Arbitrum Price Analysis and Market Overview
Arbitrum is a cutting-edge layer-2 scaling solution designed to enhance Ethereum’s performance. You would find it beneficial to understand Arbitrum price dynamics and market potential due to the need for scalable solutions in decentralized finance (DeFi). However, you may wonder if Arbitrum (ARB) is a sound investment. This article is a comprehensive guide to Arbitrum price analysis and market trends. It explores the factors which drive its value and offers insights into the future of this innovative layer-2 solution. Key Takeaways What is Arbitrum? Arbitrum is a Layer-2 scaling solution designed to address the limitations of the Ethereum blockchain, specifically its scalability issues. Layer-2 scaling solutions are like add-on lanes for the Ethereum blockchain. They help process transactions faster and cheaper by taking some of the workload off the main Ethereum network (Layer 1). Imagine it like this: Ethereum (Layer 1) is a busy highway, often congested. Layer-2 solutions are like building additional lanes (like Arbitrum, Optimism, etc.) to handle the overflow, keeping things moving smoothly. This allows for faster transactions and lower fees for users, without compromising on security which is inherited from the Ethereum mainnet. Ethereum, which currently processes over 1 million transactions per day, often faces challenges in handling a large volume of transactions. This can lead to high gas fees and slow transaction confirmation times. Arbitrum aims to alleviate these issues by providing a scalable and cost-effective solution which enhances the overall user experience for DeFi, NFTs and other blockchain applications built on Ethereum. Arbitrum Price: A Brief History In 2018, Offchain Labs was established by Ed Felten, Steven Goldfeder, and Harry Kalodner with the goal of creating scalability solutions for Ethereum. Arbitrum, their main scalability solution, was introduced in 2019. After undergoing testing on a testnet in February 2020, Arbitrum was made accessible to all users in October 2020. Developers gained access to Arbitrum on the mainnet in May 2021. Arbitrum One, which went live on August 31, 2021, enabled any user or protocol to communicate with the network. Notable protocols like Uniswap, Curve, Aave, and Sushi deployed on Arbitrum One shortly after launch. How Arbitrum Works Here’s how Arbitrum works: State Channels Arbitrum utilizes state channels, which are separate communication channels established between two or more parties. These channels operate off-chain, meaning transactions are processed outside the Ethereum mainnet. This approach reduces the load on the Ethereum network, enabling faster and cheaper transactions. Optimistic Rollups Arbitrum employs optimistic rollups, a scaling technique that assumes transactions are valid by default. Transactions are bundled together and periodically submitted to the Ethereum mainnet for verification. If any disputes arise, a challenge period is initiated, allowing participants to provide evidence of fraud. Fraud Proofs Arbitrum incorporates fraud proofs, which allow anyone to challenge the validity of a transaction. If a challenge is successful, the transaction is reverted, and the challenger is rewarded. This mechanism ensures the integrity of the Arbitrum network and discourages malicious behavior. Arbitrum Price: Market Stats As at June 18, 2024, Arbitrum price stands at $0.7933. Here is the overall market overview of Arbitrum price: Arbitrum Price Performance Arbitrum price experienced an all-time high of $2.40 on January 12, 2024. It experienced an all-time low of $0.7453 on September 11, 2023. As such, Arbirtrum price currently indicates a downtrend in the token’s market. Benefits of Arbitrum The benefits of using Arbitrum include: Faster Transaction Speeds Compared to the Ethereum mainnet, Arbitrum boasts significantly faster transaction speeds, enabling users to experience quicker confirmations and reduced wait times for their transactions. Arbitrum does not necessitate any additional on-chain confirmations as it usually takes less than a second, with the typical user experiencing approximately 260 milliseconds. Lower Transaction Fees One of the major pain points of Ethereum is its high transaction fees. Arbitrum offers a solution by processing transactions off-chain, leading to drastically lower fees compared to the Ethereum mainnet. This makes Arbitrum a more cost-effective option for users, especially for frequent transactions. The average gas fee on Ethereum can often be over $20 per transaction. However, Arbitrum is one of the most affordable blockchains with average fees around $0.05 per transaction. Improved Scalability Ethereum’s scalability limitations hinder its ability to handle a large volume of