Announcing the API3 Partnership and Token Swap With Pocket Network
API3 is excited to announce a partnership with decentralized infrastructure provider Pocket Network, after a successful governance vote was conducted in the Pocket Network DAO. With the passed DAO proposal, Pocket Network voted to strategically partner with API3 and conduct a token swap, which will enable API3 to utilize Pocket Network’s services and will allow both organizations to participate in each other’s governance.
Tokenswap
Through this inter-DAO strategic partnership and token swap, the API3 DAO will receive 250,000 POKT tokens, which will enable it to widely utilize Pocket Network’s decentralized node infrastructure in its data feed solutions. In exchange, Pocket Network DAO will receive an equivalent amount of API3 tokens, which will be calculated at the time of the transfer. POKT tokens acquired by the API3 DAO will be staked in the Pocket Network, and will enable decentralized throughput of API data from Airnodes to smart contracts on platforms supported by Pocket Network. The 250,000 POKT tokens will be enough for API3 to have up to 10 million relays per day.
Integration
Down the line, Pocket will look to integrate API3’s data feed solutions using Pocket Network. This will be critical to ensure highly reliable, transparent and dynamic pricing for developers paying for Pocket’s infrastructure.
Quotes
“We are incredibly excited about the utility Pocket Network will provide to the API3 ecosystem. Truly decentralized and scalable access between our Airnode solution and the many smart contract platforms utilizing it is a major requirement for the security and reliability of API3’s solutions. With Pocket Network, we can achieve data relays from Airnode-enabled APIs to any supported blockchain without any decentralization bottlenecks, and the POKT exchanged in the token swap will allow us to do this at scale.”
Heikki Vänttinen — Co-founder, API3
“We are ecstatic for Pocket Network to perform a token swap with API3, aligning our interests for the long run. The two protocols complement each other incredibly well — Pocket provides unstoppable node access for API3 Airnodes, while Pocket looks forward to leveraging truly secure data from API3 for its native chain. Not only that but the fact that both DAO’s are breaking ground in participation across protocols, laying the groundwork for a future that is truly owned and governed by its users.”
Michael O’Rourke — Co-founder & CEO, Pocket Network
About Pocket Network
Pocket is a distributed network that relays data requests and responses to and from any blockchain system. As a decentralized Ethereum network provider, Pocket incentivizes reliability and simplifies network costs by proportionally rewarding participating nodes with native cryptographic tokens POKT. You can read more about Pocket here.
About API3
API3 builds decentrally governed and quantifiably secure data feeds that power Web 3.0 applications without employing third-party intermediaries. Powered by Airnode-enabled first-party oracles, API3’s dAPI’s are fully decentralized and blockchain-native APIs with quantifiable security. Read our full whitepaper here.
API3 Links
Twitter — https://twitter.com/API3DAO
Telegram — https://t.me/API3DAO (Community Chat)
Discord — https://discord.gg/qnRrcfnm5W (Builder Chat)
Github — https://github.com/api3dao
Reddit — https://www.reddit.com/r/API3/
Pocket Network Links
Website — https://pokt.network/
Discord — https://bit.ly/POKTARCADEdscrd
Blog — https://pokt.network/blog/
Github — https://github.com/pokt-network
Twitter — https://twitter.com/POKTnetwork
