- Decentralized, open-source infrastructure protocol, The Graph, has allocated $1.5 million for the building of its ecosystem.
- The Graph has also announced integration with Moonriver, Kusama’s biggest project.
- The integration of The Graph into Moonriver will enable developers to build, publish and use subgraphs on the Kusama blockchain.
- Arweave has also integrated The Graph’s tech into its systems for quicker and more efficient access.
The Graph is a decentralized, open-source infrastructure protocol designed to collect, process, and store blockchain data. The goal of the network is to bring reliable, decentralized, public infrastructure to the mainstream market.
The protocol enables the storage of collected and analyzed blockchain data into subgraphs, which helps to increase efficiency for developers working on their decentralized applications (dApps).
Since its launch on the Ethereum blockchain, The Graph has come a long way, launching its mainnet in December 2020. So, how has The Graph performed in recent times?
The Graph (GRT) Price Updates
The Graph (GRT) is currently experiencing a significant downtrend after a strong period of recovery. After rising by more than 40% in 30 days, the GRT coin is currently retracing.
The 30 day price chart for The Graph (GRT). Source: Tradingview
The bearish momentum has seen GRT lose more than 5% of its value over the last 24 hours. As a result, GRT is currently trading at $0.90279, at the time of writing, from its monthly high of $0.9896. The Graph is ranked as the 43rd largest crypto, with a market capitalization of $4.19 billion.
Recent Developments and Future Events
While the native token of The Graph is experiencing a potent downswing, the project has continued to advance its developments. Keeping up with recent trends in the crypto space, The Graph has increased its support for Web 3.0, and has even ventured into the exploding NFT space.
By combining Web 3.0 protocols, developers can now build dApps with powerful new features on The Graph. To build on this momentum, The Graph Foundation allocated over $1.5 million more to its Wave3 grant project on October 14th. Waves 1 and 2 have so far allocated over $7.5 million to different projects.
The $1.5 million of Wave3 grant will be committed into fleshing out The Graph protocol, building dApps, and growing the community. The Wave3 grant has allocated $335k to community building, $230k to dApps and subgraph projects, $99k to tooling, and $98k to projects.
As the popularity of The Graph increases, Huobi has announced GRT to Crypto Conversion. Users can now directly trade the GRT coin against USDT on Convert, or buy GRT with their RUB/UAH/KZT/BRL balance.
On October 19th, The Graph announced its integration into the Moonriver network, further expanding its reach into the Polkadot ecosystem. Moonriver is a layer 1 Ethereum-compatible parachain that is connected to the Kusama network. The integration of The Graph into Moonriver will enable developers to build, publish and use subgraphs in a Kusama-based environment.
Earlier this year, the Graph protocol announced integration onto Moonbeam (GLMR). According to The Graph’s developers, increasing compatibility with the indexing protocol was “one of the most commonly requested integrations in the Moonriver community.”
The Graph has also begun supporting Arweave in October. Arweave is a leading decentralized protocol that allows users to permanently and sustainably store data with a one-time upfront fee.
By integrating The Graph’s technology, Arweave will access indexed data from open APIs powered by The Graph, called subgraphs. These subgraphs will read data stored on the Arweave protocol, allowing for quicker and more efficient access.
Community
The Graph is a community-driven protocol that is not reliant on a single organization or team. Funds for projects on the network are raised by community members, strategic VCs, and influential individuals in the blockchain community.
Staying true to its title as a community-driven project, The Graph is one of the few projects with Town Halls. Members of the community can join these town halls for meetings, discussions, and updates on the network.
The technology behind The Graph has endeared people to the project. Members of the community are great believers in what the project stands for. One user, @K484L, wrote this about the project;
The Graph is the Google (NASDAQ:GOOGL) of blockchains. They are building a truly decentralized indexing protocol for Web3.One of a kind. After Ethereum they are starting to add other L1's. Very exciting times ahead of us. $GRT #GRT #Bitcoin $ETH $AVAX #AVAX $TSLA $NEAR pic.twitter.com/AExAmRPVqY— Kabal (@K484L) January 31, 2021
@CroissantEth, or the writer of crypto threads, shared his thoughts about The Graph;
The GraphEver wish you had the Google of the Ethereum blockchain? Well, that’s the graph!It acts an as indexing protocol for querying networks and publishing open APIs to make data much more accessible in DeFiWith it, you can easily query virtually any smart contract! pic.twitter.com/kpaMKPgzcl— croissant (@CroissantEth) September 6, 2021
DeFi enthusiast and GRT holder, @iMBitcoinB, remains bullish about the rest of the year. He tweeted;
The Graph $GRTAre you ready for Q4?#Web3 #DeFi #NFTs pic.twitter.com/fxuRTjdaot— Reetesh Virous₿ (GRT) (@iMBitcoinB) October 19, 2021
@clintonbembryjr saw the potential of The Graph before most when he wrote;
Building dapps with @graphprotocol is actually too easy... It's a legitimate 10x improvement in developer experience— Clinton Bembry Jr. (@clintonbembryjr) April 11, 2020
On The Flipside
- The Graph (GRT) has not lived up to the expectations of its community so far.
- At the time of writing, the coin is down 68.75% from the ATH of $2.88 it recorded in February
Why You Should Care?
The Graph is an emerging project that has shown promising prospects. The Graph is especially useful for developers who, like Clinton Bembry, have praised its outstanding technology. As the demand for query services increases, the Graph looks on course to proffer decentralized solutions to developers.
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