transactions. Arbitrum addresses this by scaling the network efficiently. This allows for a greater number of users and applications to interact with the Ethereum ecosystem without experiencing congestion or significant delays. For instance, Ethereum Layer 1 processes around 15 transactions per second while Arbitrum Nitro can handle up to 40,000 transactions per second. This translates to a potential 2,666 times increase in scalability compared to the base Ethereum network, hence, Arbitrum Nitro can handle a massive influx of transactions much faster than Ethereum itself. Security Arbitrum inherits the security of the Ethereum blockchain, as it relies on the Ethereum mainnet for final settlement and dispute resolution. Compatibility Arbitrum is compatible with existing Ethereum smart contracts like Uniswap (UNI), Aave (AAVE), Chainlink (LINK) and tools like Truffle, Alchemy, Hardhat, making it easy for developers to migrate their applications to Arbitrum. Tokenomics The total supply of ARB tokens is capped, with a specific portion currently in circulation. The ARB token serves multiple purposes within the Arbitrum ecosystem. One of which is governance. ARB token holders can participate in the governance process, influencing future development decisions for the Arbitrum protocol. Users can also stake their ARB tokens to contribute to the security of the network and potentially earn rewards. Factors Influencing Arbitrum Price This section explores the key factors that can impact Arbitrum price: DeFi Ecosystem Growth The growth of the DeFi ecosystem on Arbitrum can significantly influence the price of the ARB token. Here’s how: Total Value Locked (TVL) on Arbitrum The Total Value Locked (TVL) on Arbitrum represents the total value of crypto assets deposited in various DeFi protocols built on the platform. A rising TVL suggests increasing adoption and potentially translates to a higher demand for the ARB token, potentially driving up its price. Adoption by DeFi Protocols The number and
All You Need to Know About 1inch
If you care about maximizing your cryptocurrency investments, you need to be strategic about it. 1inch is one such strategic tool that can help you do just that. It is a DeFi aggregator that helps you to realize the full potential of your digital assets. 1inch offers a comprehensive suite of features designed to streamline your trades, optimize your returns and propel your portfolio towards new heights. This article guides you through the functionalities of 1inch and demonstrates how you can leverage it for success in your crypto investments. Key Takeaways What is 1inch? 1inch is a Decentralized Finance (DeFi) aggregator that helps you to streamline your cryptocurrency trades. 1inch acts as a bridge between you and the varieties of Decentralized Exchanges (DEXs). Unlike traditional exchanges, DEXs operate on a peer-to-peer basis. This eliminates the need for a central authority. 1inch helps you aggregate liquidity from various DEXs. This enables you to find the best possible rates for your crypto swaps. This not only saves you time and effort but also optimizes your returns by ensuring you get the most out of every trade. 1inch Price and Market Stats 1inch currently trades at $0.4844. Here are the latest market statistics of 1inch as at May 31, 2024: Why Use 1inch for Crypto Investing? The advantages of using 1inch for your crypto investments are numerous and cater to you whether you are a beginner or experienced. Here’s a glimpse of what makes 1inch stand out: Increased Efficiency and Potential for Better Returns 1inch eliminates the need to manually search through multiple DEXs, saving you valuable time and effort. More importantly, its intelligent aggregation technology ensures you’re getting the best possible rates for your trades, maximizing your potential returns. Benefits for All Levels Whether you’re a seasoned crypto investor or just starting out, 1inch offers a user-friendly interface and simplifies complex DeFi concepts. If you are a beginner, you can benefit from straightforward swapping. You can also benefit as an experienced user by exploring advanced features like liquidity provision and governance. Access to a Wider Range of Liquidity Sources 1inch offers you a wider pool of potential buyers and sellers by aggregating liquidity from multiple DEXs. This translates to increased trade execution rates and minimizes the chances of encountering limited liquidity on any single DEX. Core Functionalities of 1inch 1inch goes beyond just being a convenient swap platform. It offers a comprehensive suite of functionalities designed to empower you in the DeFi space. Here are some of the core features that unlock the true potential of 1inch: Finding the Best Deals Forget manually scouring DEXs for the best rates. 