Widely followed trader Inmortal says this year will see massive rallies for Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and one additional altcoin.
The pseudonymous trader tells his 214,000 followers on the social media platform X that API3 (API3), a decentralized data oracle network that aims to connect traditional APIs with blockchain applications, is ready to “get sent” after a long consolidation period.
[adinserter block="1"]
Inmortal mentions API3’s recent strategic funding round led by digital asset investment firm DWF labs and the bullish technicals on the altcoin’s chart.
“API3 about to get sent.
API3 has successfully concluded a strategic funding round, allocating treasury assets in exchange for four million USDC.
About the chart? nothing more to add, it’s just hyper bullish.
> +600 days accumulation over
> Clean retest of acc zone.
Send it.”
Source: Inmortal/X Looking at the trader’s chart, he seems to predict that the Ethereum-based altcoins will hit $6. At time of writing, API3 is trading at $3.37, up over 9% in the past day.
Looking at the broader markets, Inmortal is predicting strong 2024 finishes for BTC, ETH and SOL. According to the analyst, the next couple of months will likely be uneventful for much of the digital asset markets but expects a full-blown “parabolic uptrend” in Q4.
“> Boring June-July (chop + some traps for both sides)
> Uptrend resume in August
> Parabolic trend all Q4
BTC goes above $100,000, ETH above $10,000, $SOL above $500.
Altcoins do a x2-x5
API3, a pioneer in blockchain oracle solutions, is setting the stage for significant advancements within the Optimism Superchain ecosystem. API3 is crucial in scaling a cryptographically secure on-chain economy that maximizes value for all participants by enhancing data integration and scalability with its innovative Oracle Stack.
Optimism expanded Ethereum’s scalability in the past year by introducing the Superchain thesis. This new framework facilitates growth and adoption by enabling teams to build on the OP Stack and contribute to the OP Collective, which aims to pool revenue to fund public goods and move global adoption forward.
Within the Superchain ecosystem, oracles are indispensable as they provide the necessary data and tooling to scale new chains. API3’s Oracle Stack simplifies data integration, reducing technical barriers and enabling developers to focus more on building their applications and less on dealing with infrastructure challenges.
The API3 Oracle Stack includes decentralized data feeds from the API3 Market, QRNG for generating truly random numbers on-chain, and the OEV Network to recapture protocol MEV. These components are designed to meet the demands of Superchain builders for easy integration and scalability.
API3’s integration with new chains grants them immediate access to secure and decentralized data, which is vital for applications requiring real-time data, such as lending protocols and perpetual exchanges. This streamlining of Oracle services to new networks is critical as it allows developers to move quickly from concept to production without requiring extensive code changes or infrastructure management.
Key Examples and Adoption Base, a prominent example within the Superchain ecosystem, has more than doubled its total active users to over 9 million this year. The Total Value Locked has also tripled since the beginning of the year, crossing over $1.7 billion. Exiled Racers, a project on Base, uses API3’s QRNG to generate random events for their on-chain races. API3 has recently launched its Oracle Stack on Mode and Fraxtal, with Mode amassing over $500 million TVL and a strong DeFi ecosystem. Fraxtal, developed by Frax Finance, has gained early support from prominent DeFi partners and is poised to become a leading network for developing complex financial protocols.
Looking ahead, API3 has announced that they will support World Chain at its launch later this summer. World Chain aims to leverage proof of personhood to offer verified users priority transactions and gas allowances. Protocols on World Chain will be able to utilize API3’s verifiable, decentralized data feeds, which will be integrated with the OEV Network to enhance protocol performance.
AUTHOR
Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.
Analyst comments continue to hold significant importance in the world of cryptocurrencies. One closely followed analyst, Inmortal, has indicated that this year could see significant price rallies for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and an altcoin.
Inmortal shared a post on X to make important announcements. In his statement to thousands of followers, he mentioned that API3, a decentralized data oracle network aiming to integrate traditional APIs into blockchain applications, is ready to rise after a long consolidation period.
Inmortal discussed the recent strategic funding round led by DWF Labs, one of the world’s leading investment firms, and the bullish outlook on the altcoin’s chart.
API3 is about to rise. API3 successfully completed a strategic funding round by allocating treasury assets worth four million USDC. What about the chart? Nothing more to add, just hyper bullish.
Accumulation for over 600 days.Clean retest of the Acc region.Send it.
According to the trader’s comment, the Ethereum-based altcoin API3 could reach $6. As of the time of writing, API3 is trading at 3.20 after a 3.97% drop in the last 24 hours.
API3’s market cap remains at 276 million dollars following the recent drop, while its 24-hour trading volume exceeded 48 million dollars after a 64% increase.
Inmortal also looked at leading cryptocurrencies BTC, ETH, and SOL, indicating a strong outlook for the rest of the year. The analyst noted that the coming months will likely be stagnant for cryptocurrencies, but a fully developed “parabolic uptrend” could form by the fourth quarter.
Boring June-July (some traps on both sides)Uptrend continued in August.Parabolic trend throughout Q4.BTC surpasses $100,000, ETH over $10,000, SOL above $500. Altcoins will multiply x2-x5. Charts never lie.
As of the time of writing, Bitcoin is trading at $69,100, while Ethereum continues to trade around $3,772. Following recent BTC and ETH ETF news, SOL is thought to be trading at $166.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
API3’s recent integration with Scroll is setting new standards for data integrity and accessibility. This strategic development not only enhances the functionality of the Scroll Layer 2 solution but also pioneers new mechanisms for data utilization in blockchain applications.
Revolutionizing Data Access in DeFi API3 is well known for its robust oracle solutions, and now it has introduced its high-tech Oracle Stack on Scroll which represents a considerable improvement on how developers can access decentralized data. Using this integration, developers can access API3s decentralized APIs (dAPIs) that will be critical for supporting the next generation of decentralized applications.
This is important because it provides a means for real-world data to be ported to and then fed directly into the blockchain networks that DeFi platforms rely on, in a way that is both secure and non-tamperable.
Simultaneously, the launch introduces the OEV Network, a technological breakthrough for updating oracles in the most efficient manner. The upgrade is concerned with making sure that the fundamental benefits of those updates are not simply siphoned off by arbitrage, but instead returned to the applications that originally built on them, and therefore recapturing MEV associated with these protocols.
