diff --git a/api/app/limiter_v2/README.md b/api/app/limiter_v2/README.md
new file mode 100644
index 000000000..ba037dd67
--- /dev/null
+++ b/api/app/limiter_v2/README.md
@@ -0,0 +1,64 @@
+# Limiter V2
+
+## Usage
+
+note:
+
+**limiter_v2.limit decorator must be used before cache.cached decorator**
+
+
+```python
+from limiter_v2 import limiter_v2, require_api_key, get_limits
+
+
+# require_api_key, user default limits
+@explorer_namespace.route("/v1/some_resource")
+class SomeResource(Resource):
+    @require_api_key
+    @cache.cached(timeout=300, query_string=True)
+    def get(self):
+        return {"message": "Hello, world!"}, 200
+
+
+# require_api_key, user custom limits
+@explorer_namespace.route("/v1/some_resource")
+class SomeResource(Resource):
+    @require_api_key
+    @limiter_v2.limit(get_limits)
+    @cache.cached(timeout=300, query_string=True)
+    def get(self):
+        return {"message": "Hello, world!"}, 200
+
+
+# require_api_key, user custom limits with cost
+@explorer_namespace.route("/v1/some_resource")
+class SomeResource(Resource):
+    @require_api_key
+    @limiter_v2.limit(get_limits, cost=2)
+    @cache.cached(timeout=300, query_string=True)
+    def get(self):
+        return {"message": "Hello, world!"}, 200
+
+# require_api_key, user custom limits with cost, if user has no limits, use default limits
+@explorer_namespace.route("/v1/some_resource")
+class SomeResource(Resource):
+    @require_api_key
+    @limiter_v2.limit(get_limits, cost=2, override_defaults=False)
+    @cache.cached(timeout=300, query_string=True)
+    def get(self):
+        return {"message": "Hello, world!"}, 200
+```
+
+## add new limits
+
+generate new api key and insert into db
+
+limits format:
+```
+1/second, 100/hour
+1000/day
+30 per minute
+```
+multiple limits are supported, use comma to separate
+
+
diff --git a/api/app/limiter_v2/limiter.py b/api/app/limiter_v2/limiter.py
new file mode 100644
index 000000000..7a2b118a4
--- /dev/null
+++ b/api/app/limiter_v2/limiter.py
@@ -0,0 +1,65 @@
+from datetime import datetime, timezone
+from functools import wraps
+
+from flask import jsonify, make_response, request
+from flask_limiter import Limiter
+
+from api.app import cache
+from common.models import db
+from common.models.limiter import ApiKey
+
+
+def get_header_api_key():
+    return request.headers.get("X-API-KEY", "")
+
+
+limiter_v2 = Limiter(
+    key_func=get_header_api_key,
+    default_limits=["100 per hour"],
+    storage_uri="memory://",
+)
+
+
+def require_api_key(f):
+    @wraps(f)
+    def decorated(*args, **kwargs):
+        api_key = get_header_api_key()
+        if not get_api_key(api_key):
+            return make_response(jsonify({"error": "Invalid API key"}), 403)
+        return f(*args, **kwargs)
+
+    return decorated
+
+
+def get_api_key(api_key):
+    cache_key = f"ak_{api_key}"
+    api_key_from_cache = cache.cache.get(cache_key)
+    if api_key_from_cache:
+        # if id is -1, api key not found in db
+        if api_key_from_cache.id == -1:
+            return None
+        return api_key_from_cache
+
+    api_key_from_db = (
+        db.session.query(ApiKey)
+        .filter(ApiKey.api_key == api_key, ApiKey.expires_at > datetime.now(timezone.utc))
+        .first()
+    )
+
+    if api_key_from_db:
+        cache.cache.set(cache_key, api_key_from_db, 600)
+        return api_key_from_db
+
+    # if api key not found in db, set it in cache to avoid future db hits
+    cache.cache.set(cache_key, ApiKey(id=-1), 300)
+    return None
+
+
+def get_limits():
+    api_key = get_header_api_key()
+    api_key_model = get_api_key(api_key)
+
+    if api_key_model:
+        return api_key_model.limits
+
+    return []
diff --git a/api/app/main.py b/api/app/main.py
index f5f902887..80d8bc75e 100644
--- a/api/app/main.py
+++ b/api/app/main.py
@@ -7,6 +7,7 @@
 
 from api.app.cache import cache, redis_db
 from api.app.limiter import limiter
+from api.app.limiter_v2.limiter import limiter_v2
 from common.models import db
 from common.utils.config import get_config
 from common.utils.exception_control import APIError
@@ -59,6 +60,7 @@
 
 # Rate limit
 limiter.init_app(app)
+limiter_v2.init_app(app)
 
 # ma.init_app(app)
 CORS(app)
diff --git a/common/models/limiter.py b/common/models/limiter.py
new file mode 100644
index 000000000..06f3d5fe4
--- /dev/null
+++ b/common/models/limiter.py
@@ -0,0 +1,16 @@
+from sqlalchemy import TEXT, Column, func
+from sqlalchemy.dialects.postgresql import BIGINT, JSONB, TIMESTAMP, VARCHAR
+
+from common.models import HemeraModel
+
+
+class ApiKey(HemeraModel):
+    __tablename__ = "api_key"
+
+    id = Column(BIGINT, primary_key=True, autoincrement=True)
+    api_key = Column(VARCHAR(255), unique=True)
+    limits = Column(TEXT)
+    expires_at = Column(TIMESTAMP)
+    description = Column(VARCHAR(255))
+    created_at = Column(TIMESTAMP, default=func.now())
+    updated_at = Column(TIMESTAMP, default=func.now(), onupdate=func.now())