1inch acts as your own personal DeFi scout, constantly searching across various Decentralized Exchanges to find the most favorable swap rates for your chosen cryptocurrency pair. Speed and efficiency are crucial in the fast-paced world of crypto. 1inch boasts a cutting-edge technology called “Pathfinder.” This intelligent algorithm analyzes not just swap rates but also gas fees associated with different routes across DEXs. By factoring in gas costs, Pathfinder identifies the most gas-efficient route for your swap, saving you valuable crypto on transaction fees. Liquidity Provision: Earn While You Hold 1inch allows you to participate in the DeFi ecosystem by supplying liquidity to liquidity pools. These pools act as the backbone of DEXs, facilitating smooth trading between users. By contributing your crypto assets to liquidity pools, you earn rewards based on the trading activity that occurs within those pools. Governance for 1INCH Token Holders 1inch has its own governance token, 1INCH. Holding 1INCH tokens grants you voting rights on crucial decisions regarding the future development of the 1inch protocol. This could involve proposals for new features, fee structures or even partnerships. Participating in governance lets you actively contribute to shaping the future of 1inch. This offers a sense of community ownership and empowers users to guide the platform’s evolution. Step-by-Step Guide to Using 1inch Here is a step-by-step guide to using 1inch to equip you with the knowledge to use the platform with ease: Setting Up Your 1inch Environment Before diving into swaps, ensure you have the necessary tools: Choosing a Compatible Crypto Wallet 1inch doesn’t hold your crypto directly. You’ll need a compatible crypto wallet that allows you to connect to DeFi applications. Popular options include MetaMask, WalletConnect and Ledger Live. Download and install your chosen wallet, following the instructions provided. Funding Your Wallet with Cryptocurrency You’ll need some cryptocurrency in your wallet to initiate swaps on 1inch. You can either purchase crypto directly through your chosen wallet (if it offers that functionality) or transfer it from another exchange. Ensure you have enough crypto to cover the swap amount and any associated fees. Making a Crypto Swap with 1inch Curious about how to make a crypto swap with 1inch? Here’s how: Navigating the 1inch Interface Head over to the website and explore the user-friendly interface. It’s designed to be intuitive, with clear sections for selecting your desired tokens and swap amount. Selecting the Desired Tokens and Amount Clearly define the cryptocurrencies you want to swap. Choose the token you’re giving up (source token) and the token you want to receive (destination token). Enter the amount of the source token you wish to swap. Reviewing Swap Details (Rates, Fees, Slippage) 1inch displays the estimated amount of the destination token you’ll receive based on current market rates. You’ll also see a breakdown of transaction fees, including gas fees associated with the swap on the chosen DEX. An important concept to understand is slippage, which is the potential difference between the estimated amount and the final amount you receive due to market fluctuations. 1inch allows you to set a slippage tolerance level to manage this potential difference. Executing the Swap and Monitoring Its Progress Once you’ve reviewed all the details and confirmed everything is accurate, proceed with the swap. The 1inch interface will guide you through the connection process with your crypto wallet, all you have to do is to follow the on-screen instructions. After
Key Differences Between Layer 1 and Layer 2 Protocols
If you have ever wondered what makes Layer 1 and Layer 2 protocols unique in the blockchain space you are in the right place. This article will explain their key differences in easy-to-understand terms. Key Takeaways What is Layer 1 (L1)? Layer 1 forms the foundational architecture of a decentralized cryptocurrency network. This layer includes primary blockchain protocols like Bitcoin, Ethereum, and Cardano. L1 serves as the bedrock for transactions, smart contracts, and decentralized applications (dApps). One of the defining features of L1 is its ability to maintain the integrity and security of the network through consensus mechanisms like proof of work (PoW) or proof of stake (PoS). These mechanisms ensure that transactions are verified and added to the blockchain in a secure and immutable manner. What is Layer 2 (L2)? In contrast, Layer 2 solutions operate on top of an underlying L1 blockchain. These solutions are designed to alleviate scalability limitations and enhance transactional throughput without compromising the security and decentralization of the network. L2 protocols achieve this by offloading