Chainlink (LINK) Competitor Surges More Than 55% in One Week Amid Crypto Market Doldrums

An application programming interface (API) altcoin for Web 3.0 is surging despite the latest widespread crypto market pullback.

A series of partnerships and listings helped decentralized oracle network API3 (API3) stay ahead of the curve during the most recent crypto market downturn, taking its price this week from $3.96 to $6.15 at time of writing, a 55% increase.

Oracle networks function by providing real-time data to blockchains to help them execute smart contracts.

API3, which is governed by a decentralized autonomous organization, recently announced that its new Airnode was live.

The Airnode would allow a crypto tracking tool to feed data on socially active crypto assets to the blockchain and improve real-time fund management, according to API3s Twitter.

Last month, API3 launched a partnership with Amberdata, a digital assets-based fintech firm. Together, they created Amberdata Beacons, a protocol offering cost-effective and transparent data feeds for smart contract developers, according to a company blog post.

According to Heikki Vnttinen, co-founder of API3, the Beacons will serve as the foundation for the development of their decentralized APIs.

Beacons improve on [the traditional data feed] model by harnessing the benefits of first-party oracles, where the data sources feed their data directly on-chain instead of going through 3rd-party intermediaries.

Looking ahead, Beacons will be the building blocks of our dAPIs [decentralized APIs], alongside being offered as a standalone service.

The Chainlink (LINK) challenger also saw a surprise listing on popular crypto exchange platform Binance in January, causing its price to bounce from $4.20 to a peak of $5.54.

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Featured Image: Shutterstock/Dotted Yeti/Nikelser Kate