API3 is pleased to announce a partnership with Credmark. Credmark has built a data platform that allows developers to build, test and distribute risk-adjusted financial models. One of the most important requirements for creating these models is the use of highly accurate and reliable data sources, as well as having a variety of different data types. API3 will be partnering with Credmark to provide such data sources, and to serve Credmark’s data over Airnode to all supported blockchains.
Credmark’s platform will leverage three different groups of users to create a self-sustaining ecosystem. First, model contributors. These are the developers who create predictive and statistical models. The second group are the Credmark token holders, who govern the rules of, and decide the inputs to the platform. The third group are the users of the platform itself, who generate fees by taking positions through the platform.
The lack of robust and accessible analytics tools introduces significant barriers to entry for retail users into DeFi. An example of the issues created can be seen by looking at the different TVL metrics reported by different sources for a variety of lending platforms. Some platforms will count leveraged lending under their TVL viewed on their dapp, while others exclude this in their analytics to varying degrees, resulting in large differences in reported TVL. In traditional finance, regulations and standards allow metrics to be standardized, making comparisons easy.
Data integrity issues create problems for retail users, because they mean that any risk metrics developed on them have a high likelihood of being flawed, making them impossible to accurately assess. Credmark aims to reduce barriers to entry by making reliable DeFi risk assessment tools accessible to everyone. Through leveraging the blockchain-agnostic design of Airnode to provide this data, API3 will help Credmark offer this data across multiple chains to benefit the whole crypto ecosystem.
Quotes
“Credmark’s platform will address some of the most critical issues in DeFi — data integrity and risk modelling. API3 is passionate about improving the openness and accessibility of the ecosystem, and we really value the important work Credmark is doing towards this.”
— Dave Connor, BD Lead, API3
“The insurance mechanism that API3 provides incentivizes data integrity from it’s API providers. This goes hand in hand with Credmark’s commitment to accountability in regards to the data we deliver.”
— Momin Ahmad, CSO, Credmark
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 dAPIs are fully decentralized and blockchain-native APIs with quantifiable security. Download 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
Credmark Links
Twitter — https://twitter.com/credmarkhq
Telegram — https://t.me/credmark
Discord — https://discord.gg/VGeNdK5S8A
