Why The Graph (GRT) crypto rising?

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Why The Graph (GRT) crypto rising?

Why The Graph (GRT) crypto rising?
Image source: © Elnur | Megapixl.com

Highlights

  • The Graph (GRT) is a decentralized protocol for indexing and querying for blockchain networks like Ethereum and IPES.
  • GRT is an ERC-20 token on the Ethereum blockchain used to allocate resources in the network. 
  • Graph is organizing a four-day event, called Graph Day, from June 2 and a three-day hackathon, themed Graph Hack. 

The Graph (GRT) token is drawing attention after announcing a four-day event called Graph Day, starting June 2 to bring builders and investors together to collaborate on web3 projects. 

It will also organize a three-day hackathon named Graph Hack starting on the same day.

The company said Graph Day will focus on web3, dapps, protocols and the future of the internet. The protocol and dapp developers will showcase their work on web3. 

Delegates from The Graph Foundation, Livepeer, DataNexus, CoinFund, Figment, Chapter One, GraphOps, StakeSquid Radicle, Audius, Uniswap Labs, etc., will speak at the event. 

The Graph (GRT) token surged 18.31% to US$0.3888 at 4:57 am ET on Tuesday. Its 24-hour trading volume surged 53.82% to US$198.04 million.

What Is The Graph (GRT)?

The Graph is a decentralized protocol for indexing and querying for blockchain  networks like Ethereum and IPES. The protocol powers applications in both DeFi and Web3 ecosystems. 

The applications use the API language GraphQL to query open APIs called subgraphs to retrieve data indexed on the network. The Graph protocol allows developers to build serverless applications that can run on public infrastructure.

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The Graph Network’s indexers, curators, and delegators provide network services such as data for Web3 applications. They earn money from the network based on the amount of work they perform and GRT stakes.

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For instance, indexers earn indexing rewards and query fees. Curators earn a slice of the query fees for the subgraph, and delegators earn a part of the income the delegated indexers earn.

Also, the participants stake The Graph (GRT) tokens to keep the integrity of the queried data intact and ensure network security.

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Why The Graph (GRT) crypto rising?Data Source: coinmarketcap.com

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GRT token:

GRT is an ERC-20 token on the Ethereum blockchain. It is the work token to allocate resources in the network. Its market capitalization is US$1.83 billion, the circulating supply is 4.72 billion, and the total supply is 10 billion.

The token can be purchased on Binance, OKX, FTX, Bybit, and CoinTiger crypto exchange. 

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Bottom line:

Developers deploy over 3,000 subgraphs for various apps, including Uniswap, Aragon, Balancer, DAOstack, and Decentraland. 

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