it into various platforms.
With more than 160 data feeds distributed over 37 networks, API3 seeks to give DeFi protocols the resources they require to be competitive.
Additionally, API3 provides a tool to assist developers in migrating from other Oracle services—such as Chainlink—to its platform.
