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API3 surpasses $1b in TVS, recording 10x growth in 100 days

source-logo  crypto.news 23 May 2024 10:36, UTC

API3 announced it had surpassed the $1 billion mark in Total Value Secured (TVS), marking a tenfold increase over the past 100 days.

TVS measures the total value of assets protected by a platform or protocol, typically in the crypto or decentralized finance (defi) sectors, indicating the security and adoption of blockchain networks and DeFi platforms.

According to the X post, API3’s oracle services currently secure the assets of 20 protocols, with Blast’s defi project PAC Finance making up 52.1% of the total.

We just blasted off to $1 BILLION TVS. 🎉

That's 10x in less than 100 days.

API3 is redefining the oracle landscape with our developer-first approach.

Our first-party oracle architecture is built for a rollup-centric future, with swift horizontal expansion to new chains… pic.twitter.com/FVN6yE6yF0

— API3 (@API3DAO) May 22, 2024
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Oracles link blockchains to external systems, allowing smart contracts to function based on real-world data. The API3 oracle stack is tailored for developers, offering simple tools, permissionless access, no code changes, and no additional infrastructure requirements.

The API3 oracle stack is designed to meet the needs of developers. Simple tools, permission-less access, no code changes, and no extra infrastructure are the features embedded in the API3 oracle stack. According to API3, developers can read any data field and start building.

Notably, API3’s token saw a 70% increase in February following its listing on Bitget, with a market cap exceeding $347 million at the time of the report. This occurred a month after Bitget announced support for the token. API3 token currently trades for $2.94, up 13.45% over the past month, having recorded a drop in market cap to $252 million at the time of writing.

API3 aims to enable the creation and monetization of large-scale decentralized APIs (dAPIs). This objective gains importance as blockchain technology increasingly permeates supply chain management and decentralized banking industries.

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