Its significance is not just in the technical upgrade, but in the fact that as a global collective, it is moving towards a more sustainable and equitable financial system which minimizes value leakage and protects platform integrity.
API3's Oracle Stack is now available on @Scroll_ZKP 📜
Builders can now leverage:
▲ +180 decentralized data feeds (dAPIs) on the API3 Market
▲ OEV Network to recapture protocol MEV (launching soon!)
Start building today! 🛠️ pic.twitter.com/cXQ46FBQNF
— Api3 (@Api3DAO) June 19, 2024 Scroll’s zero-knowledge proof-based Layer 2 solution provides an Ethereum application platform with scalability and efficiency. On the flip side, incorporating API3’s Oracle Stack into Scroll expands its suite of high-throughput applications, under the backdrop of a highly-secure framework vital for the likes of DeFi operations.
By utilizing API3’s oracles, as a part of Scroll’s infrastructure, applications can provide real-time market data without adding layers to existing architectures with compromising speed, which can be critical for DeFi.
In addition, by leveraging API3’s first-party oracle nodes, operated by data providers themselves, the data not only comes from a decentralized source, but also directly from a dolefully accurate source. This model also eliminates the middlemen we have in traditional data provision that contribute to likely points of failure and thus increase the reliability of the data feeds.
So, Scroll’s integration of API3’s Ethereum-based Oracle Stack represents more than another cog in a decentralized application; it should also spark further ingenuity in the greater DeFi sector. This provides a powerful suite of tools for developers to build richer, more dynamic, and more responsible applications, pushing the boundaries of what is possible with blockchain technology to achieve a more open and inclusive financial system.
As the partnership between API3 and Scroll matures, the potential for new applications and use cases is boundless. Extending beyond simple swapping and trading, the partnership will revolutionize DeFi possibilities from streamlined liquidity management across platforms to complex financial products.
This is not a simple tech integration, but one step closer to opening up fully autonomous, secure and efficient financial services to everybody, regardless of any geographic or economic line that divides us all.
AUTHOR
Mysterious crypto writer with expertise in blockchain, offering deep insights that captivate and intrigue readers. With a unique ability to uncover hidden insights and trends, Samuel delivers in-depth analysis and thought-provoking content that keeps readers on the edge of their seats. His writing style is engaging and informative, blending technical knowledge with a sense of intrigue, making complex crypto topics accessible to both newcomers and seasoned industry professionals. Samuel’s work continues to capture the attention of the crypto community, solidifying his reputation as a trusted voice in the space.
API3 has announced a new collaboration that showcases the integration of their Oracle Stack with Ionic’s money market protocol on the Mode network. Together, this strategic collaboration promises to redefine the landscape of liquidity provisioning and utilization within DeFi by merging the competence of Ionic’s financial engineering, with the data integrity assurance provided by API3’s Oracle Stack.
Ionic – With its novel, decentralized, non-custodial money markets per-asset protocol primitive; Ionic devotes itself to user fund safety and efficiency. The protocol makes sure that with strong security, privacy, and an unprecedented failsafe system for managing decentralized funds.
This partnership further represents the shared goal to promote financial technology and broaden capabilities for safe, decentralized money markets.
Empowering Decentralized Finance with Advanced Oracles The integration of API3’s Oracle Stack allows Ionic to utilize a variety of tools and services that enhance the functionality and appeal of its platform. The Oracle Stack provides reliable, real-time data feeds that are essential for the accurate functioning of financial protocols like Ionic, which offers dynamically adjusting interest rates based on real-time market liquidity.
This is important in order to maintain rates at a competitive level which are attractive and sticky for users, while enabling the platform to efficiently fulfill liquidity demand.
Finally, the availability of a variety of assets from Loan Repayment Tokens (LRTs), to Loan Security Tokens (LSTs) and mainstream cryptocurrency tokens makes Ionic unique in its functional design. This is supplemented by a unique revenue-sharing program that shares part of the protocol’s profits with the users and aligns interests between the platform and its community.
Ionic also provides financial innovation and what it terms “one-click looping,” a way to make the process of taking leveraged positions more accessible to the average user. This new feature, together with the premium data stream of API3’s Oracles enables more user-friendly and efficient trading strategies.
AUTHOR
Mysterious crypto writer with expertise in blockchain, offering deep insights that captivate and intrigue readers. With a unique ability to uncover hidden insights and trends, Samuel delivers in-depth analysis and thought-provoking content that keeps readers on the edge of their seats. His writing style is engaging and informative, blending technical knowledge with a sense of intrigue, making complex crypto topics accessible to both newcomers and seasoned industry professionals. Samuel’s work continues to capture the attention of the crypto community, solidifying his reputation as a trusted voice in the space.
API3, a pioneer in decentralized APIs for blockchain platforms, has announced a strategic shift in its deployment approach for the upcoming OEV Network.
The API3 team initially partnered with Polygon but pivoted after the timeline was too tight for their launch. This comes as API3 looks to remain nimble in its development and offer a product that is perfectly synced with the wants of markets and developments in technological fields.
The move to Arbitrum Orbit is the beginning of a new era for API3. This is known as Arbitrum Orbit, which has established itself in delivering an easy-to-launch Layer 2 and Layer 3 network with powerful scalability and efficacy.
Such a move is expected to help speed up the deployment of the OEV Network, an offering that has been crafted for and ensures broad support in DeFi. API3 is now undertaking closed beta focus group efforts which pave the way for a rapid expansion towards full launch.
Leveraging Arbitrum for Enhanced Oracle Services The strategic shift to Arbitrum Orbit not only underscores API3’s adaptability but also highlights their continuous endeavor to harness cutting-edge technology to serve the DeFi community better. Arbitrum Orbit provides distinct advantages in terms of transaction speed, operational costs, and scalability—factors that are crucial for the effective functioning of decentralized oracle services.
Through the integration, API3 hopes to redefine what is possible in oracle services with a focus on how these interact with protocol-maximized extractable value (MEV) solutions.
An OEV Network from API3 could offer a much-wanted paradigm shift where decentralized oracle networks are concerned. By providing oracle services as a part of the MEV recapture protocol solutions, API3 is paving the way for creating a safer and more efficient blockchain ecosystem.
