Project Becomes the First Web 3.0 Oracle With DAO–Governance and Staking Available to Every Token Holder
API3, a decentralized API network that enables data providers to become their own blockchain ‘oracles,’ has launched the API3 authoritative DAO that enables all API3 token holders to participate in decentralised governance and staking. The authoritative DAO also assumes control of the majority of API3’s treasury, currently at $23M USDC, 25M API3, and additional tokens from DAO-to-DAO token-swaps.
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“Launching the authoritative API3 DAO along with governance-level staking is a huge step in ensuring and enabling the decentralized future of the API3 project”
The goal of the authoritative API3 DAO is to make it the premier authority on driving and steering the direction of the API3 project through DAO-proposals voted on by the community. Through the DAO staking function, the authoritative API3 DAO will be fully controlled by API3 token holders, who lock up their tokens into the API3 DAO staking pool to gain a governance voting share in the authoritative DAO. This voting share is proportional to the staker’s share of the total amount of tokens in the DAO staking pool, and enables the staker to vote on all proposals submitted to the authoritative API3 DAO.
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“Launching the authoritative API3 DAO along with governance-level staking is a huge step in ensuring and enabling the decentralized future of the API3 project,” said Heikki Vanttinen, Co-founder, API3. “It means that from this day forward, the organization, the treasury and the entire future of the API3 project are fully controlled by its token holders through a DAO and tokenomics design that is uniquely innovative even when considering the already extremely inventive nature of the Web 3.0 DAO space. Beyond mere decentralization, the design of the authoritative API3 DAO creates a governance framework that enables API3 to ensure the security of its data feeds, but also scale its ecosystem beyond what could be achieved with a centralized organizational approach.”
The launch of the authoritative DAO makes API3 the first Web 3.0 oracle project with DAO governance and permissionless staking available to any token holder. Through the DAO staking function, API3 token holders will not only be able to directly steer the direction of the API3 project, but also share in on the DAO staking rewards, which will start at 47.12% APY and dynamically adjust according to the total staked amount, to meet the staking collateral target set by the DAO, which will be initially set at 50% of the total token supply. The staking rewards will be locked for one year before being withdrawable, but can be re-staked during the lock-up.
API3 is a fully open source, decentrally governed project that bridges the two worlds of Web 2.0 (the internet) and Web 3.0 (the blockchain). It does this by providing connectivity between web APIs and blockchain-based applications using an open source Web3-API gateway middleware called Airnode. By connecting decentralized applications with APIs, API3 unlocks the tremendous potential of trustless applications by allowing them to interact with real-world data, events and services.
