API3 provides oracle data for decentralized asset management organization HAI »CryptoNinjas
API3 is a provider of decentralized management and quantifiable and secure data sources that can support Web 3.0 applications without the use of third-party intermediaries. Today, it announced the establishment of the Hedging Inflation (HAI) DAMO (Decentralized Asset Management Organization) The latest partnership.
Hedging inflation is a project designed to minimize the risks associated with the inherent volatility of the crypto market. API3 will provide API data and dAPI supporting Airnode to achieve this.
HAI DAMO intends to provide investors with access to on-chain ETFs, which hold the best assets in different areas of the crypto field. Obtaining these baskets of assets can make it easier for novice investors to access a large number of tokens at the same time, thus hedging the risk of a single project failure.
Therefore, the creation of crypto-asset ETFs will reduce the barriers to entry for new investors, and at the same time contribute to the maturity of crypto as an asset class.
As the structure of DAMO, which is an asset management organization operated by DAO, HAI token holders will control the content of ETFs and manage their agreements.
Initially, HAI will create five ETFs, each covering a different part of the cryptocurrency ecosystem; blue chip projects, DeFi, NFT, growth and stablecoins. The versatility of API3’s API that supports Airnode will help provide accurate pricing data for these assets.
“Compared with other oracle providers, API3 is a clear choice. The Airnode agreement of API3 enforces accountability on behalf of providers, while providing a pricing mechanism similar to standard APIs. Low gas fees and reliable data will enable HAI DAMO can more actively optimize our tokenized ETF.”
– Hunter MacDonald, co-founder of Haidmore
In addition, the cooperation with HAI will also allow API3 token holders to participate in the management of HAI.
“For newcomers in the cryptocurrency field, the learning curve is very steep. Really decentralized crypto-related ETFs will help lower the barriers for investors to enter the blockchain; API3 is pleased to collaborate with HAI DAMO to create these ETFs.”
-Heikki Vänttinen, Co-founder of API3