API3 surpasses $1b in TVS, recording 10x growth in 100 days

API3 announced that it has surpassed $1 billion in Total Value Secured (TVS), a tenfold increase in the last 100 days.

TVS measures the total value of assets secured by a platform or protocol, usually in the crypto or decentralized finance (defi) sectors, and indicates the security and adoption of blockchain networks and DeFi platforms.

According to post X, API3’s oracle services currently secure assets for 20 protocols, with Blast’s PAC Finance project accounting for 52.1% of the total.

We just set out for 1 BILLION DOLLAR TVs. 🎉

That’s 10x in less than 100 days.

API3 redefines the Oracle environment with our developer-first approach.

Our first-party oracle architecture is designed for an aggregation-centric future with rapid horizontal expansion to new chains… pic.twitter.com/FVN6yE6yF0

— API3 (@API3DAO) May 22, 2024

Oracles connect blockchains to external systems, allowing smart contracts to operate based on real-world data. The API3 oracle stack is designed specifically for developers; simple tools offer unauthorized access, require no code changes, and require no additional infrastructure requirements.

The API3 oracle stack is designed to meet the needs of developers. Simple tools, no unauthorized access, no code changes, and no extra infrastructure are features built into the API3 oracle stack. According to API3, developers can read any data field and start rendering.

The API3 token, in particular, saw a 70% increase in February after its listing on Bitget, with its market cap exceeding $347 million at the time of the report. This occurred a month after Bitget announced its token support. The API3 token is currently trading at $2.94, up 13.45% over the past month, and at the time of this writing, its market cap has fallen to $252 million.

API3 aims to enable the creation and monetization of large-scale decentralized APIs (dAPIs). This goal becomes important as blockchain technology increasingly penetrates the supply chain management and decentralized banking industries.