Core Technical Team Lead
The defining challenge of building oracles is to juggle the wants of vaguely interested sides well enough to get them all to participate in a use case. On top of that, one has to do this better than all the other suitors. As a result, we see oracle projects converging
See the API3 security announcement published on December 10th, 2023 for context. The vulnerability disclosed in this article has been eliminated without ever being exploited, and no user was harmed. On December 6th, Quantstamp informed us that a contract that they have previously audited for API3 was potentially affected by
Oracle extractable value (OEV) refers to oracles making use of their position to capture value that would otherwise have gone to third parties. As a simple example, say we have an ETH/USD price data feed with the value of 1000 and the deviation threshold of 1% (meaning that the
As discussed in the whitepaper, the goal of API3 is to “build, manage and monetize dAPIs at scale”. In this regard, all of the development that we’ve been doing is because the existing tools fall short of being able to support dAPIs as we envision them. What exactly are
We do two things at API3: * Build the tooling that will make Web APIs available to smart contracts in the form of first-party oracles. This is not limited to integration, but also productization and monetization. * Foster an API-first oracle ecosystem to break through the chicken-and-egg problem that is common in
We had discussed the purpose of the staking mechanic in the first post of this series. To briefly summarize, it incentivizes token holders to participate in both the decentralized governance of the API3 project and provide collateral for the insurance products that will be built to provide quantifiable security for
n the absence of a consensus mechanism, immutability is required for smart contracts to be trustless. DAOs are commonly used to provide this consensus functionality at the smart contract-level to update parameters of a decentralized application, and even upgrade entire contracts without having to resort to centralization. Although this is
Ever since its conception, API3 has been governed over by DAOv1, which has secured the investor funds, public distribution proceeds, and most importantly, the ownership of the API3 token contract. It has even topped the Deep DAO chart for a while now. DAOv1 was not only a useful vessel to
A short update: We are currently going through the auditing process of the authoritative DAO and staking. We have cleared the first audit and are waiting for the rest to be finalized. The current state of the market has driven up the demand for audits significantly, which is causing some
This post addresses the recent sensationally titled CoinDesk piece, ‘Chainlink Killer’ API3 Closes $3M Funding Round With Placeholder and Pantera, and poses a rebuttal. The answer, according to Betteridge’s law of headlines, is of course no, but I will elaborate. Because even though we have implicitly explained how API3
The existing general DAO terminology is extremely immature, which results in DAOs coming up with their own according to their needs (see the MetaCartel whitepaper for example). After facing this need in practice, we realized that we will also have to come up with a terminology to describe the activities
In the last week’s installment of “Getting APIs on the Blockchain”, a comprehensive comparison was made between first and third-party oracles. I will be taking over for this week and set the stage for a spin-off series: “Airnode: The first-party oracle node”. Okay, first-party oracles are the best thing