some of the transaction processing from the main blockchain, thereby reducing congestion and lowering fees. Examples of L2 solutions include state channels, sidechains, and off-chain scaling solutions like the Lightning Network. L2 solutions offer innovative approaches to scaling while maintaining compatibility with existing infrastructure by integrating with L1 blockchains. Purpose of Layer 1 and Layer 2 Protocols Layer 1 and Layer 2 solutions primarily address blockchain scalability challenges. As the adoption of decentralized technologies continues to grow, scalability becomes increasingly paramount for enabling widespread use cases such as decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized applications. L1 and L2 solutions serve as complementary layers, each contributing to the overall scalability, efficiency, and usability of blockchain ecosystems. Scaling Solutions of Layer 1 L1 scaling updates the underlying blockchain protocol. These updates aim to increase the network’s capacity to process transactions and improve overall scalability. Examples of L1 scaling solutions include adjustments to the block size, changes to the consensus mechanism, or the implementation of database partitioning techniques like sharding. Increasing the block size allows for more transactions to be included in each block, thereby enhancing throughput. Altering consensus rules, such as transitioning from proof of work (PoW) to proof of stake (PoS), can also improve the efficiency of transaction validation and block creation. Additionally, sharding involves splitting the blockchain’s database into smaller, more manageable partitions, allowing for parallel processing of transactions. L2 Scaling Solutions L2 scaling solutions enhance transactional throughput without modifying the L1 protocol. These solutions aim to alleviate congestion on the main blockchain by offloading transaction processing to secondary layers. Key Approaches to L2 Scaling Solution This technique enhances scalability by aggregating transaction data and minimizing the burden on the main chain. Side chains can significantly increase throughput and reduce congestion on the main network by separating transactional activity onto separate chains. This approach reduces the number of transactions that need to be recorded on the main chain, thus alleviating congestion and improving scalability. Security Considerations of Layer 1 and Layer 2 Securing blockchain networks is crucial for developing and implementing L1 and L2 scaling solutions: L1 Security L1 security directly influences the integrity and robustness of the entire blockchain network. Any vulnerabilities or compromises at this level can have far-reaching consequences for the security and reliability of the network as a whole. Modifying L1 protocols, like changing the consensus mechanism or cryptographic algorithms, can significantly impact network security. For instance, a change in the consensus mechanism from proof of work (PoW) to proof of stake (PoS) introduces new security considerations and potential attack vectors that must be carefully evaluated and mitigated. Moreover, any breaches or exploits at the L1 layer can undermine the trust and decentralization principles upon which blockchain technology is built, highlighting the critical importance of robust security measures at this level. L2 Security L2 security relies on the underlying L1 blockchain’s security. While L2 solutions themselves may not directly impact the security of the main network, they rely on the integrity and immutability provided by the L1 layer. Vulnerabilities or weaknesses in L2 implementations, such as bugs in smart contracts or flaws in the cryptographic protocols, may indirectly impact the security of the network by exposing users to potential risks or exploits. It is important for developers and stakeholders involved in L2 solutions to prioritize security throughout the design, development, and deployment phases. L2 solutions can help reinforce the overall security posture of blockchain networks by adhering to best practices in secure coding, conducting thorough audits, and implementing robust security mechanisms. Interoperability of Layer 1 Layer 1 blockchain networks traditionally operate independently with limited interaction between networks. Each Layer 1 blockchain maintains its own consensus mechanism, transaction processing rules, and data structure, which can pose challenges for seamless communication and interoperability between disparate networks. As a result, users and developers are often confined to siloed ecosystems, limiting the potential for collaboration, innovation, and value transfer across different blockchain networks. Interoperability of Layer 2 In contrast, Layer 2 solutions offer promising opportunities to