API3, a provider of data oracles to blockchain-based applications without relying on a third party, has raised $4 million in a funding round led by DWF Labs, the new generation investment and market making firm.
We're proud to have led @API3DAO's strategic funding round! Congratulations to the team on this achievement. 🔥
— DWF Labs (@DWFLabs) May 29, 2024
This funding round will accelerate API3's mission to revolutionise the oracle landscape and advance the global onchain financial system. 🌐
We look forward to their… https://t.co/Rxs4ramjWd
DWF Labs led the crypto funding round, contributing $2 million. The funds raised will be used to provide API3 with liquidity to help execute its ongoing growth strategy. API3 will use the funding for marketing efforts and business development initiatives.
TSV Increased From $20M to Over $1B
API3 said its total secured value (TSV) has increased by 4900% from $20 million to over $1 billion. The data feed firm said it has integrated with new chains, including the Optimism Superchain ecosystem, X-Layer and Worldcoin.
‘API3’s transformative impact on how decentralised applications utilise oracles has been demonstrated by the substantial growth in their total value secured. We look forward to building a strong collaboration moving forward to contribute toward a future where real-world data is seamlessly accessible and verifiable on-chain,’ said Andrei Grachev, Managing Partner of DWF Labs.
API3 operates under a decentralised autonomous organization (DAO) structure, a digital management structure governed by smart contracts with decisions recorded and made on a blockchain.
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