On August 19, the biggest crypto exchange in South Korea, Upbit, announced the listing of new trading pairs for API3, triggering a price surge for the digital asset.
API3 is a platform featuring oracles that pay users. The project promises to offer users OEV rewards for their DeFi projects.
The platform provides data feeds at cost, enabling dApps to benefit from OEV rewards that come at the expense of third parties who would otherwise benefit only from MEV, according to official notes of the project. The data feeds work like traditional data feeds, meaning that users don’t have to modify their contracts in any way to use them.
Upbit’s API3 Listing Notes
In its official announcement, Upbit revealed that it would list API3 on August 19 at 17:00 KST. Trading opened for API3/KRW and API3/USDT pairs.
The project which is dedicated to building decentralized APIs (Application Programming Interfaces) for the Web3 ecosystem, saw its digital asset’s price spiking following the exchange’s announcement.
API3 Price Trajectory on August 19
API3 was trading at $0.83 with a market cap of over $72 million ahead of Upbit’s listing announcement. After the exchange revealed its plans, the digital asset recorded a price spike of over 85%, hitting prices above $1.56 and reaching a market cap of more than $135 million.
The digital asset’s price is up by 82% in the past 24 hours, after being boosted by Upbit’s listing announcement.
API3’s 24-hour trading volume surpassed $278 million, surging by almost 261% on August 19.
API3 reached its ATH on April 7, 2021, when the digital asset surpassed $10.3.