enhance cross-chain communication and interoperability within the blockchain ecosystem. By operating on top of existing Layer 1 blockchains, Layer 2 solutions can facilitate seamless interaction and asset transfer between different blockchain networks, enabling users to access a broader range of decentralized applications (dApps), liquidity pools, and financial services. Layer 2 solutions achieve interoperability through various mechanisms, including: These bridges enable the seamless transfer of digital assets and data between Layer 2 solutions and Layer 1 networks, fostering greater connectivity and collaboration within the decentralized ecosystem. These bridges enable users to access decentralized applications and services across different blockchain networks, using the unique features and capabilities of each platform while preserving interoperability and liquidity between Layer 1 and Layer 2 solutions. Trade-Offs of Layer 1 Layer 1 blockchain networks provide robust security and decentralization but have inherent trade-offs: Slower Transaction Speeds due to Consensus Mechanisms Layer 1 networks often employ consensus mechanisms such as proof of work (PoW) or proof of stake
Adventure Gold Price: How to Maximize Your Crypto Returns
Adventure Gold is a digital token which promises new possibilities in decentralized gaming. But what about its actual value, its price history or even factors which influence its value? In this article, we will break down Adventure Gold Price (AGLD), discuss its potential, likewise proven staking strategies and expert tips for your crypto trading success. Key Takeaways Adventure Gold Price: What is AGLD? Adventure Gold (AGLD) is a cryptocurrency that was launched in 2021 as a native token of the Loot project, a unique experiment in the NFT (Non-Fungible Token) space. AGLD is unlike traditional NFTs like arts, collectibles, gaming, images or even videos, rather, Loot offers text-based descriptions of randomized adventurer gear. This open-ended approach allows the community to define the utility and value of Loot NFTs. AGLD serves multiple purposes within the evolving Loot ecosystem. Here are some potential use cases: Decentralized Finance (DeFi) AGLD can be used for staking, lending and borrowing within DeFi platforms built on the Lootverse. This could allow users to earn interest on their holdings or access liquidity. Play-to-Earn Gaming There’s speculation that AGLD could be integrated into upcoming play-to-earn games based on the Loot universe. Players might earn AGLD rewards for completing quests or participating in the game’s economy. Governance AGLD holders might be granted voting rights on the future development of the Loot project. This could involve proposals for upgrades, partnerships, or the allocation of treasury funds. Adventure Gold Price: Market Stats Adventure Gold Price is currently trading at $1.33 (€1.23), here some some of the key metrics and market statistics of Adventure Gold: Factors Affecting Adventure Gold Price Upon its launch, the AGLD token experienced a surge in popularity alongside the Loot NFT project. Since then, the AGLD price has fluctuated along with the broader crypto market. However, the token retains a passionate community and continues to explore new use cases. Several factors can influence the price of Adventure Gold: Market Trends The overall health of the cryptocurrency market significantly impacts AGLD’s price. Bullish trends can drive the price up, while bearish trends can lead to price declines. Supply & Demand The total supply of AGLD tokens is capped at a total circulating supply of 77.3M tokens. Scarcity can influence demand and potentially drive up the price if demand remains high. Utility The perceived and actual utility of AGLD within the Lootverse and beyond plays a crucial role in its price. Increased adoption of AGLD across various applications could lead to a price increase. Adventure Gold Staking Adventure Gold offers an exciting opportunity to generate passive income through staking. But what exactly is staking, and how can it benefit you? Staking is a process where you commit your AGLD tokens to support the security and operation of a blockchain network. In essence, you’re locking up your holdings for a specific period. In return for contributing to the network’s stability, you earn rewards in the form of additional AGLD tokens. Benefits of Staking Adventure Gold There are several compelling reasons to consider staking your AGLD: Choosing a Staking Platform Not all platforms are created equal when it comes to staking AGLD. Here are some key factors to consider when choosing a staking platform: Security The platform’s security measures are paramount. Look for a reputable platform with a strong track record of protecting user funds. Fees Staking