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The Graph (GRT): Price Updates, Recent Developments, Community, Future Events

CryptocurrencyAug 10, 2021 12:00AM ET
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The Graph (GRT): Price Updates, Recent Developments, Community, Future Events

  • The founders of The Graph protocol have set up Edge & Node to assist in the development of new tools and dApps.
  • Decentralized graphs are indexing functions that sort blockchain data, making it more efficient.
  • The Graph has integrated with Polygon/MATIC for their Graph Studio billing system.
  • The Graph Foundation created a Wave 2 funding channel worth $2.8 million to focus on protocol R&D.

On the Ethereum network, data is stored in blocks of data that are not thoroughly indexed, therefore, creating a backend architecture design for dApps necessitates an efficient data structure that allows for easier searching.

The Graph is a decentralized indexing query solution for the Web 3.0 era, focused around the Ethereum network and the InterPlanetary Filing System (IPFS).

Subgraphs Are Taking Over

Since its release in December 2020, The Graph has developed into a pivotal protocol for DeFi’s emergence, becoming an indispensable piece of blockchain infrastructure. Dubbed as the Google (NASDAQ:GOOGL) of the Web 3.0 era, The Graph offers indexing and query options for Avalanche, Celo, Ethereum, and the IPFS.

Currently, over 1,700 subgraphs have been deployed for Ethereum dApps, such as Uniswap and Aragon. In addition, the protocol’s core development team has created a new business entity called Edge & Node to support the development of the protocol. In short, the company will have a two-year service agreement with the self-governing Graph Foundation and assist in building new tools and applications.

Recently, The Graph integrated with Polygon/Matic to support the billing system for their Subgraph Studio. The integration with MATIC entails that The Graph will be subject to lower gas fees than the Ethereum network, which will aid in developing a range of dApps at a much lower cost.

Over 20,000 developers are helping to build the Web 3.0 infrastructure through a series of subgraphs. Furthermore, the Graph protocol has allocated another sum to fund the community’s R&D efforts. Thus, Wave 2 has offered $2.8 million to support protocol development efforts, and distributed them based on urgency and demand.

On The Flipside

  • The top 10 holders control more than 60% of its total supply.
  • GRT’s chart seem representative of a pump and dump, given that it lost more than 80% of its all-time high value of $2.88.
  • GRT is in a consolidation phase and could pick up steam as Web 3.0 becomes an integral part of digital user interactions.

The Future of the Ethereum Ecosystem with The Graph

The Graph has officially launched their Graph Protocol Explorer and the Subgraph Studio, uncovering new financial possibilities for developers and network participants. In addition, the Graph allows anyone to create and earn GRT migration rewards based on subgraphs submitted on Ethereum.

Furthermore, The Graph enables data point discoverability on the Ethereum network, helping dApp developers to integrate more accessible data feeds onto their front end. As research by Multicoin Capital highlights, the growing demand for query services will create an economic need for decentralized solutions. In short, The Graph will become a dSaaS (decentralized software as a service) as it can usher in the development of large-scale ideas, and make decentralized dApp usage an integral part of mass utility.

Community & Evolution

By establishing Edge & Node, The Graph is seeking to increase its professional outreach by looking for coders and business developers that increase the ecosystem’s worth. In pursuit of this, The Graph is looking to its community to expand their team, while also offering them financial incentives to participate in the network.

General social media consensus shows that Ethereum developers are satisfied with the value The Graph adds to the workflow. For example, one Reddit user highlighted that The Graph is “extremely useful” as before “it could have taken hours to access specific info from the blockchains.”

The price of GRT reached an all-time high of $2.88 in February 2021 as speculation arose that The Graph would become the Google of the blockchain ecosystem. It hasn’t been all sunshine though, as amid May 2021’s selling pressure, and the ensuing plunge of Bitcoin, GRT plummeted to a low of $0.44, before consolidating at around the $0.6 mark, according to data from CoinMarketCap.

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The Graph (GRT): Price Updates, Recent Developments, Community, Future Events
 

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