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Today’s price for The Graph is US$0.1388 with a $229.58 M 24-hour trading volume. In the last day, GRT has decreased by 1.50%. It is now 4.56% away from its 7-day record low of $0.1327 and -9.21% away from its 7-day record high of $0.1528. GRT has a maximum supply of 10.06 B GRT and a circulation supply of 6.9 B GRT.
A technology called The Graph indexes information from blockchains like Ethereum. With the use of open APIs known as subgraphs, developers may easily access on-chain data that is indexed by a network of node operators in their applications. Due to the open source nature of subgraphs, anybody may use the APIs to build decentralised applications (DApps). The Graph’s GRT token acts as the utility token for rewarding players in this market as the market for inquiries regarding on-chain data develops in the aftermath of its adoption.
The Graph was established in January 2019 by Yaniv Tal, Jannis Pohlmann, and Brandon Ramirez to address issues with data queries related to building smart contracts on Ethereum. It was difficult, expensive, and hazardous for developers to construct apps that utilise blockchain data prior to the development of The Graph since they had to employ centralised in-house servers and databases in order to access, index, and query data from blockchains. The creators of The Graph then developed an indexing technique that allows programmers to easily access data from Ethereum-style blockchains by using subgraphs. As a result, The Graph team developed GRT tokens, which are essential to the project’s economics, as ERC-20 tokens on the Ethereum network.
The Graph quickly acquired several high-level integrations from developing DeFi systems. The network indexes information from the POA, IPFS, and Ethereum networks, with other networks to follow. In this way, the Graph lowers the technical barriers to querying. Subgraphs have already been built and used by several Ethereum applications, including Audius, Uniswap, Opyn, ENS, DAOstack, Synthetix, and Moloch. A US$205 million ecosystem fund for The Graph was established in February 2022 by investors Digital Currency Group, Multicoin Capital, Reciprocal Ventures, Gumi Cryptos Capital, NGC Ventures, and HashKey.
The Graph functions as a system that indexes and organises blockchain data before processing it in a more user-friendly way. With the use of this protocol, programmers may create subgraphs or open APIs that let decentralised apps (dapps) browse and analyse blockchain data and create blockchain-based solutions. Graph tokens (GRT), which the project—which aspires to be the Google of blockchains—created, allow network members to lock up into a variety of services. Holders of GRT can make money by offering network services like curating and indexing thanks to this staking activity.
Indexers, curators, delegators, and consumers are the four kinds of users who use The Graph Network for open data. The Graph employs a proof of stake (PoS) consensus algorithm since it includes staking activities for network participants.
The Graph Network’s indexers run the nodes; they stake GRT to offer indexing and query processing services and then get GRT in exchange. Curators deposit GRT into a bond associated with a subgraph, where they get a percentage of the fees from the subgraph being signalled, to indicate which APIs should be indexed on the network. Delegators help to secure the network while also allocating GRT to indexers in exchange for a share of the fees and incentives received by that indexer. Customers pay GRT to use The Graph’s services and take advantage of what the network offers. The project’s economic model is made up of the convergence of various functions as well as the calibre of service provided by the network.
Tokens from The Graph (GRT) are primarily employed for curator signalling and indexer staking.
Indexers stake GRT to increase their visibility in the The Graph’s query market and protect the network while they operate. In order to select the subgraphs that will provide the greatest value to the network, curators must first deposit GRT in a curation market.
Additionally, on The Graph Network, consumers and delegators utilise their GRT tokens to fund staking for indexers and to buy services from the network, respectively. Additionally, the initiative creates additional GRT tokens to reward positive actions like indexing new subgraphs.