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What is API3 (API3)?

API3 basic info

Name:API3
Ticker:
Introduction:

What is API3 (API3)?

API3 is a decentralized protocol that allows dApps to get access to external data and services without compromising decentralization. At its core, API3 aims to replace third-party oracles with fully decentralized and blockchain-native APIs known as dAPIs. Such dAPIs are operated by the source-level data provider on the native chain, so users always know where the data come from and can avoid the problems of single point of failure caused by cross-chain bridges. API3 considers this a crucial step in enhancing the security and reliability of decentralized systems.

How API3 (API3) Works

API3 fetches off-chain data for dApps in a secure manner with dAPIs, a safety net called collateralized service coverage, and a DAO.

dAPIs

In decentralized systems, oracles often act as the bridge between on-chain smart contracts and off-chain data. However, relying on third-party oracles has significant risks because they use middlemen, raise costs of operation, lack transparency, and introduce more opportunities for bad actors. API3 addresses this by offering dAPIs, which are decentralized and blockchain-native APIs. Instead of going through middlemen or complicated processes, dAPIs act as a direct link. They fetch data from the regular internet, the same way you check the weather on your phone or look up the latest news. It's a straightforward and efficient process - no extra steps, no unnecessary complications.

Collateralized Service Coverage

Collateralized Service Coverage by API3 is like an insurance policy but tailor-made for your dApps. API3 sets up a pool of funds which act as collateral, ensuring that if anything unexpected happens, you're protected. If your dApp suffers due to a malfunction in the dAPI and you can prove it, API3 has your back. They've got a predetermined amount ready from the pools to cover those damages. This way, you're not left in the lurch when something goes wrong.

The Collateralized Service Coverage is a collaborative effort between API3 and Kleros, a dispute resolution protocol. Together, they build an on-chain insurance-like service coverage product. This collaboration allows for trustless insurance-like coverage, ensuring transparency and fairness for users of API3.

In the event of a malfunction caused by dAPI, users can make on-chain service coverage claims. The API3 DAO can either pay the claimed amount, propose a settlement, or escalate the claim to the Kleros court for resolution.

DAO Governance

The API3 DAO plays a pivotal role in governing the API3 ecosystem. DAO members, who hold the native API3 tokens, actively participate in decision-making processes related to service coverage, risk assessment, and overall project development. Through decentralized decision making of the DAO, API3 addresses the problems arising from centralized governance and oracles.

The DAO is like the big boss overseeing everything. To keep things simple and cost-effective, when a task becomes too big for one team, it's assigned to a subDAO - a smaller group with specific expertise. This team-based approach is efficient and ensures that the right people handle the right tasks. For critical tasks like managing dAPIs, a subDAO can act swiftly based on their expertise. As API3 grows, more layers of subDAOs may be added, so the operation of each subDAO and of the protocol as a whole can be handled effectively.

The DAO operates on two key principles:

● First, the "principle of least privilege" ensures that teams have the minimum authority needed. To prevent any team from causing major havoc, each team's authority is carefully restricted. It's like giving them just enough power to get the job done without risking misuse. Additionally, teams receive funds based on milestones and deliverables, ensuring they have what they need without excess.

● Second, transparency is crucial. Teams provide detailed reports to the DAO, promoting accountability and allowing everyone to see how API3 operates.

API3 Goes Live on Bitget

Security, robustness, cost efficiency, and flexibility are the cornerstones of API3's design. The elimination of third-party oracles, collateralized service coverage, and a DAO-driven governance model position API3 as a secure, transparent, and cost-effective solution for the next generation of decentralized applications.

How to Trade API3 on Bitget

Step 1: Go to API3USDT spot trading page;

Step 2: Enter the amount and the type of order, then click Buy/Sell.

For detailed instructions on how to spot trade in Bitget, please read The Uncensored Guide To Bitget Spot Trading.

API3 represents a leap forward in the evolution of decentralized applications. By connecting dApps with the vast data and services offered by traditional Web APIs, API3 empowers developers to build applications that interact with the off-chain world in a truly decentralized and trust-minimized way.

Trade API3 on Bitget now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

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Current price:
All-time high:$10.31
All-time low:$0.8437

API3 supply and tokenomics

Circulating supply:86,421,976 API3
Total supply:145,553,417.3 API3
Max supply:0 API3
Market cap:$139.44M
Fully diluted market cap:$234.84M

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Buy API3 for $1Buy API3 now

What is the development prospect and future value of API3?

The market value of API3 currently stands at $139.44M, and its market ranking is #375. The value of API3 is not widely recognized by the market. When the bull market comes, the market value of API3 may have great growth potential.

As a new type of currency with innovative technology and unique use cases, API3 has broad market potential and significant room for development. The distinctiveness and appeal of API3 may attract the interest of specific groups, thereby driving up its market value.

What will the price of API3 be in 2025?
Based on API3's historical price performance prediction model, the price of API3 is projected to reach $2.22 in 2025.
What will the price of API3 be in 2030?
In 2030, the API3 price is expected to change by -18.00%. By the end of 2030, the API3 price is projected to reach $3.88, with a cumulative ROI of +140.30%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of API3 and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is API3 worth investing or holding? How to buy API3 from a crypto exchange?

If you want to buy API3, the following information may be helpful for your investment decisions:
In the last 7 days, the price of API3 has fallen by -24.01%, leading to negative returns for most API3 investors. The market is currently pessimistic about the price trend of API3.
It is important to note that the current price of API3 has retreated by -84.34% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether API3 is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in API3 or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of API3, if you want to buy or sell API3, you can consider Bitget for your trading needs. The best place to buy API3 is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in API3 has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy API3. Here's a step-by-step guide on how to buy API3 on Bitget.

How to get API3 through other methods?

Using cash to buy API3 is not the only way to obtain API3. If you have the time to spare, you can get API3 for free.
Learn how to earn API3 for free through the Learn2Earn promotion.
Earn free API3 by inviting friends to join Bitget's Assist2Earn promotion.
Receive free API3 airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to API3 through Bitget Convert, Bitget Swap, or spot trading.

What is API3 used for and how to use API3?

The use case of API3 may expand as the crypto market and the project itself develop. Currently, you can use API3 to achieve the following goals:
Arbitrage by trading API3: Since API3 is a frequently traded cryptocurrency, the price of API3 is always fluctuating. Earn more API3 by buying low and selling high on the exchange. Bitget spot market provides a variety of API3 trading pairs to fully meet your needs.
Earn by staking API3: You can also generate income through financial management methods such as staking API3 or lending API3. Bitget Earn offers a variety of financial products designed to help you earn more income from your API3.
Send or pay API3: If you want to give API3 to your friends, a charity, or a fundraiser, or you want to pay someone with API3, you can quickly and easily send API3 to the recipient through their payment address.
You can also go to the official website of the API3 project to learn more about the use cases of API3. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

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