An API for Web 3.0 altcoin surged despite the crypto market slump.
A series of partnerships and listings helped decentralized oracle network API3 (API3) stay unaffected during the latest crypto market downturn, pushing its price up 97% to $7.96 this week.
Oracle networks work by providing real-time data to blockchains to help them execute smart contracts. API3, which is managed by a decentralized autonomous organization, recently announced the launch of its new Airnode.
According to API3’s Twitter, Airnode will allow a crypto monitoring tool to deliver data about socially active crypto assets to the blockchain and improve real-time fund management. Last month, API3 launched a partnership with Amberdata, a fintech firm based on digital assets. Together, they created Amberdata Beacons, a protocol that offers cost-effective and transparent data feeds for smart contract developers, according to a blog post.
According to API3 co-founder Heikki Vänttinen, Beacons will serve as the foundation for the development of their decentralized API.
“Beacons enhance the [traditional data flow] model by taking advantage of first-party oracles, where data sources feed their data directly on-chain instead of going through 3rd party agents. Looking ahead, Beacons will be the building blocks of our dAPIs [decentralized APIs] as well as being offered as a standalone service.”
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