The anticipation surrounding the OEV Network is high, as it is expected to offer unprecedented capabilities to DeFi protocols, enhancing their operational efficiency and security.
AUTHOR
Mysterious crypto writer with expertise in blockchain, offering deep insights that captivate and intrigue readers. With a unique ability to uncover hidden insights and trends, Samuel delivers in-depth analysis and thought-provoking content that keeps readers on the edge of their seats. His writing style is engaging and informative, blending technical knowledge with a sense of intrigue, making complex crypto topics accessible to both newcomers and seasoned industry professionals. Samuel’s work continues to capture the attention of the crypto community, solidifying his reputation as a trusted voice in the space.
In a significant development for the blockchain and decentralized applications (dApps) landscape, API3 has officially launched its Oracle Stack on the Astar Network zkEVM.
This integration marks a pivotal moment, providing developers with powerful tools to enhance their applications and contribute to a more interconnected and efficient blockchain ecosystem.
Integration That Powers Innovation API3’s move to introduce its Oracle Stack on the Astar Network zkEVM is not just a technical update—it’s a gateway to vast opportunities for builders within the crypto space. By harnessing over 180 decentralized data feeds (dAPIs) from the API3 Market, developers now have unprecedented access to a rich tapestry of reliable and secure data sources.
These dAPIs span across various domains including cryptocurrencies, forex, equities, and commodities, ensuring that applications can tap into a broad spectrum of real-world data.
API3's Oracle Stack is now available on @AstarNetwork zkEVM!
Builders can now leverage:
▲ +180 decentralized data feeds (dAPIs) on the API3 Market
▲ OEV Network to recapture protocol MEV (launching soon!)
Start building today! 🛠️ pic.twitter.com/c8hafXEUM9
— Api3 (@Api3DAO) July 2, 2024 Moreover, the upcoming launch of the OEV Network promises to revolutionize how protocols interact with Miner Extractable Value (MEV), turning a potential risk into an advantage. This network is designed to recapture protocol MEV, allowing dApps to operate more securely and profitably.
The Astar Network zkEVM stands out as an innovative Ethereum Layer 2 scaling solution that bridges the best features of EVM and Wasm. This technology promises interoperability, future-proofing, fast finality, and reduced transaction fees—all while maintaining rigorous security standards. For dApps developers, this means the ability to operate at higher efficiencies with lower operational costs.
The zkEVM enhances how decentralized applications interface with the blockchain. Applications on this platform can effortlessly access verifiable and decentralized data maintained on-chain without the need for running any additional infrastructure. This simplification is made possible by oracle nodes operated directly by data providers, ensuring source transparency and eliminating the need for intermediaries.
Broadening the API3 Ecosystem API3’s strategic expansion into Astar Network zkEVM is more than just technical integration; it’s about building an ecosystem that supports the long-term growth and sustainability of decentralized applications. By providing easy access to its dAPIs through the API3 Market, API3 not only supports developers but also nurtures the broader blockchain community.
Developers interested in leveraging these advanced capabilities can easily navigate the API3 Market to find and manage the data feeds necessary for their applications. The integration of the OEV Network soon will further enhance these capabilities, providing a comprehensive solution for dApps to operate more autonomously and profitably.
AUTHOR
Mysterious crypto writer with expertise in blockchain, offering deep insights that captivate and intrigue readers. With a unique ability to uncover hidden insights and trends, Samuel delivers in-depth analysis and thought-provoking content that keeps readers on the edge of their seats. His writing style is engaging and informative, blending technical knowledge with a sense of intrigue, making complex crypto topics accessible to both newcomers and seasoned industry professionals. Samuel’s work continues to capture the attention of the crypto community, solidifying his reputation as a trusted voice in the space.
API3 (API3) is a decentralized oracle project aimed at increasing the reliability of data services in the Web3 ecosystem. API3’s dAPIs enhance the security and transparency of DeFi applications by collecting data directly from data providers on native Blockchains. In this article, you can find answers to two frequently asked questions: what is API3 (API3) and how to buy API3 (API3) with TRY.
What is API3 (API3)?API3 is a decentralized oracle project designed to enhance the reliability and transparency of data services for the Web3 ecosystem. By offering dAPIs (data Application Programming Interfaces), API3 collects data directly from source-level data providers on native Blockchains. This approach eliminates the need for cross-chain bridges, increasing data reliability and improving the security of DeFi applications for users. Beyond dAPIs, API3 also offers additional services such as a quantum mechanics-derived random number generator and Web3 APIs. The project’s governance is managed by token holders through an on-chain voting mechanism, ensuring decentralized control.
API3’s origins trace back to 2019 with the creation of CLG, the team behind the Honeycomb marketplace. Honeycomb was developed as an API marketplace for oracles, aiming to facilitate collaboration between API providers, oracle node operators, and dApp developers. The project was based on the premise that solving the oracle problem required more than technical solutions; it needed a platform where diverse and competitive organizations could collaborate to achieve business outcomes. Honeycomb’s success highlighted the necessity of including API providers as a critical component of oracle solutions.
Despite its successes, Honeycomb faced challenges with the third-party oracle model, where intermediaries were responsible for transferring data from API providers to the Blockchain. This model posed significant risks and was impractical for API providers who found running and maintaining oracle nodes unrealistic. This realization led to the evolution of API3, which adopted a more API-centric approach to oracles, focusing on direct interactions with API providers and minimizing intermediary risks.
The development of API3 has been significantly influenced by the experiences and lessons learned from Honeycomb. API3’s oracle node, Airnode, incorporates years of accumulated knowledge about the needs of API providers and practical interaction strategies. Airnode offers well-standardized API-oracle integration features directly derived from Honeycomb’s technology. It stands out as the first fully serverless oracle node designed to simplify the process for API providers to present their data on-chain without the need for complex infrastructure.
At its core, API3 represents the culmination of ongoing efforts to address the oracle problem through a solution that directly integrates API providers into the Blockchain ecosystem. By eliminating intermediaries and focusing on native chain data collection, it aims to provide a more secure, transparent, and efficient data service for DeFi applications. The evolution from Honeycomb to API3 underscores a commitment to practical, business-oriented solutions that meet the real-world needs of developers and data providers in the decentralized web.
