UNION Partners with API3 to Integrate a Suite of Products & Services for Users in Both Communities
UNION is pleased to announce our partnership with API3, the decentralized API and oracle platform for Web3, to bring various integrations and services to users of both communities.
“API3 is an exciting project, with a strong community and talented team. We’re excited to be working with them to provide protection products that leverage their unique architecture and access to data. As partnerships into vertical traditional and DeFi protection markets continue to be our focus, we know the team at API3 will prove an invaluably capable partner,” said Michael Beck, UNION’S project lead.
API3 brings traditional API services to the blockchain via decentralized data feeds and a network of API provider-run, first-party oracles, removing third-party intermediaries. API3’s platform is DAO-governed, insures against data feed malfunctions, and supports cross-chain data referencing for a growing inter-chain DeFi ecosystem. API3 have integrations of their web3 API gateway, Airnode, in process with some of the leading protocols in DeFi, including Matic, Kleros, Fantom, and Harmony.
UNION will incorporate API3’s oracle feeders into its platform so that policy writers and products can leverage secure, accurate, and diverse data for UNION’s product suite. API3’s data will funnel into U-CDS, allowing UNION to tap into API3’s architecture to onboard and distribute single-source data within a decentralized framework — making U-CDS’ reference data more robust and diverse.
Additionally, UNION will work with API3 to offer policies around event data-driven applications, jointly marketing products and sharing profits. U-CDS protection offerings will also be extended to API3’s oracle, data, and smart contract risks, enabling API3 users to purchase convex, downside protection on its network of oracle providers in the case of various exploits at affordable premiums. Event data associated with claims and payouts will also be shared with API3 to ensure clarity around the mechanics and usage of coverage pools.
“UNION is one of the few projects in the crypto/blockchain space thinking very deeply about both decentralizing off-chain insurance products as well as providing much needed insurance for on-chain protocols. We are very excited to partner with them and to continue building systems that help users mitigate risk.” — Sasa Milic, API3 co-founder.
Moving forward, UNION and API3 will explore further opportunities for collaboration that mutually benefit both ecosystems. We’re thrilled to add one of the industry’s leading decentralized API and oracle providers and welcome the API3 community to the UNION ecosystem.
API3 connects decentralized applications with data and services offered by traditional Web APIs, expanding the applicability of the blockchain without sacrificing decentralization. This is achieved by Airnode — a first-party oracle, designed to be operated by the API provider — and fully decentralized and blockchain-native data feeds. API3 data feeds are set up, managed, and monetized at scale by the API3 DAO — a Decentralized Autonomous Organization, which allows all stakeholders to participate in the governance of the project directly.
UNION is a technology platform that combines bundled protection and a liquid secondary market with a multi-token model. DeFi participants manage their multi-layer risks across smart contracts and protocols in one scalable system. UNION decreases the entry barriers for retail users and lays the foundation for institutional investors. UNION’s full-stack DeFi protection is inclusive, composable, and brings battle-tested capital and pricing models from TradFi to the DeFi ecosystem.
For more info, follow us at:
Telegram ANN: https://t.me/UNNFinanceANN