API3, a trailblazer in blockchain oracle solutions, is paving the way for significant advancements within the Optimism Superchain ecosystem. API3 plays a vital role in scaling a secure on-chain economy by enhancing data integration and scalability through its innovative Oracle Stack, maximizing value for all participants.
The Superchain thesis introduced by Optimism has expanded Ethereum’s scalability in the past year. This framework fosters growth and adoption by allowing teams to build on the OP Stack and contribute to the OP Collective. The OP Collective aims to pool revenue to fund public goods and drive global adoption forward.
Oracles are indispensable within the Superchain ecosystem as they provide the necessary data and tools to scale new chains. API3’s Oracle Stack simplifies data integration, reducing technical barriers and allowing developers to focus more on building applications and less on infrastructure challenges.
Scaling a global on-chain financial system is undoubtedly challenging. However, the Superchain thesis from @Optimism demonstrates that working together accelerates progress. Discover how API3 is catalyzing the Superchain ecosystem to support the next wave of growth and adoption. ⟁
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— API3 (@API3DAO)
June 3, 2024
The API3 Oracle Stack comprises decentralized data feeds from the API3 Market, QRNG for generating truly random numbers on-chain, and the OEV Network for recapturing protocol MEV. These components are designed to meet the demands of Superchain builders, providing easy integration and scalability.
API3’s integration with new chains allows immediate access to secure and decentralized data, which is crucial for applications requiring real-time data, such as lending protocols and perpetual exchanges. Streamlining Oracle services to new networks is critical as it enables developers to swiftly move from concept to production without extensive code changes or infrastructure management.
Notable examples within the Superchain ecosystem include Base, which has more than doubled its total active users to over 9 million this year. The Total Value Locked has also tripled since the beginning of the year, surpassing $1.7 billion. Exiled Racers, a project on Base, utilizes API3’s QRNG to generate random events for their on-chain races.
API3 has recently launched its Oracle Stack on Mode and Fraxtal. Mode has accumulated over $500 million TVL and boasts a robust DeFi ecosystem. Fraxtal, developed by Frax Finance, has garnered early support from prominent DeFi partners and is positioned to become a leading network for developing complex financial protocols.
Looking ahead, API3 has announced its support for World Chain upon its launch later this summer. World Chain aims to leverage proof of personhood to provide verified users with priority transactions and gas allowances. Protocols on World Chain will be able to utilize API3’s verifiable, decentralized data feeds, integrated with the OEV Network to enhance protocol performance.
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