API3’s innovative approach and governance model driven by token holders position it as a significant player in the Web3 world. The project’s focus on reliability and transparency ensures it remains at the forefront of providing essential data services for the rapidly growing DeFi sector.
How to Buy API3 (API3) with TRY?Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to buy API3 (API3). Over 100 cryptocurrencies, including API3, can be traded on Binance TR, where an account can be quickly created. To buy API3 (API3) with TRY on Binance TR, follow the steps below.
How to Open an Account on Binance TR?Opening an account on Binance TR is quite easy. You need to go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and T.C. identification number.
After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through the official Binance TR website. Note that you will need your phone to verify your identity from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on “Identity” to continue.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you.
After selecting the document type, tap on “Upload Front” to continue. After taking a photo of the front side of the document according to the document type you selected, tap on “Upload Back” and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then tap on “Selfie” to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?You can easily deposit TL into your Binance TR account through all banks. You can deposit TL 24/7 and make transactions seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the main page, and click on “Deposit” from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer via wire transfer, EFT, or FAST. All you need to do is use the information displayed on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.
Once your bank completes the transfer, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy API3 Coin with TL on Binance TR?After the deposit process, you can proceed to the API3 coin purchase step with TL by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.
After clicking on this option, the page below will open. In the search section on the right side of this page, type “API3” and click on the API3/TRY option from the results to go to the API3 purchase page with TL.
Now the API3 trading page below will open. On this page, in the red-marked area, enter the price at which you want to buy API3 in the first box and the number of API3 you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy API3” button.
What is Binance TR?Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities through Binance TR.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
API3 has officially launched the OEV (Oracle Extractable Value) Network on its mainnet, a significant addition to the API3 Oracle Stack. This network aims to help lending protocols recapture OEV lost during liquidations, enhancing the efficiency and profitability of these protocols.
The solution to oracle extractable value is here! 🎉
🚀 @OEVNetwork is officially live and integrated with the API3 Oracle Stack.
Every lending protocol, on every API3 supported chain, now has a built-in solution to recapture protocol MEV.
It pays to upgrade your oracle. 🪙 pic.twitter.com/I0rSpTUb6l
— Api3 (@Api3DAO) July 9, 2024 At launch, several protocols, including Orbit Protocol, INIT Capital, and Lendle, were already fully integrated with the OEV Network across multiple blockchain platforms. This integration marks the first Layer 2 solution in which Oracle service providers and searchers collaborate to combat the negative impacts of Oracle extractable value.
The OEV Network introduces a specialized transaction-based auction system for Oracle updates. This system allows searchers to bid for the rights to perform valuable price updates, particularly during liquidations. The proceeds from these auctions are returned to the dApp that generated the value, potentially saving millions in lost revenue annually.
Addressing Inefficiencies Current oracle solutions treat all price updates equally, leading to inefficiencies and lost value. The OEV Network creates a competitive market for price updates, ensuring that the rights to perform these updates go to the highest bidder, thereby recapturing value for the protocols involved.
Lending protocols like Aave and Venus have already paid substantial amounts in liquidation bonuses this year, with Aave V3 disbursing $23.4 million and Venus $5.8 million. These bonuses ensure the protocols’ health and represent significant value leakage to searchers and block builders. The OEV Network offers a solution to recapture some of this lost value.
API3 Strategy Lead Ugur Mersinlioglu highlighted the overpayment issue for liquidation services, noting that searchers give up 99% of the available incentive to block builders due to aggressive competition. The OEV Network shifts this competition from block space to Oracle updates, ensuring the proceeds benefit the dApps generating the value.
The OEV Network addresses off-chain order-flow auctions’ transparency and accountability issues. By providing an on-chain execution environment on Arbitrum Orbit, the network ensures a cheap, fast, and secure bidding process for Oracle updates, marking a significant step towards more transparent and accountable auctions.
API3’s partnership with Arbitrum and Caldera ensures a secure, permissionless, and scalable environment for the OEV Network. Arbitrum Orbit supports the backend infrastructure, guaranteeing execution, uptime, and scalability. The OEV Network operates seamlessly on all data feeds within the API3 Market, leveraging Layer 2 network security to create an efficient market for Oracle updates. This integration not only improves data feed granularity when needed most but also has the potential to recapture millions of dollars each year for lending protocols.
AUTHOR
Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.
Decentralized oracle provider API3 has announced the launch of the OEV Network, billed as “the first on-chain solution to recapture oracle extractable value (OEV) for lending protocols.”
Now live and fully integrated with the API3 Oracle Stack, the OEV Network is a layer 2 platform that aims to establish an efficient market for oracle updates. OEV is similar to maximal extractable value (MEV), but where MEV extracts value during the process of securing transactions, OEV extracts value during the process of updating oracles.
For example, lending markets utilize oracles to retrieve the price of assets used as collateral in loans. Sometimes, when an oracle updates a price, it can lead to liquidations.
With OEV Network, searchers can "bid" on valuable updates, such as a price update that would liquidate a position on a lending market. The proceeds from the auction are then returned to the decentralized app (dapp), potentially recapturing millions of dollars a year and creating a new revenue stream for both lending protocols and the API3 oracle stack.
Efficient liquidation marketsIn any lending market, external parties, sometimes called “searchers,” help maintain the health of a protocol by ensuring that liquidations happen quickly and efficiently. Traditionally, searchers get 5-20% of the collateral being liquidated as a fee for their services.
“Lending protocols manage the risk of their loans by incentivizing searchers with liquidation bonuses for timely liquidations,” API3 Strategy Lead Ugur Mersinlioglu told Decrypt. “Data shows that they are severely overpaying for this service, especially for the larger positions that are being liquidated.”
The solution to oracle extractable value is here! 🎉
🚀 @OEVNetwork is officially live and integrated with the API3 Oracle Stack.
Every lending protocol, on every API3 supported chain, now has a built-in solution to recapture protocol MEV.
It pays to upgrade your oracle. 🪙 pic.twitter.com/I0rSpTUb6l
— API3 (@API3DAO) July 9, 2024
The problem with this model, Mersinlioglu explained, is that searchers compete for blockspace and have to outbid each other aggressively, with much of the value from the liquidations flowing to block builders instead of the lending protocol’s searchers.
