2nd try: Proposal to whitelist API3

Foreword :

After talking to many people from the BNT community I am certain this time our whitelisting (NOT LM rewards!) Proposal can and will pass

I kindly request your “Yes” vote and your support and as always I am open for your feedback and your questions or your remarks


Contract address: 0x0b38210ea11411557c13457D4dA7dC6ea731B88a

Project Website: https://api3.org/

[ Discussion ]
API3 is a DAO-governed project that seeks to support the creation, management, and monetization of decentralized application programming interfaces (dAPIs). The API3 community will operate oracle nodes free from third party interference. The project and its community are committed to the future vision of Web 3.0.
API3 is an on-chain oracle service.
[ Tokenomics ]
The API3 token sale occurred over 30Nov – 4 Dec 2020, raising $23,000,000 in ETH (API3 (API3) - All information about API3 ICO (Token Sale) - ICO Drops). The distribution was handled via Mesa DEX, and there are approximately 20,000,000 unlocked API3 tokens in circulation. 15,000,00 API3 (15% of the total supply) are vested linearly from the end of the public distribution, 40,000,000 (40%) are vested linearly from the end of the public distribution, in addition to a 6 month lockup period. A further 25% is held for future distribution by the API3 DAO.
Decentralized governance requires well-balanced incentive mechanisms that accurately model both positive and negative outcomes; the governing entities should be rewarded for good results and penalized for bad ones. The API3 token is designed to facilitate this through three main utilities:

  1. Staking (dAPI revenue and inflationary rewards). The staking utility provides a financial incentive for community participation, and contribution to the API3 ecosystem. The API3 DAO will set a target staked amount, and the inflationary rewards paid out to stakers will float to meet this target
  2. Collateral (backs insurance services that protect users). The collateral utility creates and operational risk for active participants on the platform, thus creating a selfish incentive to preserve the quality of the product, system functionality, public profile, and industry engagement.
  3. Governance (Voter/stakeholder representation in the API3 DAO). The governance features give API3 community member agency in the growth and direction of the project. All governing entities provide funds as collateral, again, creating a selfish incentive to govern the system to the best of their ability.
    These three prongs of the API3 tokenomics model are one and the same – there is a single staking contract that fulfills all three of these features. Staking API3 tokens in this pool affords its user governance privileges, but also exposes them, to the risk of covering insurance claims as needed. The API3 DAO revenue is burned. Paired with the floating inflation rate, the intended outcomes is a smooth revenue distribution to community members.

[ Available Audits ]
Not yet audited. Once DAO development is finished it will be audited.

[ Market and Trading Data ]
API3’s price at the time of writing is $5.09
All-time high: $6.16 (January 24, 2021)
All-time low: $1.06 (1st December, 2020)
Price 90 days ago: $1.07
20,422,621 tokens currently in circulation
100,000,000 maximum supply
The current market capitalization is $100,708,187.
The API3 token is available on decentral exchanges, including Uniswap and Mesa.
The 24-hour volume is $17,637,761

[ Social Networks and Community ]
Twitter — https://twitter.com/API3DAO
Telegram — Telegram: Contact @API3DAO (Community Chat)
Keybase — Keybase (Developer Chat)
Github — API3 · GitHub
Reddit — https://www.reddit.com/r/API3/
Medium — API3 – Medium
DAOtalk — API3 DAO - DAOtalk

[ Proposed Insurance Tier]
As API3 has confirmed itself as a bona-fide presence in the cryptocurrency space, and given the considerable market capitalization since the intial whitelist proposal in December 2020, we feel that API could be considered a „mid-cap“ asset similar to OCEAN. However, we realize the pool is also new, and we accept without reluctance that expecting equal footing with established communities is naive. However, from the interest of building and maintaining healthy liquidity, and to help attarct more attention to the pool, we are asking the BancorDAO to consider our whitelist launch with a mid-range BNT coinvestment limit of 500,000 BNT (approx. $1m).
We look forward to further discussions with the Bancor community. We have an active API3/Bancor discussion group on Telegram, and we are also frequent visitors to the Bancor Discord server. If you would like to reach out, we will happily explain our interest in API3, and why we feel Bancor is the only best location for our liquidty for the foreseeable future.
Link to BNT/API3 TG group: Telegram: Join Group Chat

[ References ]
coingecko dot com/en/coins/api3/historical_data/usd
medium dot com/api3/api3dao-development-update-operations-cycle-1-ee26231ba4f
coinmarketcap dot com/currencies/api3
raw dot githubusercontent dot com/api3dao/api3-whitepaper/master/api3-whitepaper.pdf
medium dot com/api3/api3-tokenomics-update-f032d6e49b30
(Sorry for using “dot com” here. But there is technically no other way around to post more than 2 URLs in this forum)

1 Like

Nice to have you back! It has been wonderful to watch API3 get off to such a good start. I am happy to welcome you to the Bancor ecosystem. Good luck in the vote!

What changed your opinion / objective? I’m new here, but see you posted in December requesting both whitelisting and liquidity mining.

I’d be hesitant to support your proposal when the desired outcomes of the API3’s community advocates here (you, and others) are opaque. I see this is an old thread, so maybe this proposal was DOA and I’m just needlessly resurrecting it.