dxFeed has announced the deployment of API3’s Airnode to provide Web3 applications with a range of price reference data. Implementing API3’s Airnode will allow dxFeed to provide price reference data to various Web3 consumers transparently and efficiently. With Airnode’s deployment, dxFeed reveals its interest in serving Web3 on top of its 6M end users & 200k customers in Web2.
In short, Airnode enables dxFeed to operate a first-party oracle, thus enabling requests for data directly from the source. It also empowers dApps by providing a transparent, scaleable, alternative to a middle-node operated third-party architecture.
Since dxFeed is engaged in both DeFi and traditional finance, it is uniquely positioned to facilitate their interplay. With this in mind, dxFeed joined the API3 Alliance last summer to help bridge the gap between traditional finance and the emerging blockchain-enabled economy.
“We are committed to participation in the mission we share with API3 to liberate the information potential of blockchain by bringing more high quality, institutional sourced data to blockchain connected environments such as smart contracts and DeFi and to help the next generation of the web to reach its potential,” said Oleg Solodukhin, CEO of dxFeed.
“The API3 Alliance represents the first incarnation of the burgeoning community of API providers utilizing API3’s Airnode oracle middleware to offer services, which, already proven on the traditional web, can now be made accessible to the decentralized Web3 ecosystem at scale,” said Heikki Vänttinen, co-founder of API3.
What is the utility of serving Web3 with price reference data
Stablecoins are increasingly important within the DeFi realm, as they’re frequently used to bridge traditional and crypto economies.
Consequently, accurate price reference data for DeFi is essential for sustaining investor confidence across stablecoins, lending, swaps, yield farming, moneymarkets and a wide array of other services. Additionally many of dxFeed’s 2.5m instruments (equities, futures, options indices, FX, crypto, etc.) can be used within new Open Finance applications.
Likewise, on-chain foreign exchange-like markets that can access dxFeed would achieve similar benefits. dApps that facilitate international remittance and cross-border payments might be in the mix, as they rely on accurate stablecoin price data.
API3’s Airnode is leading the way in introducing high-quality, institutional-sourced financial data to the burgeoning DeFi industry. As a first-party data oracle, Airnode makes such data accessible to previously unattainable Web3 consumers and dApps.
Given these capabilities, Airnode plans to play a crucial role in building the DeFi economy and facilitating its mainstream adoption.
In addition, Airnode also enables access to real-world data from 180+ Airnode-enabled Web2 APIs. See the Web3 API catalog here.
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