The API3 DAO has adopted the term monolith to demarcate major projects that are fundamental pieces of the greater API3 vision. They provide major signposts (or a nonlinear “roadmap”) that guide the high-level direction of the project.
I’m proposing here the first formalizalization of the dAPI monolith.
“Formalization” is a bit of a weird word to use here, since there aren’t any technical formalisms to agree upon a new monolith (e.g. no proposal is needed to pass). It’s more of a social consensus thing.
(Before going any further, I will make it clear that I am currently drafting an official proposal for the first undertaking for this monolith.)
In addition to providing Airnode-enabled single-source APIs, the API3 DAO should also provide aggregated data feeds (“dAPIs”) created from aggregating multiple Airnode responses (of a particular data type). This is necessary in order to minimize the risk imposed by potential downtime of a given Airnode, and thereby also minimize the premium for insuring data. This way users have greater choice with how they manage their risks and costs.
Without making this too long, here is the current list of goals & deliverables for the dAPI monolith. Once I gather enough feedback and reach some amount of social consensus, I will add more details and make a blog post that “officializes” this monolith.
- Focus on Ethereum (and Solidity), for now
- Create the necessary on-chain mainnet smart contract framework for constructing dAPIs
- Tested and audited, of course
- Work with the BD team to implement dAPIs for data types that make business sense
- This also involves: selecting the appropriate single APIs and the appropriate aggregation method
- Monitor data feeds
- This is needed for things like: testing aggregation algorithm, monitoring gas usage, potential downtime, etc
- Pub-sub protocol
- Either build out the protocol, or integrate with it
- Develop a dAPI pricing strategy
- Develop a dAPI insurance model
Note: Today I will be posting a more detailed sentiment check (SC) for the first undertaking, that primarily covers the smart contract development. Make sure to check that out to see more detailed, shorter term deliverables.