“With OEV Network, we are changing where this competition takes place,” he said. “Instead of competing in blockspace auctions to get your transaction included first, searchers will compete for the right to perform oracle updates that allow for liquidations, with the proceeds of these auctions being programmatically returned to dapps.” That, he said, could enable dapps to recapture “multi-million dollar opportunities.”
Data feeds and business modelsTypically, oracles function as a cost center, where the provision of data feeds is subsidized by the oracles without directly generating any revenue. The OEV Network aims to change this by creating an efficient and competitive market for oracle updates.
In the past, they argue, the value secured via an oracle didn’t impact the providers' revenue in any way; whether the oracle secured billions of dollars or pennies, their revenue remained the same. With the launch of the OEV network, oracle providers now have a direct link between how much value they secure and how much potential revenue they make.
API3 says there’s a multi-million dollar opportunity in recapturing this value for lending protocols across all chains. To date, Aave V3 has given out $23.4 million in liquidation incentives this year, averaging around $4 million per month, while Venus has paid out $5.8 million in 2024, averaging $1 million a month—a “significant portion” of which could go towards boosting the profitability of lending protocols.
The API3 Oracle Stack provides oracle services over 37 networks, securing over $1 billion in transactions in May 2024 alone. With the integration of the OEV Network into the Oracle Stack, API3 feeds now come with a “built-in solution to recapture significant value,” creating new revenue streams that can fund operations, growth, and expansion onto new chains.
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API3, a prominent player in the decentralized oracle network that enables APIs to feed data directly into blockchain smart contracts, has announced a strategic integration with IronClad Finance. This collaboration aims to revolutionize the decentralized lending market on the Mode network, marking a significant advancement in the accessibility and functionality of DeFi (decentralized finance) applications.
IronClad Finance, known for its robust DeFi solutions within the Superchain ecosystem, has adopted the API3 Oracle Stack to enhance its lending services. This integration facilitates a more secure and reliable data flow, crucial for the accuracy and efficiency of financial services on the blockchain.
IronClad users can now engage in lending activities with enhanced trust and transparency, leveraging the decentralized and self-regulating features of the API3 network.
New Opportunities in Decentralized Finance The partnership introduces several innovative features to the IronClad lending platform. Users can participate either as depositors or borrowers, engaging with the platform to manage their digital assets effectively. By providing liquidity, users have the opportunity to earn passive income, a compelling feature that draws more participants into the DeFi space.
IronClad Finance offers unique borrowing options, including interest-free and variable rate borrowing. This flexibility supports a wide range of financial strategies and user needs, from conservative savers to aggressive traders looking for instant leverage.
Moreover, the platform features a groundbreaking Collateralized Debt Position (CDP) system, allowing users to leverage their holdings for additional financial activities without the need for traditional credit checks or lending protocols.
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API3’s Oracle Stack is now available on Zircuit to advance the capabilities of the decentralized applications. API3’s Oracle Stake shares this strategic launch on Zircuit through its official X account. Through this launch, API3’s Oracle Stack will enable the developers to use a powerful toolset to develop advanced decentralized applications (dApps).
API3's Oracle Stack is now available on @ZircuitL2!
Builders can now leverage:
▲ +160 decentralized data feeds (dAPIs) on the API3 Market
▲ OEV Network to recapture protocol MEV
Start building out the DeFi ecosystem on Zircuit today! 🛠️ pic.twitter.com/gypAGy356V
— Api3 (@Api3DAO) August 9, 2024 APi3’s Oracle Stack is a decentralized platform best known for its transparent, secure, and reliable data feeds to smart contracts. On the other hand, Zircuit is a no-code digital platform developed to create and deploy decentralized applications (dApps) on the Layer2 blockchain networks. Utilizing their key features, both API3’s Oracle Stack and Zircuit will collaborate to advance the capabilities of dApps.
Developers To Build DeFi Ecosystem on Zircuit APi3’s Oracle Stack launch on Zircuit will make it convenient for the developers to build their DeFi ecosystem on Zircuit. Developers can leverage 160 plus transparent and secure decentralized data feeds for their projects available on the API3 market. Additionally, OEV Network is also integrated which allows users to protocol MEV to enhance the efficiency of their DeFi operations.
Zircuit Builders Can Visit API3 Market to Utilize dAPIs This launch makes it easy for Zircuit builders the utilization of dAPIs easily available and accessible in the API3 market. API3 market suits best the needs of the builder as it offers an easy way to access, browse, and manage the wide range of data feeds related to major crypto assets, stablecoins, and LST/LRTs.
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Dan is a seasoned wordsmith known for his sharp editorial insight, meticulous attention to detail, and passion for compelling storytelling.
API3, the web3 API economy, announces a groundbreaking partnership with Zeru Finance to enhance the security of decentralized finance (DeFi). API3 DAO shared this news with the user community through the X account. Through this partnership, Zeru will utilize the Oracle Stack of API3 to stay updated with the price feeds and to have secure and reliable access to the web3-related data.
API3’s Strategic Alliance with Zeru Finance for the Better Future of Web3 This strategic bond between API3 is of great significance because of the mutual goal of the FinTech firms to fill the gap between real-world data and on-chain data. Through this collaboration, it’ll be ensured that users will have safe, secure and reliable access to decentralized finance (DeFi).
Moreover, the major and ultimate goal of this strategic alliance is to unlock various opportunities for the users through their zero-collateral loan services. This would give confidence to the crypto community to get financially independent and yield maximum profits by employing zero-collateral loans.
By leveraging the decentralized APIs, both FinTech firms will enable the users and developers to integrate real-world data into on-chain data safely and securely.
This Collaboration Enhances Web3 Data’s Security This partnership will play a crucial role in ensuring the integrity and accessibility of Web3 data and will enhance the security of DeFi and dApps. It is important to note that the traditional APIs are centralized, hence data information can be compromised but on the other hand, this collaboration is now offering a resilient, reliable and decentralized alternative for data protection.
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Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
API3 unveiled a new generation of solutions designed to make decentralized finance faster, more efficient, and more sustainable.
API3 is focusing on improving the infrastructure behind DeFi to ensure long-term growth and better performance for developers. It is rolling out its latest technology aimed at improving how DeFi protocols access real-world data, according to a press release shared with crypto.news.
