Chainlink (LINK) Competitor Surges More Than 55% in One Week Amid Crypto Market Doldrums
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.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Dotted Yeti/Nikelser Kate
The post Chainlink (LINK) Competitor Surges More Than 55% in One Week Amid Crypto Market Doldrums appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
