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Georgian Lari (GEL) to API3 (API3) Instantly

Purchase API3 (API3) with Georgian Lari (GEL) easily at Switchere and benefit from fast, secure transactions.

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About
API3 (API3)

API3 is a collaborative project dedicated to building, managing, and monetizing decentralized APIs (dAPIs) at scale, directly addressing the blockchain oracle problem. It aims to connect smart contracts with real-world, off-chain data in a more secure, transparent, and cost-effective manner. Unlike traditional oracle models that rely on third-party intermediaries, API3 champions a first-party oracle solution. This model allows API providers to run their own oracle nodes, called Airnodes, with minimal effort. This direct data sourcing from the provider to the blockchain technology eliminates the need for middlemen, reducing attack vectors and increasing the reliability of on-chain data feeds for various DeFi applications and Web3 infrastructure.

The core of the ecosystem is the API3 token, a digital asset that functions as both a utility and governance token. Token holders can participate in the API3 DAO, which governs the entire network, including the selection of dAPIs and collateral management. Staking the API3 token is a crucial component of its tokenomics, as it provides a security collateral and an insurance-like mechanism for users of the dAPIs, guaranteeing service quality and data integrity. This cryptographic security model aligns incentives between API providers, dApp developers, and the DAO, fostering a robust and decentralized Web3 API economy.

API3 (API3)

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How to Buy API3 (API3)

  1. Select currency menu

    Choose GEL to API3 Pair

    Select your preferred payment method and enter the amount.

  2. Crypto address page

    Enter Your API3 Wallet Address

    Provide your API3 wallet address and proceed with the payment.

  3. Confirmation page

    Receive Your API3

    Complete the payment, and your API3 will be sent to your wallet.

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Frequently Asked Questions

  • What is the most direct way to buy API3 tokens with Georgian Lari (GEL)?

    The most direct method involves using a cryptocurrency exchange that offers a GEL fiat on-ramp. Users typically need to complete KYC/AML verification, deposit GEL via a Georgian bank transfer or local payment method, and then execute a trade on the GEL/API3 order book. This provides direct access without first converting to USD or EUR, streamlining the acquisition of this digital asset used for decentralized API (dAPI) services.

  • What are the typical fees when performing a GEL to API3 blockchain transaction?

    Executing a GEL to API3 transaction involves several potential fees. First, the exchange may charge a deposit fee for GEL bank transfers. Second, there is a trading fee (usually a small percentage) when you buy API3 on the order book. Finally, when withdrawing API3 to a personal digital wallet, you'll incur a network fee. Since API3 is often an ERC-20 token, this would be an Ethereum gas fee, which varies based on network congestion. Always check the exchange's fee schedule for precise costs.

  • What security practices are essential when trading GEL for the API3 digital asset?

    Secure trading of GEL for API3 starts with using a reputable, regulated cryptocurrency exchange. Always enable two-factor authentication (2FA) on your account. After purchasing, it is highly recommended to withdraw your API3 tokens from the exchange to a personal, non-custodial digital wallet where you control the private keys. This minimizes the risk of loss from exchange hacks. Be wary of phishing scams and never share your wallet's seed phrase or private keys.

  • How does API3's first-party oracle model benefit a developer funding their project with GEL?

    By acquiring API3 directly with GEL, a developer can access its first-party oracle network, which connects smart contracts to real-world data directly from the source. This model, powered by Airnode technology, eliminates intermediaries, reducing attack surfaces and costs. For a developer in the Caucasus region, this means more secure and cost-effective on-chain data feeds for their dApps, funded efficiently through their local fiat currency.

  • Why would someone choose a GEL/API3 pair over a USD/API3 pair?

    Choosing the GEL/API3 pair is advantageous for individuals whose primary currency is the Georgian Lari. It eliminates currency conversion fees and risks associated with GEL-to-USD exchange rate fluctuations. This direct fiat gateway simplifies the process, potentially offering lower overall transaction costs and faster settlement times for those operating within Georgia's financial system, making it a more efficient on-ramp for participating in the API3 DAO and its decentralized governance.

  • Are there specific regulatory considerations for buying API3 with Georgian Lari (GEL)?

    Yes, while Georgia has a favorable crypto environment, transactions involving fiat like GEL are subject to financial regulations. Any reputable cryptocurrency exchange facilitating GEL/API3 trades must adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) laws. This means you will need to provide identification documents to verify your identity before you can deposit GEL and begin trading. This compliance ensures a secure trading environment and alignment with national financial standards.

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