- Announcing the Partnership with HAI DAMO
API3 is excited to announce the partnership with Hedge Against Inflation DAMO (Decentralized Asset Management Organisation). Hedge Against Inflation is a project designed to minimize the risks associated with the volatility inherent in crypto markets. API3 will be providing Airnode-enabled API data and dAPIs to enable this.
HAI DAMO intends to provide investors with access to on-chain ETFs that hold the top performing assets in different areas of the crypto space. Having access to these baskets of assets makes it easier for novice investors to gain exposure to a lot of tokens all at once, hedging the risk of individual projects failing. The creation of crypto asset ETFs will therefore reduce barriers to entry experienced by new investors, while also contributing to the maturity of crypto as an asset class.
HAI will be structured as a DAMO, which is a DAO-operated asset management organization. Token holders will have control over the contents of the ETFs and the protocol managing them. Initially, HAI will create five ETFs, each covering a different part of the cryptocurrency ecosystem — bluechip projects, DeFi, NFTs, growth and stablecoins. The versatility of API3’s Airnode-enabled APIs will help provide accurate pricing data for these assets.
API3 is particularly excited to work with DAO-governed projects, and API3 and HAI both see fully decentralized governance as key to developing a truly trustless ecosystem. The partnership with HAI will also give API3 token holders a stake in governing HAI, with more details about this in an upcoming announcement.
“API3 was a clear choice in comparison to alternative oracle providers. API3’s Airnode protocol enforces accountability on behalf of the providers while offering similar pricing mechanisms to standard APIs. Cheap gas fees and dependable data will allow for HAI DAMO to more actively optimize our tokenized ETFs.”
— Hunter MacDonald, HAI DAMO Co-Founder
“There is a pretty steep learning curve for people new to the cryptocurrency space. Truly decentralized crypto-related ETFs will help trustlessly lower barriers of entry into blockchain for investors, and API3 is excited to be working with HAI DAMO to create these ETFs”
— Heikki Vänttinen, API3 Co-Founder
API3 builds decentrally governed and quantifiably secure data feeds that power Web 3.0 applications without employing third-party intermediaries. Powered by Airnode-enabled first-party oracles, API3’s dAPIs are fully decentralized and blockchain-native APIs with quantifiable security. Read our full whitepaper here.
HAI DAMO Links
Twitter : https://twitter.com/thehaidamo
Telegram : https://t.me/hedgeagainstinflation
Twitter — https://twitter.com/API3DAO
Telegram — https://t.me/API3DAO (Community Chat)
Discord — https://discord.gg/qnRrcfnm5W (Builder Chat)
Github — https://github.com/api3dao
Reddit — https://www.reddit.com/r/API3
- Date of publication:
- Fri, 06/11/2021 - 09:21
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