API3 Expands Deployment on Five Additional Chains to Bring dAPIs to More Networks
API3, a blockchain oracle provider, has announced that it will be deploying on five additional chains: Base, Kava, Linea, Mantle, and Rootstock. This move is part of API3’s objective to bring decentralized data feeds (dAPIs) to as many chains as possible within the Web3 ecosystem. API3 currently supports 16 chains and networks from both Layer 1 and Layer 2 sectors.
API3’s approach aims to democratize access to off-chain data through their cost-effective solutions. Their goal is to shift from conventional third-party oracle networks to direct first-party oracle solutions. By doing so, they provide developers with a suite of tools that allow them to maintain and secure their protocols using a verifiable, transparent, and decentralized oracle solution.
“This expansion and deployment of our oracle services to these new chains amplifies our mission to be a leader in helping dApps to seamlessly scale. Builders on these chains now have access to price feeds powered by oracles operated by the data provider as opposed to third-party node operators,” shares Ben Carvill, API3 Ecosystem Lead.
The Role of Oracles in the Blockchain Ecosystem
In the blockchain ecosystem, oracles act as intermediaries between a blockchain and external data sources. They provide real-world information to smart contracts and enable them to make informed decisions and execute accordingly. API3 simplifies this process through its fully-managed service called dAPIs.
Developers can leverage API3’s dAPIs without having to handle operational factors such as gas management, maintenance, and monitoring. This saves developers time and allows them to focus on building their applications. With the recent interest in scaling technologies like layer-2s and rollups, the demand for oracles and data feeds is expected to increase.
“Rollups are shaping the future for scaling blockchain technology and oracles are essential infrastructure to support that growth,” shares Ugur Mersinlioglu, Product Lead at API3.
The API3 Market: Accessing Managed dAPIs
API3 offers its managed dAPIs through the API3 Market, which is the first of its kind in the Web3 sector. This market provides an easy-to-use interface for developers to access and manage over 120 data feeds covering various asset types including cryptocurrencies, forex, equities, and commodities.
Hot Take: Expanding Reach and Simplifying Access to dAPIs
API3’s deployment on five additional chains demonstrates their commitment to expanding the reach of decentralized data feeds. By providing direct first-party oracle solutions, they empower developers on these chains with access to price feeds operated by the data provider. This expansion aligns with API3’s mission to help dApps scale seamlessly. With their fully-managed dAPI service, developers can focus on building their applications without worrying about operational complexities. As the demand for scaling technologies and oracles continues to grow, API3’s innovative approach positions them as a leader in the Web3 ecosystem.
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