API3 DAO are planning to propose providing access to dAPIs (decentralized APIs), initially comprising cryptoasset data, and sports data to Omen. These are also intended to be available for future DXdao projects.
We’ve been discussing this for a while, and the full draft is quite long, but goes into much more detail about how exactly the dAPIs would work. There is a link here https://docs.google.com/document/d/1HxWx7M5ts8ItJPxdiRJCmEXj5AP7AXtQ9JZyGKvFjEo/edit?usp=sharing with comments enabled. We’d love to hear any feedback people have before creating a final proposal!
Hi @dav3 thanks for sharing this proposal draft here.
The document does a good job outlining what API3 does and how it’s made up.
To help ignite some community conversation around this topic, I have a few questions and some high level thoughts:
How do you see the relationship between between DXdao and API3 working? More as a client, who API3 is selling a service to? Or more of a partnership, where DXdao and API3 work together to integrate the technological solution to test it out, see how it works and give feedback on how to improve it? Both parties helping each other.
With the way Omen is working today, price oracles are not really an issue. The current system has an effective way to settle markets based on market prices. I think this proposed solution would be great if and when we have lots and lots of markets that settled based off prices (maybe we will have that on xDai version of Omen). So we should definitely start planning for the future.
As this is very new tech, both parties will likely want to start slow and test and and make sure things work before ramping up. Are there any ways for community members to see API3 in action?
It would be awesome to have API3 community part of the DXdao community and vice versa. I think both groups can really work together to help each other out and move things forward. How should this progress? Maybe DXdao and API3 should start working together and, as each helps create value for the other community, each has a way to earn REP or value in each other’s community?
Excited to hear what you and others here think as well. Would be great to have some asynchronous discussion here and then we can have a discussion to talk details (maybe on the weekly DXbiz call?)
Hi @sky thanks for the questions - let me do my best to answer them:
I see this as a partnership, based on mutual interests. We are big fans of DXdao, and the feedback from the testing and integration process will help us out, and the requested REP will also help us contribute where we are able to help. Similarly, the DXdao get access to a couple of different types of data, which will hopefully help improve Omen’s potential offerings, and could be used in other future projects.
We are a few months away from having working dAPIs, because these require the authoritiative version of the DAO to operate, and this is still being developed. To this extent, we are also planning for the future, and starting to co-operate this early will ensure that everything can be ready to use as soon as it is available. We also are offering sports data as part of this proposal, not just crypto price data.
We agree about starting slow. Our plan is outlined in the proposal for this - starting off with single Airnode-enabled APIs to test (which won’t have to wait for the full authoritative DAO), then scaling up to the full dAPIs as they are available.
I definitely agree about the communities working together, we have a few DXdao members in API3 already. We also are requesting REP here to help us contribute to the DXdao long term as a DAO. A REP exchange is harder, because our voting rights come from staking API3 tokens to ensure the governing parties have skin in the game (these are used to collateralise the dAPI insurance). We could definitely open the discussion about a token swap following this proposal though.
Let me know if you have any follow up questions - happy to speak on another call if people would like. We did have a separate call with DXdao a couple of weeks ago, and our developers have already discussed the technical details too on a previous occasion, the proposal is to make sure that the DAO members agree that it would be beneficial so that we can start work.