API3, a pioneer in blockchain oracle solutions, is paving the way for significant advancements within the Optimism Superchain ecosystem. API3 is critical in scaling a cryptographically secure on-chain economy that maximizes value for all participants by improving data integration and scalability with the innovative Oracle Stack.
Optimism has increased Ethereum’s scalability over the past year by introducing the Superchain thesis. This new framework facilitates growth and adoption by enabling teams to build on the OP Stack and contribute to the OP Collective, which aims to pool revenue to fund public goods and drive global adoption.
Within the Superchain ecosystem, oracles are indispensable because they provide the necessary data and tools to scale new chains. API3’s Oracle Stack simplifies data integration, reduces technical barriers, and allows developers to focus more on building their applications and less on dealing with infrastructure challenges.
Scaling a global on-chain financial system is difficult.
But @Optimism’s Superchain thesis shows that if we work together, we get there faster.
Learn how API3 is catalyzing the Superchain ecosystem to support the next wave of growth and adoption. 🔴 ⟁ 🔴https://t.co/QtQlqFThu2 pic.twitter.com/XfZE6hTbpW
— API3 (@API3DAO) June 3, 2024
The API3 Oracle Stack includes decentralized data feeds from the API3 Market, QRNG for generating truly random numbers on-chain, and the OEV Network for reclaiming protocol MEV. These components are designed to meet the demands of Superchain builders for easy integration and scalability.
API3’s integration with new chains gives them instant access to secure and decentralized data, which is essential for applications that require real-time data, such as lending protocols and perpetual exchanges. This streamlining of Oracle services to new networks is critical because it allows developers to quickly go from concept to production without requiring extensive code changes or infrastructure management.
Important examples and adoption
Base, a prominent example within the Superchain ecosystem, has more than doubled its total number of active users this year to over 9 million. Total Value Locked has also tripled since the beginning of the year, exceeding $1.7 billion. Exiled Racers, a project on Base, uses API3’s QRNG to generate random events for their on-chain races. API3 recently launched its Oracle Stack on Mode and Fraxtal, with Mode having raised over $500 million TVL and having a strong DeFi ecosystem. Developed by Frax Finance, Fraxtal has received early support from prominent DeFi partners and is poised to become a leading network for developing complex financial protocols.
Looking ahead, API3 has announced that they will support World Chain when it launches later this summer. World Chain aims to use proof of personality to offer verified users priority transactions and gas privileges. Protocols on World Chain will be able to leverage API3’s verifiable, decentralized data feeds, which will be integrated with the OEV network to improve protocol performance.
