Risk Curators · Review
ActiveApi3 Review 2026: Oracles, OEV Markets and a New DAO
Api3 is a first-party oracle provider that also curates OEV-enabled lending markets. Its token supply is now fixed at 200,000,000 and the old DAO has been retired, so anyone holding or staking API3 should read the new rules first.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.8/10
Good
Our verdict on Api3
6.8/10Api3 suits readers who follow oracle infrastructure and are curious about OEV, the idea of recapturing liquidation value for dApps and users. Its main strength is the first-party oracle model, now paired with a fixed 200,000,000 token supply. The main caveat is the transition: staking rewards have ended, the new DAO treasury has few published details, and TVL moved sharply in a week. Read the governance rules before holding or voting.
Score breakdown
How Api3 scores
- Security
- 7.0/10
- Ease of use
- 6.0/10
- Fees
- n/a
- Features
- 7.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Api3?
Api3 began as a project to bring API data to smart contracts through first-party oracles. DefiLlama now classes it as a risk curator and describes it as a first-party oracle provider that curates OEV-enabled lending markets.
The homepage focuses on a change in the token and DAO. The supply is fixed at 200,000,000 API3, the last token has been minted, the old DAO is retired and a new DAO begins with monthly buybacks. Staking rewards have ended.
DefiLlama shows about $12.7 million in TVL across Ethereum and Base, with two audits listed and a listing date of February 2022. TVL dropped 29% over the latest seven days. Public detail on the new DAO treasury is limited, as the page says "More soon".
How Api3 works
A blockchain cannot read outside data by itself, so smart contracts depend on oracles to supply things like asset prices. Api3's approach is first-party oracles, where the company that owns the data runs the oracle itself instead of passing it through a separate node network.
OEV, or oracle extractable value, is the value created when an oracle update opens a profitable liquidation. Api3 says it curates lending markets that capture this value and send the revenue back to dApps and DeFi users as extra yield, rather than leaving it to outside searchers.
On the token side, the homepage says supply is fixed at 200,000,000 API3 and the old DAO has been retired. A new DAO plans monthly buybacks, and staking rewards are no longer paid.
6 features
Key features
01
First-party oracles
Oracles are run by the companies that own the data, which cuts out third-party node operators between the source and the smart contract.
02
OEV-enabled lending markets
Api3 curates lending markets built to recapture liquidation incentives. The revenue goes back to dApps and DeFi users as additional yield.
03
Fixed token supply
The homepage says 200,000,000 API3 is the total supply, with the last token minted and the keys burned.
04
Monthly buybacks
The homepage describes monthly buybacks and years of runway under the new DAO, though it gives no figures.
05
New DAO governance
The old DAO is retired and a new DAO with a new mission takes over. Votes take place on Snapshot.
06
Unstaking path
Staking rewards have stopped. Staked tokens keep their voting power and previously earned rewards keep vesting.
Pros and cons
What we like
- First-party oracle design means data owners run the oracles themselves
- OEV lending markets aim to return liquidation value to dApps and users
- Fixed supply of 200,000,000 API3 with minting ended, as stated on the homepage
- Two audits listed on DefiLlama
- Clear homepage notice and unstaking route for existing stakers
- Live on Ethereum and Base, with listing since 2022
Watch out for
- The homepage says staking rewards have ended, so the old staking yield no longer applies
- TVL fell 29% over seven days in the DefiLlama data, which shows how volatile the figure is
- The new DAO's treasury page says only "More soon", so the buyback plan has little public detail
- The OEV lending markets are a niche product and public sources give no usage figures for them
- Oracle and lending integrations add smart-contract risk, and public sources list only two audits without naming auditors
- Buyback details such as size, timing and funding are not published on the homepage
Api3 fees
Api3 does not publish a fee schedule. No oracle pricing, curation fees or revenue splits for OEV markets are listed on its homepage.
Anyone using lending markets curated by Api3 would see rates and fees in the interface of the lending protocol involved. Unstaking API3 costs normal network gas, and tokens unlock on a schedule.
Is Api3 safe?
DefiLlama lists two audits for Api3, but the project does not name the auditors or the scope. Oracles are critical infrastructure, so a bug or bad data feed can affect every protocol that depends on it. OEV lending markets also carry the usual lending risks such as liquidation and smart-contract flaws.
The homepage says the token keys have been burned, which means no further minting. Governance has moved from the old DAO to a new one, and the treasury details are not yet published. No hacks or incidents appear.
5 steps
How to get started with Api3
- 1
Read the homepage and the governance rules to understand the new DAO and the end of staking rewards.
- 2
If you hold staked API3, open the DAO dashboard and start the unstaking process, then withdraw as tokens unlock.
- 3
Check the token contract link from the official site to confirm you are dealing with the correct API3 token.
- 4
Follow the Snapshot page to see how proposals and votes work under the new DAO.
- 5
If you are interested in OEV lending markets, find the specific markets on the lending protocols that list them and review those protocols' own documentation and audits.
Who Api3 is for
Api3 is for DeFi users and developers who care about oracle design and OEV, and for existing API3 holders who need to understand the DAO change and the end of staking rewards. It is less suited to anyone looking for ongoing staking yield.
Api3 FAQs
What is Api3?
Api3 is a first-party oracle project. It delivers data from APIs to smart contracts, with the data owners running the oracles themselves. DefiLlama also lists it as a risk curator that sets up lending markets which capture OEV.
What is OEV in Api3?
OEV stands for oracle extractable value. It is the value that arises when oracle price updates make liquidations possible. Api3 says it curates lending markets that recapture those liquidation incentives and pass the revenue back to dApps and DeFi users as extra yield.
Is the API3 supply fixed?
The homepage states that the supply is fixed at 200,000,000 API3, that the last token has been minted and that the keys have been burned. It describes the plan as fixed supply, monthly buybacks and years of runway.
Does Api3 still pay staking rewards?
No. The homepage says no more rewards are distributed for staking and encourages users to unstake. Staked tokens keep their vote and rewards already earned keep vesting, but nothing new is paid. Unstaking is done through the DAO dashboard.
Which chains does Api3 run on?
DefiLlama lists Api3 on Ethereum and Base. It shows about $12.7 million in TVL and a 29% drop over seven days. Check current figures before relying on them.
How does Api3 governance work now?
The homepage links to a Snapshot page for voting under a new DAO. The old DAO is retired. The governance rules are linked from the site, so read them before voting.
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How we checked
Sources
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