What is API3 (API3) crypto? Everything you need to know

Highlights:

• API3 aims to decentralize application programming interfaces (APIs) to build, manage, and monetize APIs at scales.
• The token is currently available for trading on crypto exchanges like Binance, OKX, etc.
• It gave a return of over 21% in the last seven days.

The API3 (API3) crypto seems to be gaining traction, with the price surging over 16% on Wednesday morning. Its trading volume rocketed over 217% in the last 24 hours.

The global crypto market has been highly volatile in recent days. On Wednesday, it was up 2.68% to US$1.94 trillion. Now, let's discuss the API3 (API3) crypto.

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What is API3 (API3) crypto?

The API3 project aims to decentralized application programming interfaces (APIs) to build, manage, and monetize APIs at scales. Smart contracts often struggle for reliable data, but APIs may have solved the problem.

With the digital revolution gaining ground globally, the blockchain economy is expanding rapidly. Blockchain technology has been the backbone for decentralized finance (DeFi), supply chain management, etc. The team behind the API3 project says it has never been more critical for smart contracts to provide "timely, reliable real-world data".

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API3’s whitepaper, unveiled in September 2020, claims that its project addresses the main issues like connectivity related to APIs. Currently, there is no way for smart contracts to connect directly with APIs for data, which led to the popularity of oracles.

Although it has helped solve the issues partially, the industry is still grappling with oracle problems in the blockchain. Oracle is a middleware that sits between APIs and smart contracts and increases costs and centralization. The API3 project aims to solve the problem by enabling API providers to operate their own nodes.

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API3 is an ERC-20 token based on the Ethereum blockchain. The token is currently available for trading on crypto exchanges like Binance, OKX, KuCoin, etc.

Though there is no apparent reason for its price surge, its innovative solutions may have helped propel Wednesday’s gains.

In addition, API3 spent last year building Airnode, an oracle software that eliminates issues for which API providers didn't want to run their own first-party oracle in the first place. API3 claim that its breakthrough has changed the entire game.

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Data Source: CoinMarketCap.com

Bottom line:

The API3 crypto was priced at US$4.95 at 8:06 am ET on April 20, up 16.75%, while its volume for the trailing 24 hours skyrocketed 217.83% to US$79.88 million. It has a market cap of US$183.12 million, and its fully-diluted market cap is over US$549.12 million.

The token has a total supply of more than 110.97 million, and its current circulating supply is over 36.90 million. It gave a return of 21.51% in the last seven days while gaining 16.61% YTD.

It saw the highest price of US$6.41 and the lowest price of US$3.90 in the last 30 days. It reached its all-time high of US$10.31 on April 7, 2021.

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