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The Daily Hodl
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Chainlink (LINK) Competitor Surges More Than 55% in One Week Amid Crypto Market Doldrums

by Daily Hodl Staff
February 19, 2022
in Altcoins

An application programming interface (API) altcoin for Web 3.0 is surging despite the latest widespread crypto market pullback.

A series of partnerships and listings helped decentralized oracle network API3 (API3) stay ahead of the curve during the most recent crypto market downturn, taking its price this week from $3.96 to $6.15 at time of writing, a 55% increase.

Oracle networks function by providing real-time data to blockchains to help them execute smart contracts.

API3, which is governed by a decentralized autonomous organization, recently announced that its new Airnode was live.

The Airnode would allow a crypto tracking tool to feed data on socially active crypto assets to the blockchain and improve real-time fund management, according to API3’s Twitter.

Last month, API3 launched a partnership with Amberdata, a digital assets-based fintech firm. Together, they created Amberdata Beacons, a protocol offering cost-effective and transparent data feeds for smart contract developers, according to a company blog post.

According to Heikki Vänttinen, co-founder of API3, the Beacons will serve as the foundation for the development of their decentralized APIs.

“Beacons improve on [the traditional data feed] model by harnessing the benefits of first-party oracles, where the data sources feed their data directly on-chain instead of going through 3rd-party intermediaries.

Looking ahead, Beacons will be the building blocks of our dAPIs [decentralized APIs], alongside being offered as a standalone service.”

The Chainlink (LINK) challenger also saw a surprise listing on popular crypto exchange platform Binance in January, causing its price to bounce from $4.20 to a peak of $5.54.

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