About TapTools
TapTools stands as a key analytics platform within the active Cardano ecosystem. Offering insights similar to major market trackers, TapTools concentrates specifically on Cardano Native Assets – the wide range of tokens built on the Cardano blockchain. Users can freely access a full list of these assets, while a premium service gives access to deeper analytics and user-friendly wallet tracking features, allowing users to work in the Cardano market with confidence.
The Challenge: Making Sense of ADA-Denominated Values
The Cardano ecosystem primarily runs on its native currency, ADA. ADA is the core digital coin used for transactions, staking, and interacting with applications on the Cardano blockchain. While using ADA is standard within the network, it presents a usability difficulty for a worldwide user base more used to valuing assets in familiar currencies like the US Dollar (USD), Euro (EUR), or even other major cryptocurrencies like Bitcoin (BTC). When most assets on TapTools were shown only in ADA, users had to constantly do mental math or use external converters to understand the real-world value.
TapTools recognized this issue. To provide truly valuable and easy-to-use analytics, they needed a crypto API that could:
- Convert ADA to USD and other fiat currencies: Consistently translate the value of Cardano Native Assets from ADA into multiple fiat currencies (especially USD) and other cryptocurrencies.
- Obtain Accurate currency exchange rates data: Get price data that reflects the broader market, not just the rates from a single exchange, to provide users with reliable valuations.
- Access Historical Data: Provide context and allow for trend analysis by accessing past price information without limitations.
Without accurate, multi-currency price conversions, users would face manual calculations, slowing down quick decision-making and potentially creating confusion about true asset value.
Finding the Right Data Partner
With the challenge clearly defined, TapTools began a search for a market data provider capable of delivering the necessary exchange rate data with both precision and steady reliability. Their criteria were specific. First and foremost was the need for an aggregated data source; relying on a single exchange's API, such as Coinbase, was seen as insufficient, as it wouldn't capture the full market picture.
They sought a provider drawing data from multiple exchanges to achieve better accuracy and resilience. Equally important was consistent, dependable performance for the constant stream of real-time conversions required by their platform. Finally, the ability to retrieve historical exchange rates was essential for building complete analytics, and this access needed to be free from the restrictive limitations often imposed by tiered pricing models common in the industry. The ideal partner had to meet all these needs.
The Solution: CoinAPI's Aggregated Exchange Rates
CoinAPI emerged as the best solution, directly addressing TapTools' core needs. CoinAPI's strength lies in its aggregation of market data from over 370 exchanges worldwide. This provided TapTools with:
- Accurate, Aggregated Exchange Rates: By drawing data from numerous venues, CoinAPI offered a more representative and dependable market rate for converting ADA to USD, EUR, BTC, and other currencies compared to single-source APIs.
- Accessible Historical Data: CoinAPI's approach to historical data access met TapTools' requirement, allowing them to retrieve past exchange rates without the limitations encountered with other potential providers like CoinMarketCap's tiered plans.
- Simple Integration: A straightforward REST API concentrated on delivering the needed exchange rate data.
Easy Integration, Real Impact
Integrating CoinAPI proved to be a straightforward process for the TapTools development team. Using Python, the TapTools team integrated CoinAPI’s REST-based crypto API to fetch real-time ADA-to-fiat currency exchange rates, enabling seamless value conversion." The results of this integration quickly became clear. Users benefited immediately from an improved experience, now able to instantly view Cardano asset values in familiar currencies like USD or EUR, eliminating guesswork and manual calculations. This clarity greatly improved the platform's user-friendliness. Also, the use of CoinAPI's aggregated data built greater confidence in the accuracy of the displayed valuations. Operationally, TapTools reported the integration has been highly dependable in production, consistently delivering the required data without issues.
Reflecting on the choice, the TapTools team shared:
"CoinAPI has been great and offers everything we need, plus a lot more features we might use down the line. When we were looking, having data from many exchanges integrated was the main selling point for accuracy. Another issue we saw with other providers was how much they limited access to historical price data. CoinAPI didn't limit the history we were able to get, which was essential for some of the analytics we wanted to build. It just worked and has been very reliable."
Ultimately, by making asset values transparent and easy to grasp, the CoinAPI solution directly aided TapTools' business objectives, contributing positively to customer acquisition and retention.
Looking Forward
As TapTools continues to develop its analytics platform, the Cardano ecosystem itself is growing and changing. This brings opportunities but also potential challenges, such as handling increasing transaction volumes, adapting to network upgrades (like the Voltaire era focused on governance), and providing analytics for new types of assets or DeFi protocols that emerge. Accurate data will remain critically important for TapTools to navigate these developments and keep providing clear insights. The integration with CoinAPI provides a solid base for user-friendly asset valuation, which is key as the ecosystem matures. This cooperation highlights how access to wide-ranging, aggregated exchange rate data is essential for platforms aiming to deliver clarity and usability. By providing the right data tools, CoinAPI allows TapTools to give users greater capability within the Cardano space, regardless of future complexities.
About CoinAPI
CoinAPI offers real-time and historical crypto market data from more than 370 exchanges worldwide (and we're always adding more based on client requests). Our suite includes Market Data API, Exchange Rate API, Indexes APIs, bulk historical data via Flat Files, an Execution Management System (EMS) Trading API, and an Exchange Link service. With attention to accuracy, reliability, and speed, CoinAPI permits businesses like TapTools to build informed strategies and develop effective trading and analytics solutions.
More on TapTools
TapTools operates as a specialized analytics provider with a clear focus solely on the Cardano network. They supply Cardano users, ranging from casual observers to serious traders, with the necessary tools to track assets, analyze trends, and monitor wallets directly within that ecosystem. Their commitment includes offering a free tier for wide accessibility alongside premium features for users requiring more advanced data capabilities.
Want to deliver clarity that your users can trust? See how CoinAPI’s crypto API helps platforms like TapTools deliver accurate exchange rates across USD, EUR, BTC, and more with ease. Join TapTools and other teams building with CoinAPI.
