API3, a decentralized service providing DeFi data feeds to blockchain smart contracts without third-party reliance, has raised $4 million in a funding round led by DWF Labs, which contributed $2 million. Spartan Group added $1 million, while Laser Digital and Caladan each invested $500,000. The funds will provide liquidity to support API3's growth strategy, marketing, and business development initiatives.

API3's total secured value (TSV) has surged by 4900%, from $20 million to over $1 billion, following integrations with new blockchain ecosystems like Optimism Superchain, X-Layer, and Worldcoin. DWF Labs' managing partner Andrei Grachev emphasized the significant impact of API3 on decentralized applications and expressed eagerness for future collaboration.

Operating under a decentralized autonomous organization (DAO) structure, API3 leverages smart contracts for governance.

The crypto market saw a significant fundraising surge, reaching $2.4 billion in Q1 2024, driven by a bull market. According to PitchBook, investment activity increased by 40.3% compared to the previous quarter, with 518 deals totaling $2.3 billion closed in the first quarter.