API3 is an ERC-20 token that helps power API3, a decentralized project designed to increase API connectivity for dApps.
The API3 project was created to help solve an underlying problem with blockchain-based projects, an issue commonly described as “the blockchain oracle problem”. Simply put, the oracle problem arises because blockchains cannot bring reliable data on-chain or off-chain without the use of costly third parties called blockchain oracles.
The API3 project allows data providers to build, maintain, and monetize dAPIs (decentralized APIs), or APIs that meet Web3 standards for decentralization. dAPIs allow Web3 protocols and smart contract providers to effortlessly bring data on-chain without third-party involvement.
API3’s main product, Airnode, is a fully-serverless oracle node that allows API providers to deploy and operate their own first-party oracles in a cost-effective manner. By essentially functioning as a lightweight wrapper around a conventional API, Airnode allows API providers to operate their own oracles without in-depth know-how, on a set and forget basis.
What is API3 (API3)?
API3 is an ERC-20 token that helps power the API3 project, which is governed by a decentralized autonomous organization (DAO). As such, the project is decentralized and community-driven, with transparent operations and an open-source code. Token holders can stake API3 tokens to participate in governance, help secure the network, and earn staking rewards in exchange for staking API3 tokens in an insurance collateral pool. Additionally, end-users looking for access to a particular API3 vendor’s data can pay either in API3 tokens or a specific token of the vendor’s choosing.
How to buy API3 (API3) on Binance.US
Buy API3 (API3) with Bank Transfer (ACH), Debit Card, or Wire Transfer.
Deposits and withdrawals are now open for API3.
Note: This article was last updated on April 20 2022. Deposits for API3 first opened on April 19, 2022 at 5 p.m. PDT / 8 p.m. EDT. Trading opened 24 hours later, along with the "Buy Crypto" functionality.
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