API3 has announced a significant milestone, surpassing $1 billion in Total Value Secured (TVS), a remarkable tenfold increase over the past 100 days. This metric, which measures the total value of assets protected by a platform, highlights the growing security and adoption of blockchain networks and decentralized finance (DeFi) platforms.
According to an announcement on X, API3’s oracle services now secure the assets of 20 different protocols. Notably, the DeFi project PAC Finance, developed by Blast, accounts for 52.1% of the total TVS.
Oracles play a critical role in connecting blockchains to external systems, enabling smart contracts to operate based on real-world data. The API3 oracle stack is specifically designed to meet the needs of developers, offering simple tools, permissionless access, no code changes, and no additional infrastructure requirements. This ease of use allows developers to read any data field and start building immediately.
In a notable development, the API3 token saw a 70% increase in value in February following its listing on the cryptocurrency exchange Bitget, reaching a market cap of over $347 million at that time. This surge occurred just a month after Bitget announced its support for the token. Currently, the API3 token trades at $2.94, reflecting a 13.45% increase over the past month, despite a market cap reduction to $252 million at the time of writing.
API3’s mission is to facilitate the creation and monetization of large-scale decentralized APIs (dAPIs). This objective is increasingly relevant as blockchain technology continues to infiltrate industries such as supply chain management and decentralized banking.
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