The APIS Integrates Chainlink Price Feeds to Help Secure Hook, Its One-Stop Data Analysis Product #3
We’re excited to announce that The APIS — a platform that provides a one-stop middleware solution for decentralized querying, indexing, and writing services, delivered instantly across multiple blockchains — has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the industry-leading decentralized oracle network, The APIS has access to high-quality, tamper-proof price feeds that help us build a more unified and user-friendly experience for our community through our data analytics product, Hook. This will provide our users with stronger assurances that the NFT analytics on our platform leverage high-quality, decentralized price data.
Our initial integration involves the use of the following Chainlink Price Feed: ETH/USD. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
The APIS is led by a team of innovators on a mission to change the future of the Internet. We have made a great effort to deep-dive and visualize NFT asset trading volume data in real-time, enabling our users to fully understand NFT market trends through The APIS platform.
In order to help secure our data analytics platform with high-quality, tamper-proof price data, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
“Chainlink Price Feeds are the industry standard market data solution. By leveraging Chainlink to access real-world price data, we’re able to provide more accurate and reliable data analytics products to help grow NFT industry and the larger Web3 ecosystem.” — Andrew Bakst, The APIS Co-founder
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About The APIS
The APIS is an indexing protocol for reading and writing to open networks. Making APIs open and accessible to power a decentralized world.
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