Smart contracts frequently encounter challenges in accessing reliable data, but application programming interfaces (APIs) have emerged as a potential solution to this issue. API3 aims to enable the development, management, and monetization of decentralized versions of APIs at scale. As blockchain technology assumes an increasingly prominent role in various sectors, from decentralized finance to supply chain management, the API3 team emphasizes the critical importance of smart contracts delivering "timely, reliable real-world data." The API3 whitepaper was unveiled in September 2020, highlighting the primary issue associated with APIs: connectivity. Currently, smart contracts lack a direct connection to APIs for accessing the latest data, leading to a surge in the adoption of oracles. While oracles have partially addressed this challenge, the industry continues to grapple with the "Blockchain Oracle Problem." Oracles, acting as middleware between APIs and smart contracts, introduce higher costs and centralization. API3 aims to circumvent this issue by empowering API providers to operate their own nodes. API3's token was launched at the beginning of December following a token sale that raised tens of millions of dollars.