API3 Airnode is live on Avalanche mainnet!
Heimdall and the Kassandra Protocol are using API3’s Airnode to manage a decentralized investment basket on the Avalanche mainnet called the Avalanche Social Index.
With Airnode, any web API can directly connect to a blockchain application to make real-world data accessible via smart contracts. Airnode also enables API data to be queried from blockchains without the need for any specialist node-operating middlemen.
The Avalanche Social Index,(aHYPE) is available on Kassandra and operates as a token that represents a fraction of an ever-changing and dynamic portfolio. With the help of Heimdall (a social data company) and API3 (a first-party oracle solution), aHYPE constantly allocates funds towards the most active communities in the Avalanche ecosystem.
The Avalanche Social Index is balanced according to the values of the social score made available by the Heimdall project and the technology provided by Kassandra.
Kassandra’s Use of Airnode
Kassandra is an innovative project that operates as a marketplace for tokenized and data-driven investment strategies. It also delegates fund management in a decentralized, efficient, and customizable way.
Kassandra has partnered with API3 to ease the process of porting complex fund management strategies to decentralized ecosystems and connecting them with several data feeds available via API3. Thus, Airnode plays a critical part in making these feeds available.
Not incidentally, Kassandra will be creating several additional investment funds using similar data feeds. As a result, many more investors will be able to rely on smart contracts to manage their funds (and forgo reliance on a third-party). In addition, they will earn governance token rewards simply for investing in smart strategies.
How Heimdall Uses Airnode
Heimdall’s algorithm creates a social score that measures the social relevance of users, tweets, and single-interest communities. It’s heavily based on graph theory and inspired by Google’s search engine algorithm.
This information is very useful to users seeking to assess the network effect of a cryptocurrencyHeimdall’s algorithm can also dynamically measure users’ centrality in a cryptocurrency’s Twitter community.
Airnode allows Heimdall to sell its blockchain-based data service directly to consumers (without the need for node-operating middlemen). Moreover, it requires minimal maintenance and eliminates the need for Heimdall to deal with different cryptocurrencies or even the blockchain.
API3 expects its partnership with Heimdall will encourage Airnode adoption among similar data providers seeking a standard easy-to-use oracle.
The API3 Alliance
With API3’s Airnode, data providers can make their web-based APIs easily accessible to blockchain-based decentralized applications. In essence, API3 eliminates the need for third parties since data providers can become their own blockchain oracles.
Consequently, more than 150 data providers have joined the API3 Alliance in the past few months. In short, the group’s continued growth is helping to accelerate the development of Web3.
“Web3 is the biggest growth opportunity for businesses since the inception of the Internet, and it is firmly rooted in decentralization. This creates a problem for traditional API companies, as Smart Contracts cannot directly connect to APIs for real-world data and services. However, Airnode facilitates API connectivity by acting as a bridge between the smart contract and the API.”
— — Heikki Vänttinen, Co-Founder of API3
About API3
API3 is the leading first-party oracle solution that makes real-world data accessible by smart contracts. With Airnode, API data can be queried from blockchains without having to use specialist node-operating middlemen. This architecture both eliminates the Sybil-vulnerable third-party node layer and reduces fees by cutting out the “middleman tax” paid to these node operators for their services. API3 is the perfect fit for any blockchain-based data service seeking to sell directly to consumers (since it leaves out node-operating middlemen).
About Heimdall
Heimdall is a powerful social listening tool that filters and analyzes Twitter data in real-time, mapping and measuring all social interactions related to cryptocurrencies. It’s heavily based on graph theory and inspired by Google’s search engine algorithm. Their algorithm creates a social score that measures the social relevance of users, tweets, and single-interest communities.
