API3 | The ‘ChainLink Killer?’
API3 is up 38.6% over the last 30 days and is starting to excite investors who see the new and ambitious oracle platform as one that will create waves within the space. The platform is used by decentralised API services that primarily target the web3 infrastructure and is used to create powerful applications with API3’s decentralised, governed and quantifiably secure data feeds, also known as API3 DAO.
The tech made headlines and sparked interest as it was hailed by some as the ‘Chainlink killer’, however, only time will tell if the prophecy is fulfilled. Currently API3 is heading in the right direction as it fundamentally approaches the oracle problem in a different light. Traditional oracle solutions aim to solve the ‘oracle problem’ through a generic decentralised interface between two arbitrary systems.
Where API3 differs…
API3 takes the approach of focusing on the actual API connectivity problem, which in essence, is concerned with interfacing Web APIs to smart contract platforms, of course in a decentralised manner. This may sound quite technical but to people in the industry this is a big deal. Their method of handling oracles finds an optimal solution to an age old problem within the space. They remove the need for third party services and in return, gain greater security and improve the quality of their data feeds.
Reasons to be Bullish 👇
1. Market Cap Potential
The Market Cap currently is well below its potential, sitting just under £98,543,055. That would take a whopping 100X to get to Chainlink’s 9 Billion Market Cap…
API3 will allow holders and data providers the ability to stake their tokens providing revenue and governance influences. It’s believe that the staking will come into effect around March or April.
3. Differentiation & Value
API3 actually solves an issue. A pure example of vertical innovation and utility that should see the token’s price rise as people see the value in the technology.
Strategic partnerships will allow API3 to grow and give its token more liquidity and utility. Bird.money and AllianceBlock are just two of the many collaborations they’ve formed with many more on the way.
5. Not yet on any big exchanges
Currently API3 can only be found on smaller exchanges like OKEX or Hotbit limiting it’s exposure to broader markets and customers.
It will be interesting to see the price action of the token as the fundamentals currently seem very positive. This will certainly be one to watch long term.
This is not financial advice and please ensure you do your own research. For more information on the coin, I’ve listed some resources below!
Coin Gecko — https://www.coingecko.com/en/coins/api3
API3 Website — https://www.api3.org/features,