Alonzo Upgrade Opens the Door for Cardano DApps | CoinMarketCap

API3 is a so-called Web3 middleware, connecting Web APIs directly to smart contracts. It performs a similar function to Chainlink, although API3 brands itself as a first-party oracle, in contrast to third-party providers like Chainlink. API3 promises to deliver data more securely, efficiently and transparently than its competitors.

Its lightweight, first-party data feeds — Beacons — connect Web3 applications to off-chain data like cryptocurrency, stock or commodity prices. Instead of relying on per-call payments, API3 uses a simple fixed-subscription pricing model in its native API3 token. API3 plans to power different DeFi-related use cases on Cardano like lending protocols, stablecoins, insurance funds, NFTs and others with this solution.