API3 Core Technical Team Report, June–August 2023
<p>With no doubt, <a href="https://twitter.com/API3DAO/status/1691804516549902425" rel="noopener ugc nofollow" target="_blank"><strong>the most important news of the previous cycle</strong></a> was the managed dAPIs being made publicly available on the <a href="https://market.api3.org/" rel="noopener ugc nofollow" target="_blank"><strong>API3 Market</strong></a>. To explain briefly, a <a href="https://medium.com/api3/introducing-phase-2-managed-dapis-b204670d2545" rel="noopener"><strong>managed dAPI</strong></a> is a decentralized first-party data feed for which API3 provides the operational guarantees that the client requests. This is a milestone in blockchain technology, as it’s a first for such a high-level, managed service being offered on-demand in such a streamlined and transparent way. The API3 Market clients are not required to join Telegram groups, attend endless calls or <a href="https://medium.com/api3/on-exclusivity-deals-and-their-implications-for-ethereum-9354a9ff7929" rel="noopener"><strong>chant “API3 rules, the other thing drools”</strong></a>. Clients fill their shopping cart, pay with their crypto wallet and enjoy their data feeds, saving their time and dignity in the process. All payments go to the dAPIs team’s operational gas fund, so this is essentially a <em>gratis</em> service, similar to our <a href="https://bbenligiray.medium.com/introducing-byog-b8d5c01d9e82" rel="noopener"><strong>self-funded feeds</strong></a>. Monetization will be handled with the upcoming <a href="https://bbenligiray.medium.com/oracle-extractable-value-oev-13c1b6d53c5b" rel="noopener"><strong>OEV share</strong></a>, which will be opt-in for managed dAPI clients.</p>
<p>While this is amazing news for up and coming chains and dApp developers, it poses new challenges for the established DeFi projects that are used to depending on privileged access to data feeds as a moat. Specifically, it will be increasingly trivial for developers to fork DeFi apps on newly launched chains and have them operate as reliably as the real thing. Frankly, I have no advice to give here, so we’ll see how it all plays out.</p>
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