API3, a service that provides DeFi data feeds to blockchain-based smart contracts without relying on a third party, has raised $4 million in a funding round led by DWF Labs, the new generation Web3 investor and market maker. DWF Labs led the funding round and contributed $2 million. The funding 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,' said Andrei Grachev, Managing Partner of DWF Labs.
'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 Grachev.
API3 operates under a decentralized autonomous organization (DAO) structure. This is a digital management structure governed by smart contracts with decisions recorded and made on a blockchain.
About API3
API3 is a decentralized platform that enables blockchain-based decentralized applications (dApps) to access blockchain-external, real-world data and services via application programming interfaces (APIs).
Related Articles
The launch of OG404, Yuliverse’s flagship NFT collection, marks a significant milestone in the
How Decentralised AI can solve constraints and challenges of the artificial intelligence
At DWF Ventures, we are optimistic about the future of SocialFi, despite the challenges that lie