The API3 token has gradually increased in price in the past seven days, gaining over 40%.
API3, a decentralized blockchain solution for APIs, has announced that it has surpassed $1 billion in total value secured (TVS). The platform has experienced rapid growth, with its TVS increasing ten times in 100 days, which shows the increasing adoption rate and trust in its ecosystem.
We just blasted off to $1 BILLION TVS. 🎉
That's 10x in less than 100 days.
API3 is redefining the oracle landscape with our developer-first approach.
Our first-party oracle architecture is built for a rollup-centric future, with swift horizontal expansion to new chains… pic.twitter.com/FVN6yE6yF0
— API3 (@API3DAO) May 22, 2024
In a post on the API3 X page, the Oracle service revealed it has secured assets of 20 different protocols, with Juice Finance making up 52.58% of the total value, with $528 million in Total Value Locked (TVL). Following them is INIT Capital with $159 million TVL, and in third place is Orbit Protocol with $144.5 million.
The protocol aims to redefine the oracle landscape with a major focus on developers, revealing that its first party-oracle architecture was built for a rollup-centric future. The architecture will enable immediate horizontal expansion to new chains, therefore becoming a catalyst for the growth of the new ecosystem. The blockchain company stated:
“Our first-party oracle architecture is built for a rollup-centric future, with swift horizontal expansion to new chains fueling the vertical growth of new ecosystems.”
The blockchain protocol further revealed that the API3 oracle stack was developed in a way that developers will find friendly and simple to use, promoting seamless integration and accessibility. Builders can access data without complex code changes or additional infrastructure requirements. Thus, with its growing development, the API3 market is becoming the primary destination for on-chain data, proving to be an important figure within the blockchain and DeFi space.
The recent development by API3 will allow developers to easily incorporate off-chain data into their transactions. The permissionless access to API3 oracle services democratizes the process, allowing both experienced and young builders to integrate reliable data sources without any restrictions. This seamless access ensures developers can swiftly and efficiently create scalable blockchain solutions.
API3 had earlier announced that it had upgraded its market to make developers easily integrate real-time data into their smart contracts. The upgrade, which was tagged ‘Data on Demand’ is also a major step in attracting developments and activities to the protocol.
Network Growth Leading to Price Increase
The API3 team’s achievement of surpassing $1 billion in TVS in 100 days shows the growing trust and adoption of its oracle service users. The company’s focus on creating user-friendly and accessible tools for developers places it as one of the key players in the future of decentralized data integration.
The move impressed Bull BTC, a crypto influencer on X with more than 55 thousand followers. He expressed his love for the project and his willingness to collaborate with the protocol. Influencers’ positive remarks on the Web3 project could drive more traffic and awareness about the solutions they provide, leading to increased adoption.
The API3 token has gradually increased in price in the past seven days, gaining over 40%. The coin currently trades at $2.910. With continuous development and network growth, we could see a sustained rally for a long time.
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