The API3 token is up 70% over the past week, as the project aims to solve smart contracts’ challenges by offering secure and reliable access to real-world data.
The market cap of API3 now stands over $347 million, with its price hovering around $3.43, having increased by 70% in the past seven days, according to data available on CoinGecko. Since the past year, API3 has seen a 91% price surge as it continues to show strength.
Technical analysis shows resistance levels in the $3.40 to $3.60 range. A weekly close above this resistance zone could drive the price upwards. Nevertheless, the Relative Strength Index (RSI) value on the weekly timeframe is 86, indicating that the market is overbought.
API3 as a blockchain oracle service
API3 aims to facilitate creating and monetizing large-scale decentralized APIs (dAPIs). This, however, becomes all the more important with the spread of blockchain technology in industries like supply chain management and decentralized banking.
Its whitepaper pinpoints a critical issue with existing APIs – the absence of a direct communication channel for smart contracts to fetch real-time data. This vacuum has increased reliance on oracles, a gap API3 aims to bridge.
As an oracle service, API3 enables blockchain applications to request access to off-chain and real-world data. The essence of its purpose is to establish decentralized APIs (dAPIs) to help blockchain-based apps integrate with conventional web data and services without obstacles.
This innovative approach addresses a significant gap in the blockchain ecosystem, fostering the development of more complex, secure, and reliable decentralized applications.
API3’s dAPIs aggregate data directly from first-party oracles on the native chain. This enhances data reliability and eliminates the vulnerability associated with centralized points of failure, a critical aspect for the sustained growth of decentralized ecosystems.
Bitget expands horizons with API3 listing
Bitget recently listed API3 on its innovation and defi zones to provide users with more financial opportunities. With this development, Bitget claims to foster growth across diverse blockchains and ecosystems.
API3 believes its value proposition lies in a fundamental challenge smart contracts face – a direct and dependable connection to real-world data.