Injective is expanding the oracle ecosystem further by collaborating with API3.
API3 is building decentralized APIs for Web 3.0 which would allow platforms to access quantifiably secure data feeds. API3 has already been working with some of Injective’s valuable collaborators such as Fantom and Polygon (previously Matic).
Injective is already integrating with some of the best data providers in the industry today such as Chainlink, Band Protocol, and DIA. Adding API3 to the Injective Data Alliance will help to further expand the possibilities on the decentralized derivatives exchange. In addition, this collaboration with API3 will add value by providing external, real-world data feeds from their network of first-party oracles.
The core mission is to provide unfettered access to limitless DeFi markets globally. Adding new oracle solutions into the rapidly growing ecosystem further helps as in allowing users to trade new markets on Injective moving forward.
“We are thrilled to be bringing API3 into our oracle ecosystem. This will undoubtedly help unlock new frontiers within DeFi as users gain access to new price feeds for a diverse array of asset classes,” Eric Chen, Injective Labs CEO.
API3 is exploring a novel take on on-chain oracles by eliminating third-party intermediaries. It enables premier API providers to run their own node, Airnode, and broadcast data on-chain directly to Web 3.0 applications such as the Injective Exchange. API3 APIs are fully decentralized and blockchain-native with focus on quantifiable security and governance.
“API3 is excited to bring Injective Protocol quantifiably secure and decentralized data for use in Injective’s decentralized trading applications. API3 hopes to bring Injective users more security and increase access to a variety of markets. Injective Protocol is at the forefront of the layer 2 DEX initiative, and API3 is excited to support them in their goals,” said Heikki Vänttinen, API3 co-founder.
The main objective of this collaboration is to enrich Injective Protocol with flexibility and breadth of derivatives that can now be created and traded on the Injective DEX. Indeed, with API3’s dAPIs and Airnode-enabled APIs, users will attain access to APIs and data feeds that enable a wide range of prediction markets, more complex derivatives, and creative financial experiments.
As the Injective ecosystem grows and more teams are invited to build on top of the chain, it is vital that the infrastructure provides access to high-quality data. By collaborating with API3 Injective is taking another major step towards this goal.
API3 builds decentrally governed and quantifiably secure data feeds that power Web 3.0 applications without employing third-party intermediaries. Powered by Airnode-enabled first-party oracles, API3’s dAPIs are fully decentralized and blockchain-native APIs with quantifiable security.
Injective is a custom interoperable layer one protocol for building powerful exchange, DeFi, derivatives & Web3 applications. Injective was created using the Cosmos SDK and is able to achieve instant transaction finality while sustaining lightning fast speeds. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by Pantera Capital.