It has been one year since the launch of the API3 Market, which was launched as an open, self-serve marketplace for utilizing decentralized data feeds, or dAPIs. Since then, we have been expanding our scaling capabilities and now provide data across 17 blockchain networks, offering over 160 data feeds to decentralized applications, which has resulted in the exponential growth of our TVS (total value secured) to over $600 million. This significant progress highlights the success of our developer-first strategy and the functionality of the API3 Oracle Stack for building onchain applications.
In preparation for the upcoming launch of the OEV Network, we have released a significant upgrade to the API3 Market: Data on Demand. As part of our continued commitment to developers, the upgraded API3 Market gives builders, whether it be EVM chains or dApps, a seamless and easy way to deploy and integrate decentralized data feeds. The integration process has been simplified to the extent that utilizing the API3 Oracle Stack has never been easier.
Let’s dive into the new features of the API3 Market.
Built around developer needs
Developers looking to power their protocol with verifiable, decentralized data served directly onchain from first-party oracle nodes can visit the API3 Market, where they can seamlessly browse, access, and manage a wide variety of data feeds, including crypto, forex, equities, and commodities.
With the upgrade to Data on Demand we have significantly simplified the process developers and chains have to go through to deploy and access data feeds. The API3 Market now features a process that automates the purchase and configuration of data feeds, giving developers access to the data they need at their fingertips, with the ease and intuitiveness similar to that of a web2 experience. This means builders will no longer need to go through an intermediary or waste time speaking to someone to begin accessing our wealth of data, streamlining the process of utilizing real-time data in blockchain applications.
The API3 Market makes it easy for developers requiring oracle services to get the data they need when they need it. Rather than having to manage their own infrastructure, developers can simply read data that is directly maintained onchain.
The API3 Market now boasts a range of additional features designed to empower builders, removing the typical barriers and reducing the time required to access data:
- Data on demand: Deploy and access real-time, verifiable, decentralized data directly from the source.
- Built to scale: The API3 Market is engineered to rapidly scale to new chains and ecosystems, ensuring builders have seamless access to data wherever they need it.
- Automated configuration: With over 160 data feeds available, developers can now bypass time consuming business development bottlenecks or fee-hungry middlemen.
- Zero hassle. Zero headache: With familiar push oracle architecture, developers don’t need to run extra infrastructure or make changes to battle-tested code.
- Seamless integration: The API3 Market’s design focuses on simplifying access to data, allowing builders to have more time to focus on building.
- Reclaim Protocol MEV: All data feeds on the API3 Market will be integrated with OEV Network to recapture protocol MEV, like in the case of liquidations.
Thanks to these developments, it’s never been easier to utilize verifiable and decentralized data in smart contracts.
Built to scale onchain finance
API3’s data on demand model not only democratizes access to the data needed to power many DeFi protocols, but also facilitates the rapid scaling and adoption of these data feeds across new chains. With the upgrade of the API3 Market, API3 will be able to commence on its ambitious goal of scaling its oracle stack to over 40 total blockchains this year with a heavy focus on L2s.
The capability for scaling horizontally to new chains stems from API3’s EVM-compatible first-party oracle architecture and standardized dAPIs. This design allows API3 to quickly integrate with new networks, thereby eliminating the bottlenecks experienced with third-party oracle networks. With the rapid deployment of onchain data to new chains, API3 employs a vertical scaling strategy that enhances data accessibility on each network. Designed with a focus on cost-effectiveness, dAPIs allow developers to directly read onchain data without incurring extra fees, lowering the barriers to entry for new projects on the network.
The network effects of the API3 Market amplify its utility. As the go-to destination for onchain data, it minimizes the complexity and work traditionally associated with designing a tech stack. API3 enables developers to focus more on what they do best, which is building their applications.
Start building with the API3 Market
The new API3 Market, with its focus on data on demand represents a world-first in oracle solutions. This upgrade is a testament to our unwavering commitment to being a developer-first oracle, providing a seamless and user-friendly tool unmatched by any other blockchain oracle provider.
As we celebrate the launch of the new API3 Market, we invite developers and builders to explore the possibilities that come with an open, self-serve data marketplace. With API3, seamlessly integrating data into your smart contracts has never been easier, faster, or more accessible.
Visit the API3 Market to get started. For more information about API3 and dAPIs, visit the website or explore API3’s technical documentation.
