Api3 is is an open-source project that wants to deliver API services to smart contract platforms and therefore providing a decentralized and trust-minimized way to solve the well known oracle problem by allowing API providers to easily run their own oracle nodes. It is governed by a decentralized autonomous organization (DAO), namely the API3 DAO..
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- How to Stake API3?
- What are the requirements to stake API3?
- How much can I make Staking API3?
- Is there any risk to Staking API3?
In order to stake this token you need to go to API3 dApp , click on Deposit and then click on Stake. The staking is pretty simple, and will require you to make 2 transactions , each costing around 20 USD based on the current gas price. It should take you less than 5 minutes to go through the whole process.
You can also Check out our staking guide for API3 for a more visual explanation.
Besides a wallet compatible with Ethereum Blockchain there is no required minimum to stake Api3. You will only need a few Ether in order to pay for transaction fees and interact with the staking smart contract. You need to make two transactions (~$20 each depending on current GAS prices). The unstaking takes 7 days, during which you will not receive any more rewards. By unstaking, you also your most recent weekly reward; so take that into consideration before you decide to stake.
The current objective of the protocol is to have 50% of the tokens staked. Therefore once per epoch ( currently once a week), it checks if this goal was met. If more than 50% for the tokens were staked, they will reduce the APR by 1%. If less than 50% of the tokens were staked, they will increase the APR by 1%. Currently the APR has a maximum of 75% and minimum of 2,5% but this can be changed by the DAO. The rate at which this APR changes on a weekly basis can be voted on by the DAO, but at the moment there is no reason to assume that these reward rates will substantially change over time. Also, noteworthy, for your convenience, the rewards are auto-compounded meaning that the only work you have to put in yourself, is read through our guides, make 2 transactions to stake and one transaction to unstake.
Currently you can get an APR of 53%.
You also need to take in consideration that the rewards you get from your staking position will only be available after a one year period lock-up and that these new generated tokens can cause negative price pressure.
Revenue from the protocol is not distributed, but will instead be burnt at a future date, causing a reduction in circulating supply. Whether this will cause the network to be deflationary at some point is yet to be seen.
Regarding API3 we have the general risks for every staking protocol : Smart contract exploits and errors that can occur to these decentralized protocols. Though the smart contracts were audited by Quantstamp, Solidified and Team Omega, risks are always there.
Besides these, we might face token price depreciation as more tokens enter the market due to founders vesting expiration and release of new tokens through the stacking mechanism. This might reduce the value of our staked tokens but the staking of these tokens could hedge this inflation risk.