With DeFi growing rapidly, API3 (API3) is working to make data feeds more efficient and valuable for developers.
Oracles are crucial to DeFi because they bring important data, like prices, onto blockchains. However, traditional oracle services mainly focus on delivering data, leaving room for improvement.
API3’s new Oracle Stack addresses this by adding extra features, including recapturing value lost due to Miner Extractable Value — a common problem in DeFi transactions.
In May, API3 announced it surpassed $1 billion in Total Value Secured, marking a tenfold increase over the past 100 days. The platform’s oracle services secured assets across 20 protocols, with PAC Finance accounting for over half of the total.
In February, the API3 token saw a 70% surge following its listing on Bitget, though its market cap later dropped to $252 million.
The Oracle Stack According to API3’s Strategy Lead, Ugur Mersinlioglu, this new solution helps developers get the data they need and reclaim value lost during data processing. By using API3’s oracle, developers can boost their protocol’s performance, drive growth, and reduce fees.
The Oracle Stack is designed to work across multiple blockchain networks, making it easy for developers to integrate into different platforms.
With over 160 data feeds across 37 networks, API3 aims to provide DeFi protocols with the tools they need to remain competitive. API3 also offers a tool to help developers switch from other oracle services, like Chainlink, to its platform.
API3, a prominent platform providing decentralized data, has disclosed an important partnership with Coin Metrics, a well-known entity in crypto-related financial intelligence. The respective collaboration focuses on fortifying the decentralized data feeds of API3, especially for liquid staking reward tokens and liquid staking tokens. The platform took to its official X account to reveal this development.
We’re excited to welcome @coinmetrics to API3’s network of data providers!
As a leading provider of transparent, high-quality crypto asset market data, Coin Metrics brings their CM Reference Rates to our ecosystem, enabling precise, real-time price data for LSTs/LRTs.
This… pic.twitter.com/q469XBGRGc
— Api3 (@Api3DAO) September 17, 2024 API3 and Coin Metrics to Partner to Revolutionize Data Feeds Concerning Liquid Staking Coins In an exclusive X post, API3 noted that this partnership permits Coin Metrics to provide verifiable cryptocurrency market data. This data powers the latest and advanced Defi protocols. Coin Metrics emerged back in 2017. Now it has turned into a trusted company providing secure, accurate, and transparent data concerning the crypto market. They reportedly deliver a couple of chief pricing data types. They include CM Principal Market Prices and CM Reference Rates.
Coin Metrics, while covering more than 1,000 prominent crypto assets, sources the respective data from a cautiously curated group of markets. In addition to this, it utilizes strict methodologies to guarantee reliability and accuracy. With low-latency APIs, the data thereof rapidly reaches consumers. This makes it a preferred choice for decentralized finance protocols depending on precise and up-to-date asset valuations.
The integration between API3 and Coin Metrics will potentially benefit from the CM Reference Rates. They are responsible for aggregating exclusive pricing data from around the crypto sector. This partnership improves the ability of API3 to offer decentralized price feeds regarding LSTs. This guarantees that DeFi protocols can access precise data that plays a crucial role in streamlined operations.
The Endeavor Will Assist in Restructuring Price Feeds to Fulfill the New Demands The initiative will play a crucial role in restructuring price feeds to better accommodate these tokens, enhancing their integration and usability across various platforms. According to API3, this development will create a more efficient and scalable solution, paving the way for protocols to meet the increasing demands that arise from a competitive Layer 2 (L2) environment. As blockchain technology continues to evolve, this restructuring is expected to be particularly vital in supporting the market’s transition toward a more rollup-centric future.
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Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
API3 is a platform for decentralized API services targeting web3 infrastructure. Data streams are delivered and managed in a decentralized manner. In standard internet web, APIs are hosted by a single centralized service. In contrast, here, data is distributed among different providers and will also be accessible through smart contracts.
What is API3 (API3)?API3 is a data platform that allows APIs to feed data directly to blockchain applications without third-party intermediaries. API3 has a native governance token that can be staked for rewards and serves as collateral to provide a security guarantee in the data stream.
Providing external data to on-chain environments is an essential element for building robust decentralized applications, platforms, and marketplaces. How does API3 achieve this?
By creating decentralized APIs (dAPIs), API3 has made it easier to obtain off-chain data and transfer it to the blockchain. This means that developers will not have to pay a gatekeeper company or use proprietary technology to ensure their application’s data is compatible with blockchains.
API3’s unique oracle nodes are hosted by the API providers themselves. This creates a different experience from other third-party oracles as it establishes direct relationships and allows for more autonomy of data sources. This process of creating first-party nodes is called Airnode technology, which uses smart contracts on Ethereum $1,623 to convert APIs into dAPIs.
API3 Coin can be securely bought and sold through Binance, the largest cryptocurrency exchange in the world by trading volume. API3 Coin is traded on the Binance platform in API3/BTC, API3/USDT, and API3/BUSD pairs.
To purchase API3 Coin (API3), you first need to become a member of the Binance exchange. Once the membership is complete, you must transfer cryptocurrency or fiat currency to your Binance wallet. After completing the transfer, you can buy API3 Coin from one of the three pairs mentioned above. To purchase from the API3/USDT pair, you must first navigate to the interface of this pair. In the API3/USDT interface, enter the desired purchase amount in the field specified in the limit tab. After specifying the amount, you can complete the purchase by placing a Buy API3 order.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
API3 approaches key resistance at $2.20, with technical indicators suggesting a potential breakout toward $4.00. On-chain metrics show mixed signals, but open interest surge and bullish RSI indicate continued market interest. API3 has made a remarkable 20% gain in the past 24 hours, trading at $2.07 at press time, as market sentiment appears to shift in a more positive direction. This surge has many wondering whether the rally will continue or if a reversal is on the horizon.
As API3 approaches key resistance levels and with several technical indicators flashing bullish signals, traders are looking for clues on what might come next. Let’s dive into the price action and on-chain metrics to assess API3’s next move.
Is API3 ready to break through resistance? API3 is currently trading within an ascending wedge, a pattern that often precedes a breakout. The token is approaching a key resistance level at $2.20, which has acted as a barrier in the past.
Therefore, if API3 breaks above this level, a bullish continuation toward $4.00 seems likely. This price action suggests that API3 could see further gains in the short term, provided the resistance at $2.20 is cleared.