platforms often charge fees for their services. These fees can vary, so it’s important to compare rates before making a decision. Some platforms may have hidden fees, so be sure to thoroughly research their fee structure. Minimum Requirements Some platforms have minimum staking requirements, meaning you need to hold a certain amount of AGLD to participate. Choose a platform with requirements that suit your investment goals. Advanced Strategies in Adventure Gold Staking Here are some advanced strategies in AGLD staking to help you become a staking pro: Fixed vs Flexible Staking Staking platforms often offer two main types of staking terms: fixed and flexible. Here’s a breakdown of their pros and cons: Fixed Staking Flexible Staking Compounding Interest for Exponential Gains The power of compounding interest can significantly boost your AGLD staking rewards. When you choose a platform that allows for automatic compounding, your earned rewards are automatically added to your staked AGLD. This means you earn interest not just on your initial investment, but also on the accumulated rewards. This can lead to exponential gains over time. Diversification Across Multiple Staking Pools Don’t put all your eggs in one basket! Diversifying your staked AGLD across multiple staking pools can help mitigate risk. Here’s why: Identifying High-Yield Staking Opportunities The quest for higher returns is natural, but chasing excessively high yields can be risky. Here’s how to find potentially lucrative staking opportunities while prioritizing safety: Utilizing Technical Analysis for Adventure Gold Price If you are an active investor, trading AGLD on cryptocurrency exchanges can be a lucrative option. However, successful trading requires knowledge and strategy. Here’s where technical analysis comes in. Technical analysis is an analytical approach which involves studying historical price charts and market indicators to identify potential trading opportunities. By understanding chart patterns, trend lines and technical indicators, you can make informed decisions about buying and selling AGLD at optimal times. Technical analysis is a skill that requires dedication and practice. It is not a guaranteed path to success because the market can be unpredictable. So it is advisable for you to consider starting with paper trading before risking real capital. Adventure Gold NFTs The Adventure Gold ecosystem extends beyond the AGLD token itself. There’s a growing interest in Adventure Gold NFTs, which could hold significant value for collectors and gamers: Potential Value The value of Adventure Gold NFTs depends on various factors like their rarity, utility within potential Loot-based games and overall community sentiment. Unique or highly sought-after NFTs could command premium prices. Acquisition The methods for acquiring Adventure Gold NFTs might vary depending on the specific project. Some possibilities include purchasing them on NFT marketplaces or participating in exclusive events
All You Need To Know About API3
Can reliable data flow freely, with everyone using the data to make smarter decisions? API3 embodies an ambitious vision that focuses on transforming data delivery and consumption. Smart contracts, the self-executing agreements that enhance decentralized applications (dApps), require reliable and secure information from the outside world to function effectively. API3 can help facilitate this process. But what exactly is API3, and why is it important? This article explains decentralized APIs (dAPIs) and how API3 and its native token ($API3) are transforming the data ecosystem, one secure and transparent connection at a time.. Key Takeaways API3 and Why it Matters API3 is a technology which provides a decentralized solution for APIs to directly deliver data to blockchain applications. This leads to improvement in the overall security and reliability of data feeds. API stands for Application Programming Interface. So API3 is just an API for Web3. Traditionally, an application is any software with a distinct function. Interface is a contract of service between two applications. This contract defines how the two communicate with each other using requests and responses. An API is a set of rules or protocols that enables software applications to communicate with each other to exchange data, features and functionality. API3 introduces a decentralized solution known as Decentralized APIs (dAPIs). These dAPIs function as secure data feeds, directly connecting blockchains with the data they need from the real world. Unlike centralized oracles, dAPIs eliminate the need for a trusted intermediary, giving way to a more secure and transparent data ecosystem. API3 matters because it provides the much needed data access which is essential because smart contracts, the