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The Graph (GRT) has led altcoins in terms of gains. The token has soared by double-digit gains due to strategic developments on The Graph network.
The Graph is a protocol that facilitates the transition to Web3. The network uses open APIs known as subgraphs to integrate blockchain technology with data management and retrieval.
The Graph gains amid network developments
At the time of writing, The Graph was trading at $0.421, gaining by 16.6% during the past 24 hours. This is a notable gain, given that on March 13, the token was trading at $0.3155.
With the developments happening within the network, GRT could see more gains in the near and long term. Moreover, the cryptocurrency market has rallied during the past 24 hours, creating room for GRT to head towards notable highs.
One of the key factors attributed to GRT’s uptrend is the migration of Ethereum subgraphs into The Graph’s decentralized mainnet. Subgraphs are APIs created to boost data accessibility, and they can be combined into a global graph.
The Graph network states that subgraph migrations have increased by 30% quarter-over-quarter. Currently, 282 subgraphs have been migrated, and more will undergo this migration with each passing week.
The projects that have been migrated comprise some of the notable sectors in the blockchain space, including decentralized finance (DeFi), music, art, analytics, wallets, non-fungible tokens and more.
In the announcement, The Graph noted that “the most important goal within our ecosystem is to migrate all Ethereum mainnet subgraphs from the hosted service to the decentralized network. This is imperative for web3 dapps to fulfil their missions of building on decentralized infrastructure.”
The other development that has also aided GRT in the price increase is the release of The Graph Grants. These grants were released by The Graph Foundation. Blockchain networks have been using funding incentives to lure new developers towards building their projects on those networks. Graph Grants are similar in that they seek to support developers on The Graph network.
The Graph grant process will have similar objectives. It will provide funding to interested developers that want to migrate to the network’s decentralized mainnet. The grant will cover the costs needed by a developer building on The Graph. These costs include gas fees, technical knowledge, expenses for migrating and marketing processes.
The migrating protocols could also get a chance to receive expert support from the solutions engineers within The Graph community. Protocols that want to migrate to the decentralized mainnet have to apply to be considered for this grant. The applications for this will be closed by the end of March. The amount of funding available will be reduced gradually until the process is phased out.
The Graph Day 2022
The other reason why The Graph is gaining is because of The Graph day 2022. The platform recently announced hosting “Graph Day” starting from June 2 in San Francisco.
Graph Day 2022 is an event that offers a chance to make presentations from leading developers in the protocol and DApp. The event will bring together developers that have worked on different projects such as Web3.
The event will also comprise a 3-day hackathon that allows hackers and developers to detect vulnerabilities in the project, with the first hackathon set for June 3 to June 5.
“For a limited time, The Graph Foundation is awarding grants to help migrate Ethereum subgraphs to the decentralized network. Improve the reliability of your DApp with The Graph Network! Grants will be reduced by the end of March, so apply now,” The announcement said.
To learn more visit our Investing in The Graph guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.