API3 platform allows blockchain-based decentralized applications to access blockchain real-world data and services through APIs. However, the inception began in 2020 with more than 150 data providers, and later it partnered with the API3DAO protocol. However, it now stands as one of the leading infrastructure providers driving web3.
API3 is a fully decentralized protocol that makes data trustworthy for web3 usage. With the help of API3, the data providers load their data to dApps without having their blockchain competency. The API3 token and DAO serve as a medium to create trust between API providers and dApps. It is an economic mechanism that provides coverage to dApps relying on the data. With the help of a balanced token comic model, API3 creates a safe and economically engaging data exchange for buyers and sellers without any middlemen.
The first version of API3 was aragonOS, which kept building customizations and improvisation. Additionally, it is to be noted that from the basic foundation of aragonOS, API3 has been enhanced to adjust the needs of its protocol. With around 6,000 participants and $52 million (between USDC and the native token) managed in the DAO funds, the customizations made API3 one of the most substantial and innovative DAOs built from aragonOS.