API3, a trailblazer in blockchain oracle solutions, is paving the way for significant progress within the Optimism Superchain ecosystem. API3 plays a crucial role in scaling a secure on-chain economy that maximizes value for all participants by enhancing data integration and scalability through its innovative Oracle Stack.
Over the past year, Optimism has expanded Ethereum’s scalability by introducing the Superchain thesis. This framework fosters growth and adoption by allowing teams to build on the OP Stack and contribute to the OP Collective. The collective aims to pool revenue to fund public goods and drive global adoption forward.
Within the Superchain ecosystem, oracles are indispensable as they provide the necessary data and tools to scale new chains. API3’s Oracle Stack simplifies data integration, reduces technical barriers, and enables developers to focus more on building their applications rather than dealing with infrastructure challenges.
Scaling a global on-chain financial system is undoubtedly challenging. However, Optimism’s Superchain thesis demonstrates that working together leads to faster progress. API3 is playing a catalytic role in supporting the next wave of growth and adoption within the Superchain ecosystem.
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The API3 Oracle Stack includes several components to meet the demands of Superchain builders for easy integration and scalability. These components include decentralized data feeds from the API3 Market, QRNG for generating truly random numbers on-chain, and the OEV Network, which recaptures protocol MEV.
API3’s integration with new chains provides immediate access to secure and decentralized data, which is crucial for applications requiring real-time data, such as lending protocols and perpetual exchanges. This streamlined approach to Oracle services for new networks is vital as it allows developers to swiftly move from concept to production without extensive code changes or infrastructure management.
There are notable examples of adoption and success within the Superchain ecosystem. One prominent example is Base, which has doubled its total active users to over 9 million this year. The Total Value Locked has also tripled, surpassing $1.7 billion since the beginning of the year. Another project on Base, Exiled Racers, 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 amassed 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 poised to become a leading network for developing complex financial protocols.
Looking ahead, API3 has announced its support for World Chain, set to launch later this summer. World Chain aims to leverage proof of personhood to offer verified users priority transactions and gas allowances. Protocols on World Chain will be able to utilize API3’s verifiable, decentralized data feeds, seamlessly integrated with the OEV Network to enhance protocol performance.
Tags: OP
