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Singapore Dollar (SGD) to API3 (API3) Instantly

Purchase API3 (API3) with Singapore Dollar (SGD) 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 SGD 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 SGD/API3 trading pair and its significance?

    The SGD/API3 pair represents a direct fiat on-ramp, allowing you to purchase the API3 token using Singapore Dollars. Its significance lies in providing direct access from a major Southeast Asian fiat currency to the API3 ecosystem, which focuses on solving the 'oracle problem' through first-party oracles and Airnode technology, connecting smart contracts directly to real-world API data providers.

  • How does API3's Airnode technology impact the utility of the token?

    Airnode is a lightweight, serverless oracle node that allows API providers to directly serve their data to on-chain applications. The API3 token is central to this model; it's used for DAO governance to manage the network of dAPIs (decentralized APIs) and can be staked to provide security and insurance for these on-chain data feeds. This direct integration makes the token essential for the network's operation and security.

  • After buying API3 with SGD, what are the best security practices for storing the token?

    While leaving assets on a reputable exchange is convenient, the principle of self-custody is paramount in blockchain. For long-term holding or to participate in API3's DAO governance and staking, you should transfer your API3 tokens to a secure digital wallet where you control the private keys. Hardware wallets are generally considered the most secure option for storing digital assets.

  • What are the typical payment methods for buying API3 with SGD?

    To purchase this digital asset on a cryptocurrency exchange, users in Singapore commonly use local payment methods. These include FAST (Fast and Secure Transfers) and PayNow for near-instant bank transfers. Some platforms may also accept debit card payments, but it's crucial to check for compliance with MAS (Monetary Authority of Singapore) regulations and any associated fees.

  • Are there specific KYC/AML regulations to consider when using SGD as a fiat on-ramp?

    Yes, any cryptocurrency exchange that facilitates SGD transactions must comply with the regulations set by the Monetary Authority of Singapore (MAS). This mandates strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. You will be required to verify your identity with government-issued documents before you can execute a blockchain transaction from SGD to API3.

  • How does API3's first-party oracle model differ from other oracle solutions?

    Unlike many oracle networks that use third-party node operators to fetch and relay data, API3's model encourages the actual API data providers to run their own Airnode. This creates first-party oracles, eliminating middlemen. This architecture aims to increase transparency, reduce costs, and minimize attack vectors, as the on-chain data comes directly from the source, enhancing data integrity for smart contracts.

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