The Relative Strength Index (RSI) for API3 sits at 63.42, suggesting that the token is not yet in overbought territory. This indicates room for further upward movement, although traders should be cautious as the token nears overbought conditions.
Additionally, the MACD has recently shown a bullish crossover, a strong signal that momentum could continue building. These indicators align with the idea of further upside potential, especially if the breakout above $2.20 happens.
Source: TradingView Is the price diverging from network growth? At 37.09%, API3’s Daily Active Addresses (DAA) show a notable divergence from the current price action. This divergence suggests that the token’s price might be outpacing its network growth, which could indicate overextension.
While this doesn’t necessarily point to an immediate reversal, it does raise a flag for traders to stay alert for signs of a pullback or consolidation.
Source: Santiment On-chain metrics: Are the signals bullish or bearish? API3’s on-chain signals paint a mixed picture. Net network growth has dropped by -0.35%, indicating slight bearishness in network activity. However, the “In the Money” metric remains bullish at 28.09%, suggesting that a significant portion of the market is in profit.
On the other hand, concentration is neutral at 0.03% bearish, and large transactions have declined by -2.31%, which could signal caution. Despite these mixed signals, the overall on-chain data leans slightly bullish.
Source: IntoTheBlock Open interest surge: What does it mean for API3? API3 has seen a significant increase in open interest, rising from 13.76% to 16.23 million. This surge reflects growing interest in API3 and suggests that traders are positioning for more price action.
Rising open interest typically signals that investors expect continued volatility, which bodes well for API3’s short-term price prospects.
Is API3 set for a breakout or a pullback? API3’s strong 20% gain in the past 24 hours positions the token for potential upside, especially with resistance at $2.20 in sight. The technical indicators suggest more room for growth, and the open interest surge indicates a bullish sentiment.
However, the divergence with DAA and mixed on-chain signals suggest that caution is warranted. Overall, if API3 can break above $2.20, it could target $4.00 in the near term, but traders should stay alert for any signs of a pullback.
In This Article What Is API3 Crypto, And Is It The Perfect Beta Play To Chainlink (LINK)?API3 Revenue Sharing Model Helping To Gain Market Share From ChainlinkBONUS: Mind Of Pepe (MIND) Smashes Past $7.5m In Presale Funding With A Huge Update From The Team API3 crypto has risen nearly 25% in the past 24 hours, causing its price to spike to $1.20. With its focus on providing first-party data feeds, this oracles project continues its recent upward trajectory, where it has nearly doubled in price over the last seven days – putting it in direct competition with Chainlink.
The recent price action of API3 is sparking sentiment that it could be the next Chainlink (LINK) as a competitor offering live data feeds (oracles) to decentralized applications.
The recent performance of $API3 has been mind blowing as the price has doubled in the last 7 days. Their movement is matching the moves the $AUCTION .
Will it continue to be like this?👀 pic.twitter.com/EJ4QAU3xHE
— Crypto Raven (@hiRavenCrypto) March 22, 2025
What Is API3 Crypto, And Is It The Perfect Beta Play To Chainlink (LINK)? API3 is a decentralized platform similar to Chainlink that allows blockchain applications (dApps) to access real-world data and services via APIs. It offers a way to connect traditional web services directly to blockchain applications seamlessly.
API3 aims to provide secure, verifiable data from first-party sources, eliminating the need for intermediaries and enhancing transparency and security.
Its API3 crypto token is the native utility token used to power the project. It is used for governance and payments within the API3 ecosystem.
Per its website, API3 has 200+ data feeds across every major blockchain, giving the project an incredible market reach.
It differs from Chainlink in that API3 focuses on first-party data feeds, meaning its oracles provide data straight from the source. This eliminates the need to rely on intermediaries, enhancing transparency and security.
On the other hand, Chainlink’s model is that its LINK token is necessary for dApps to buy data from it. They’re essentially data resellers and are not optimized for first-party use like API3.
(API3.ORG)
Where API3 crypto truly stands out as a legitimate competitor to the leading data feed project, Chainlink is with its OEV (Oracle Extractable Value) Rewards. API3 has an integrated OEV solution that enables dApps to earn rewards for simply using their oracles.
API3’s website dashboard shows that over $210,000 in OEV rewards have been paid out since its inception, with the reward amount updated each month.
This OEV reward system from API3 allows them to gain market share from Chainlink, which is no easy feat. At this time of writing, the lending protocols to have earned rewards for using API3 oracles are as follows; Compound, Yei Finance, Lendle, Init, MachFi, Orbit, Silo, and Hana.
Even with the price of API3 exploding nearly 2x over the past week, it is still a relatively low-market-cap token, sitting at just $143 million. Per CoinGecko, this makes API3 the 350th largest cryptocurrency by market cap.
To compare, Chainlink (LINK) is the 14th largest cryptocurrency with a market cap of over $9 billion. To put this into context, API3 would have to increase more than 64x to reach LINK’s market cap.
Even if API3 never hits the heights of LINK, it is a great beta play due to its comparatively small market cap and growing sentiment around its Oracle feeds due to the OEV rewards on offer.
Newer, less established dApps would benefit greatly from utilizing API3’s data feeds as they can create a revenue stream for their project by simply choosing API3 oracles.
(SOURCE)
BONUS: Mind Of Pepe (MIND) Smashes Past $7.5m In Presale Funding With A Huge Update From The Team While Mind Of Pepe (MIND) has already had huge success in the first two months of its presale, a fresh update from the team looks set to skyrocket this new AI agent to new highs.
With $7.5m funding already in the bag, the team behind MIND continues to build, and its latest update shows how serious they are about becoming the market leader for the AI agent space.
🔥 MIND of Pepe $MIND Update 🔥
MIND of Pepe $MIND continues its unstoppable evolution, solidifying its position as the most advanced AI-powered crypto-intelligence system
The current leading AI agent, AIXBT, continues to struggle for several reasons. Namely, it lacks innovation and has no true utility for token holders. These two reasons alone are causing the AIXBT agent and token to lose its grip on market participants.
Enter Mind of Pepe and its continuous evolution. Its large language model (LLM) just got a huge update. In an X post from the team, it calls the update an ‘LLM Persona Refinement’, stating that Mind of Pepe’s language model is ‘getting sharper’.
