Simone Martini, Miracle of the Child Falling From the Balcony, 1324.

API3 Core Technical Team Report, August 2022

In preparation for our insurance-like service coverage product, we scheduled a fourth audit of the DAO and the staking pool to be done this month. Unlike others, the scope of this audit included the front-end, and there were two critical findings in the module we specifically requested extra attention to. These findings are now patched in production, and we confirmed that they haven’t been exploited in the past. There were no findings relating to contract code that warranted a response. We will publish the audit report once it’s finalized, which you can get detailed information from.

At the data feed operation side, we were set back by Airnode issues around GCP deployments. We’ll rework the related components to fix these problems and potentially implement features that weren’t possible before.

With this 3 month-cycle, the core technical team kicked off the monetization effort. This primarily relates to premiums paid for service coverage policies being translated into API3 tokens being bought back from the market and burned, and API providers being compensated at scale. We’re planning the end result to be an end-to-end flow that starts at the API3 Market and ends with API3 token scarcity and happy API providers.

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