API3, a prominent platform providing decentralized data, has disclosed an important partnership with Coin Metrics, a well-known entity in crypto-related financial intelligence. The respective collaboration focuses on fortifying the decentralized data feeds of API3, especially for liquid staking reward tokens and liquid staking tokens. The platform took to its official X account to reveal this development.
API3 and Coin Metrics to Partner to Revolutionize Data Feeds Concerning Liquid Staking Coins
In an exclusive X post, API3 noted that this partnership permits Coin Metrics to provide verifiable cryptocurrency market data. This data powers the latest and advanced Defi protocols. Coin Metrics emerged back in 2017. Now it has turned into a trusted company providing secure, accurate, and transparent data concerning the crypto market. They reportedly deliver a couple of chief pricing data types. They include CM Principal Market Prices and CM Reference Rates.
Coin Metrics, while covering more than 1,000 prominent crypto assets, sources the respective data from a cautiously curated group of markets. In addition to this, it utilizes strict methodologies to guarantee reliability and accuracy. With low-latency APIs, the data thereof rapidly reaches consumers. This makes it a preferred choice for decentralized finance protocols depending on precise and up-to-date asset valuations.
The integration between API3 and Coin Metrics will potentially benefit from the CM Reference Rates. They are responsible for aggregating exclusive pricing data from around the crypto sector. This partnership improves the ability of API3 to offer decentralized price feeds regarding LSTs. This guarantees that DeFi protocols can access precise data that plays a crucial role in streamlined operations.
The Endeavor Will Assist in Restructuring Price Feeds to Fulfill the New Demands
The initiative will play a crucial role in restructuring price feeds to better accommodate these tokens, enhancing their integration and usability across various platforms. According to API3, this development will create a more efficient and scalable solution, paving the way for protocols to meet the increasing demands that arise from a competitive Layer 2 (L2) environment. As blockchain technology continues to evolve, this restructuring is expected to be particularly vital in supporting the market’s transition toward a more rollup-centric future.
