API3

Halal Rating :
Comfortable
Last Price $1.5 Last updated:
Rank 408
1D Change -8.06 %
Market Cap $126.7m
Circulating supply 86,421,978
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • DeFi
  • Oracles
  • Ethereum Ecosystem
  • Coinfund Portfolio
  • DCG Portfolio
  • Placeholder Ventures Portfolio
  • Pantera Capital Portfolio
  • Polygon Ecosystem
  • Fantom Ecosystem
  • Cardano Ecosystem
  • Web3
  • Cardano
  • Injective Ecosystem

Purpose and Utility

API3 is a decentralized API (dAPI) network that enables smart contracts to securely access real-world data feeds. The API3 token serves as both a governance token for the DAO and as collateral for the network's data feed services.

Business Model Analysis

The project focuses on providing first-party oracle services, where API providers operate their own nodes rather than relying on third-party intermediaries. This creates a more direct and transparent connection between data providers and blockchain networks. The business model is based on legitimate technological infrastructure and doesn't involve any prohibited activities like gambling or interest-based lending.

Real-World Adoption

API3 has established partnerships with numerous API providers and blockchain projects. The protocol is actively used across multiple chains including Ethereum, Avalanche, and BNB Chain. Their dAPIs are being utilized in various DeFi protocols and blockchain applications for price feeds and other real-world data.

Platform Development

The project maintains active development with regular updates to their core protocol and tools. The GitHub repository shows consistent contributions, and the team regularly publishes technical updates and improvement proposals through their DAO governance system.

Token Distribution

The API3 token distribution includes allocations for the DAO treasury, team members, and early backers, with vesting schedules in place to prevent immediate selling. While there is a significant portion allocated to the team and investors, this is standard for infrastructure projects and doesn't indicate problematic tokenomics.

Crypto Impact

To assign a comfort level investing in API3 from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to API3.

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