An application programming interface (API) altcoin for Web 3.0 is surging despite the latest widespread crypto market pullback.
A series of partnerships and listings helped decentralized oracle network API3 (API3) stay ahead of the curve during the most recent crypto market downturn, taking its price this week from $3.96 to $6.15 at time of writing, a 55% increase.
Oracle networks function by providing real-time data to blockchains to help them execute smart contracts.
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API3, which is governed by a decentralized autonomous organization, recently announced that its new Airnode was live.
API3 Airnode is live on @AvalancheAVAX mainnet!#Airnode enables @HeimdallLand to feed data on socially active #cryptocurrencies to the blockchain & improve real-time fund management of the Avalanche Social Index $aHYPE @dao_kassandra
More info below👇https://t.co/J5Z63lQAvF
— API3 (@API3DAO) February 14, 2022
The Airnode would allow a crypto tracking tool to feed data on socially active crypto assets to the blockchain and improve real-time fund management, according to API3’s Twitter.
Last month, API3 launched a partnership with Amberdata, a digital assets-based fintech firm. Together, they created Amberdata Beacons, a protocol offering cost-effective and transparent data feeds for smart contract developers, according to a company blog post.
According to Heikki Vänttinen, co-founder of API3, the Beacons will serve as the foundation for the development of their decentralized APIs.
“Beacons improve on [the traditional data feed] model by harnessing the benefits of first-party oracles, where the data sources feed their data directly on-chain instead of going through 3rd-party intermediaries.
Looking ahead, Beacons will be the building blocks of our dAPIs [decentralized APIs], alongside being offered as a standalone service.”
The Chainlink (LINK) challenger also saw a surprise listing on popular crypto exchange platform Binance in January, causing its price to bounce from $4.20 to a peak of $5.54.
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