API3 has recently achieved a significant milestone by surpassing the $1 billion mark in Total Value Secured (TVS), representing a tenfold increase in just 100 days. TVS is a metric used to measure the total value of assets protected by a platform or protocol, commonly in the crypto and decentralized finance (defi) sectors. This milestone signals the growing security and adoption of blockchain networks and DeFi platforms.
As per the latest report, API3’s oracle services are currently safeguarding the assets of 20 protocols, with Blast’s defi project PAC Finance accounting for 52.1% of the total protected assets.
Oracles play a crucial role in linking blockchains to external systems, enabling smart contracts to operate based on real-world data. API3’s oracle stack is specifically designed for developers, offering user-friendly tools, unrestricted access, no need for code changes, and no additional infrastructure requirements.
The API3 oracle stack is carefully crafted to cater to the needs of developers, providing them with simple tools, permissionless access, and the ability to read any data field to start building their applications.
In a notable development, API3’s token experienced a 70% surge in February following its listing on Bitget, resulting in a market cap surpassing $347 million. This increase came shortly after Bitget declared its support for the token. Presently, the API3 token is trading at $2.94, reflecting a 13.45% rise over the past month, although the market cap has slightly decreased to $252 million as of now.
With a focus on enabling the creation and monetization of large-scale decentralized APIs (dAPIs), API3’s mission gains significance as blockchain technology continues to make inroads into industries like supply chain management and decentralized banking.
For more information, GALA experiences a significant surge following an incident recovery and a proposal for token burning.