API3, a blockchain oracle provider that has been working on the development of decentralized data feeds (dAPIs), has announced that it is set to deploy on five additional chains, namely Base, Kava, Linea, Mantle, and Rootstock.
According to a press released shared with CryptoDaily, the move is positioned as a way to extend API3's objectives of bringing dAPIs to as many chains as possible, leveraging their decentralized data feeds to improve the dynamics of Web3. API3 now currently supports 16 chains and networks from both Layer 1 and Layer 2 sectors.
API3 claims that its "cost-effective approach" democratizes access to off-chain data, such that it represents a shift from conventional third-party oracle networks to direct first-party oracle solutions within the Web3 space. In this sense, API3 forms a suite of tools that can help developers maintain and secure their respective protocols from within a verifiable, transparent, and decentralized oracle solution.
"This expansion and deployment of our oracle services to these new chains amplifies our mission to be a leader in helping dApps to seamlessly scale. Builders on these chains now have access to price feeds powered by oracles operated by the data provider as opposed to third-party node operators," shares Ben Carvill, API3 Ecosystem Lead.
For context, blockchain oracles operate as infrastructural intermediaries between a blockchain and external data sources that rely on the chains for verification or other features. Oracles then feed real-world information to a smart contract and into a blockchain, allowing the contract to leverage the information, implement decisions, and execute accordingly.
API3's innovation lies in how it simplifies the process: as a fully-managed service, their dAPIs eliminate the need for developers to handle operational factors like gas management, maintenance, and monitoring. To make use of the dAPIs on these networks, developers only need to access the relevant data feed, effectively saving time from these tasks.
With recent growing interest in scaling technology such as layer-2s and rollups, interest in oracles, data feeds and their management, will necessarily pick up as well. In August, API3 launched its dAPIs to Polygon zkEVM, one of the pioneers of rollup technology, which can be construed as an initial phase for API3's inroads towards building out what it touts as its "Web3 API Economy".
“Rollups are shaping the future for scaling blockchain technology and oracles are essential infrastructure to support that growth," shares Ugur Mersinlioglu, Product Lead at API3.
To date, API3's managed dAPIs are accessible through its own innovative API3 Market, which is the first of its kind in the Web3 sector. The market has an easy-to-use interface and enables access to and management of over 120 data feeds which span a variety of asset types including crypto, forex, equities, as well as commodities.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
