API3, a prominent platform that provides decentralized data, has announced a major partnership with Coin Metrics, a well-known entity in the field of crypto-related financial intelligence. The respective collaboration focuses on strengthening API3’s decentralized data feeds, especially for liquid staking reward tokens and liquid staking tokens. The platform used its official X account to reveal this development.
We would like to welcome @coinmetrics to API3’s network of data providers!
As the leading provider of transparent, high-quality market data for crypto assets, Coin Metrics brings their CM reference rates to our ecosystem, enabling accurate, real-time pricing data for LSTs/LRTs.
This… pic.twitter.com/q469XBGRGc
— API3 (@API3DAO) September 17, 2024
API3 and Coin Metrics are teaming up to revolutionize Liquid Staking Coins data feeds
In an exclusive X post, API3 noted that this partnership allows Coin Metrics to provide verifiable cryptocurrency market data. This data supports the latest and advanced Defi protocols. Coin Metrics was founded in 2017. Now it has grown into a trusted company providing secure, accurate and transparent data on the crypto market. They reportedly provide a number of important pricing data types. They include the CM main market prices and CM reference rates.
While Coin Metrics covers more than 1,000 prominent crypto assets, it draws its respective data from a carefully curated group of markets. In addition, it uses strict methodologies to ensure reliability and accuracy. With low-latency APIs, their data reaches consumers quickly. This makes it a preferred choice for decentralized finance protocols, relying on accurate and up-to-date asset valuations.
The integration between API3 and Coin Metrics will potentially benefit from the CM reference rates. They are responsible for collecting exclusive price data from across the crypto sector. This partnership enhances API3’s ability to provide decentralized price feeds related to LSTs. This ensures that DeFi protocols have access to accurate data that plays a crucial role in streamlined operations.
The Endeavor will help restructure price feeds to meet the new requirements
The initiative will play a crucial role in restructuring price feeds to better accommodate these tokens, improving their integration and usability across platforms. According to API3, this development will create a more efficient and scalable solution, paving the way for protocols to meet the increasing demands arising from a competitive Layer 2 (L2) environment. As blockchain technology continues to develop, this restructuring is expected to be particularly important in supporting the market’s transition to a more smooth-talking future.