The update includes enhanced intelligence and engaging personality, seamless interactions, and a consistent voice, along with sharper market takes and a consistent voice across all responses.
Prior to this update, MIND holders already had exclusive access to the trading insight and alpha gained by the Mind of Pepe agent. Still, now the information given to investors will be even more lucrative.
There are just over 36 hours until the MIND presale moves onto its next price stage. After that, its current price of $0.00358 will be gone for good. Don’t sit on the fence; this could end sooner if a sell-out occurs.
Stay updated by joining the MIND of Pepe community on X and Telegram.
Check Out The MIND of Pepe Project Today
DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now
Join The 99Bitcoins News Discord Here For The Latest Market Updates
API3 crypto spikes 25% in a day and is up nearly 100% in the past week API3 is a competitor to Chainlink (LINK), offering data feeds to decentralized applications Over $200,000 in revenue share rewards have been paid out by API3 to protocols using its oracles With its revenue sharing model and focus on 1st party data sources, API3 could be a great beta play to LINK. API3 has a market cap of just $130 million while LINK sits at $9 billion The Mind Of Pepe (MIND) team have just announced a huge update to its AI agent, offering its holders even more lucrative insights as its agent just got a whole lot smarter #Presales
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Alex Ioannou
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Alex is a seasoned cryptocurrency trader and market analyst with over seven years of active experience in the digital asset space. Since entering the markets in 2017, Alex has specialized in identifying emerging "meta" trends and high-volatility narratives. Notably, Alex... Read More
The cryptocurrency Api3 (API3) reached an 8-month high today after Upbit, South Korea’s largest digital asset exchange, announced its listing.
The triple-digit price surge has also made API3 the top daily gainer on CoinGecko. Additionally, the announcement has sparked significant interest, propelling the token to the top of trending coins in the market.
Upbit Listing Triggers API3 Rally For context, API3 is a decentralized oracle network that connects decentralized applications (dApps) with real-world data using first-party oracles. In contrast to traditional oracle solutions, which rely on third-party intermediaries, API3 empowers API providers to run their own oracles, enhancing data authenticity and reducing trust-related issues.
The coin is already available on several major exchanges, including Binance, Coinbase, OKX, and more. Now, it has made its debut on Upbit.
API3 went live for trading at 17:00 Korean Standard Time (KST) on August 19. The exchange informed users that the token is available to trade against two pairs: Korean Won (KRW) and Tether (USDT).
“Please ensure you check the network before depositing the digital asset. Deposits and withdrawals made through networks other than the specified network will not be supported,” the notice read.
After the initial listing announcement, API3 surged by 121.43% from $0.84 to $1.86. The latter level was last seen in December 2024. At the time of writing, the price adjusted to $1.77, retaining gains of 112.5%.
Furthermore, the market capitalization also doubled from nearly $100 million to over $200 million at press time. The pump in market value has pushed API3 to become the 3rd largest oracle coin by market cap, trailing only behind Chainlink (LINK) and Pyth Network (PYTH).
API3 Price Performance Post Upbit Listing. Source: TradingViewThe price surge was accompanied by a massive rise in volume as trading began. The daily trading volume increased 409.6%, reaching $473 million. Importantly, much of this came from Upbit.
CoinGecko data showed that the South Korean exchange dominated 24.58% ( $118 million) of the volume, with trading only beginning just a few hours ago.
Meanwhile, the market reaction is typical for coins securing Upbit’s support. The exchange, which commands the highest trading volume in South Korea, has a history of influencing market performance through its listings. This pattern is seen with other tokens that experienced significant price movements following similar announcements.
API3, the native token of decentralized oracle solution Api3 surged as high as 102% in the past 7 days, largely fueled by its listing on one of the largest crypto exchanges in Korea.
Summary
API3 has soared over 100% after securing an Upbit listing. The token may target $2.45 next as it has broken out of a symmetrical triangle. According to data from crypto.news, Api3 (API3) rallied to a 7-month high of $1.69 yesterday, Aug. 19, before settling at $1.55 at press time. At its current price, it remains nearly 200% higher than its year-to-date low.
API3 token rallied along with a massive jump in its daily trading volume, which rose 400% over the past day, indicating strong demand from investors. Further CoinGlass data shows its open interest has surged to an all-time high of $111.3 million, while the long/short ratio has climbed above 1, suggesting that more traders are positioning for further upside.
The token’s market cap has nearly doubled over the past week, rising from $100 million to $197 million.
API3’s strong gains follow its listing on Upbit, South Korea’s largest cryptocurrency exchange, on Aug. 19.
It is quite common for a cryptocurrency to go parabolic after a major exchange listing. In this case, the effect was evident on Upbit, which recorded the highest daily trading volume at $302.9 million, more than three times that of Binance, which followed with $93.4 million.
However, such trends often experience a pullback once the listing hype fades. As earlier reported by crypto.news OMNI, the native token of Omni Network, skyrocketed over 120% shortly after a similar listing on Upbit. However, the token lost most of its gains by a week later.
As such, API3 could face a similar risk and may continue to give up its recent gains unless a major bullish catalyst emerges.
At press time, API was down over 18% from its weekly high of $1.82 it hit on the day of its Upbit listing.
API price analysis On the daily price chart, API3 has been forming a symmetrical triangle pattern since the beginning of this year. This formation occurs when price action converges between a series of lower highs and higher lows, reflecting a period of consolidation before a potential breakout.
API3 price confirmed a breakout from a symmetrical triangle pattern on the daily chart — Aug. 20 | Source: crypto.news A breakout above the upper trendline typically signals the start of a bullish trend, while a breakdown below the lower trendline often points to renewed bearish pressure.
In API3’s case, the token has confirmed a clean breakout above the upper boundary, driven by the momentum surrounding its recent Upbit listing. Technical indicators reinforce this bullish signal.
The Aroon Up is at 92.86% while the Aroon Down is at 0%, a clear confirmation that upward momentum is dominating the market. Similarly, the MACD has turned positive, with both lines trending upward and green histogram bars expanding, another indication that buyers are dominating.
The next target for API3 is $2.45, based on the projected move from the pattern breakout, which is about 58% higher than its current price.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
