API3 is the native token of the API3 project. The token was created to allow decentralized versions of APIs to be built, managed and monetized at scale, and to connect traditional APIs with the blockchain ecosystem. As blockchain technology plays an ever bigger role in the economy — from decentralized finance to supply chain management — the team behind this project says it has never been more important for smart contracts to provide “timely, reliable real-world data.”
Holding the token gives users the right to take part in the governance of the API3 ecosystem through the API3 DAO (decentralized autonomous organization). To generate shares in the API3 DAO, token holders have to stake the API3 tokens into the insurance pool, which also gives them access to weekly staking rewards.
