The Graph, a dynamic indexing protocol, revolutionizes data querying for networks such as Ethereum and IPFS. Thus, playing a vital role in DeFi and the expansive Web3 ecosystem.
Empowering developers, it facilitates the creation of open APIs known as subgraphs, accessible through GraphQL for blockchain data retrieval. So, with current support for Ethereum and IPFS, The Graph continues to expand its network, promising even more capabilities in the future.
Unlocking the Potential of The Graph
The Graph stands as a catalyst for innovation, boasting over 3,000 deployed subgraphs by numerous developers. These subgraphs power DApps like Uniswap and many others, showcasing the widespread impact of The Graph on the decentralized application landscape.
With a growth rate surpassing 50% month-over-month, The Graph witnesses a staggering 7 billion queries in September 2020 alone.
Community-Powered Development
A testament to its global influence, The Graph fostered a robust community. Thus, featuring 200 Indexer Nodes in the testnet and over 2,000 Curators in the Curator Program as of October 2020.
Moreover, the project’s funding, a collaborative effort involving community members and VCs in the blockchain domain, underscores its decentralized ethos. Additionally, notable backers include Coinbase Ventures, DCG, ParaFi Capital, and others. Thus contributing to a total funding of approximately $25 million as of November 2020.
The Graph in Numbers
As of now, The Graph holds a market value of $2,466,762,534 USD, securing the #42 position on CoinMarketCap. With a live market cap of $2,310,311,800 and a 24-hour trading volume of $587,129,996. The Graph witnesses a notable 20.82% surge in the last 24 hours.
Also, the circulating supply stands at 9,417,134,496 GRT coins, while the total supply is capped at 10,794,388,226 GRT.
The Graph displays resilience, reflecting a 20.82% increase within a single day. This rapid surge in value and trading volume positions The Graph as a potential candidate for exponential growth.
As more networks integrate with The Graph, its utility and influence within the Web3 ecosystem are poised to amplify. Thus catapulting its value to unprecedented heights.
The Graph: A Glimpse into the Future
As The Graph continues its trajectory of growth, the possibility of a 100x increase in value becomes a plausible scenario. Futhermore, Its role in shaping the decentralized future of Web3, coupled with strong community support and strategic partnerships. Thus positioning The Graph as a key player in the evolving landscape of blockchain technology.
Conclusion
The Graph’s journey towards potentially reaching 100x growth is marked by its innovative protocol and growing community. As it navigates challenges and embraces opportunities, The Graph stands as a dynamic force shaping the future of decentralized applications.
Furthermore, investors and enthusiasts alike will keenly watch as The Graph unfolds the next chapters of its transformative narrative.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