self-executing agreements that power decentralized applications (dApps), rely on information from the external world to function effectively. This data, encompassing everything from weather updates to financial market prices, is vital for smart contracts to execute their programmed tasks. Traditional methods of feeding data into blockchains present limitations. Centralized oracles, third-party services that bridge the gap between blockchains and external data sources, introduce a single point of failure. If a centralized oracle is compromised, the entire system’s security and reliability can be jeopardized. Additionally, centralized oracles raise concerns about data manipulation and lack of transparency. As a result of its reliable and decentralized data access for smart contracts, API3 plays a critical role in shaping the future of Web3. Web3, the next iteration of the internet, promises a more decentralized and user-controlled online experience. API3 empowers developers to build secure and innovative dApps that leverage real-world data, unlocking the true potential of Web3 and its applications. The three core components of API3 – Airnode, dAPI, and DAO – are named after Norse mythological beings: Airnjörd (god of the sea and air), Dellingr (dawn personified), and Dís (goddesses associated with fate). A Brief History of API3 API3 is a relatively young project, but it has already made significant strides in the blockchain oracle space. Here’s a glimpse into its journey: Foundational Years (2019-2020) API3 was founded by a team of experienced blockchain developers, including Heikki Vanttinen and Burak Benligiray. Recognizing the limitations of centralized oracles, they set out to build a decentralized alternative. The following year saw the development of the core functionalities of API3, including Airnodes and the initial framework for dAPIs. Launching the Project (Late 2020) API3 raised $3 million in a seed funding round led by Placeholder VC in November 2020. This crucial milestone allowed the team to further develop the platform and establish partnerships within the blockchain ecosystem. Growth and Collaboration (2021-Present) Since its launch in December 2020, API3 has made significant progress. The team has focused on refining the technology, attracting developers and expanding its network of data providers. API3: Live Price Chart, Market Cap And Conversion To USD As at May 29, 2024, the price of API3 was $3.078864 per (API3 / USD) with a current market cap of about $260 million. Its 24-hour trading volume is about $59 million. API3 to USD price is updated in real-time. API3 is +12.51% in the last 24 hours with a circulating supply of 86.42 million. Do note that you cannot directly convert API3 to USD on the blockchain itself, as API3 is a token, not a currency. However, you can convert your API3 tokens to USD through a cryptocurrency exchange. Here are some cryptocurrency exchanges to help you find the current API3 to USD conversion rate: API3 News Today On May 22, 2024, API3’s Total Value Secured (TVS) announced that it has achieved a remarkable tenfold growth in just over three months, reaching an impressive milestone of over $1 billion. The API3 Market is rapidly becoming the preferred platform for on-chain data, offering robust asset security solutions. Currently, API3 safeguards the assets of 20 protocols, among which, the Blast Defi project Pac Finance stands out with a significant contribution of 52.1%, amounting to $521 million. In addition, INIT Capital adds another substantial $149 million to the protected assets. The Core Functionalities of API3 The core functionalities of API3 can help you to better understand the technology. Here are some of them: Airnode Airnodes are like the bridge between blockchains and APIs. They are the cornerstone of the API3 ecosystem. They bridge the gap between isolated blockchains and traditional APIs, supplying smart contracts with essential real-world data. How Airnodes Work Consider Airnodes as software programs deployed by API providers. These providers, the entities with access to valuable data, configure Airnodes to securely connect to their APIs. When a smart contract on a blockchain requires specific data, it sends a request to a designated Airnode. The Airnode then acts as a middleman: This entire process is transparent and verifiable, as the communication between Airnodes, smart contracts and the blockchain is recorded on the blockchain ledger. Benefits of Using Airnodes There are several advantages to utilizing Airnodes for data retrieval in smart contracts: Decentralized APIs (dAPIs) Traditional APIs act as intermediaries, allowing applications to communicate and exchange data. However, in the context of blockchains, traditional APIs have limitations. They are often