API3, the First-Party Oracle Solution Challenging Chainlink



By Baili Zhong and Lewis Park

Disclaimer: Not Financial Advice

Markets have had a healthy retracement as of late, and it could not be a better time to look for coins to invest in. One of the ecosystems that needs to be closely monitored is the oracle solutions. This includes the likes of Chainlink, amongst other projects. However, one project that should not be ignored is API3. The reason why API3 should be under everyone’s radar is because it is the first major project that utilizes first party oracle solution. To elaborate the importance of API3, we need to look at traditional solutions in the form of Chainlink.

Traditional solutions, such as those implemented by Chainlink, have API providers go through two to three oracles where Chainlink acts as the middleman. More oracles mean more decentralization but higher gas fees. API3 has no middleman since it utilizes something called an Airnode, which can be thought of as “The API gateway” for...

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