EQONEX is pleased to confirm another new token listing: GRT.
GRT is the native token of The Graph, a decentralized protocol for indexing and querying blockchain data. Since launching in January 2021, The Graph has been steadily gaining adoption by developers keen to take advantage of this critical infrastructure service.
The Graph was founded as a decentralized indexing protocol for Web3 applications running on Ethereum. To put this into context, The Graph is to Ethereum what Google’s search function is to the internet.
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Indexing services are used to catalog and organize information so that searchers can find what they need. Before indexing services emerged in the early days of the internet, users could only visit pages if they typed in the exact URL.
Without The Graph, Ethereum is like the early days of the internet. There are now over 2,800 applications running on Ethereum, generating around 200,000 transactions per day. While all that transaction data is stored publicly on the Ethereum blockchain and viewable with a block explorer, there’s no way to extract value from it without an indexing service.
This is where The Graph comes in. The Graph protocol harvests data from the Ethereum blockchain and feeds it into its network of subgraphs. A subgraph is effectively an indexing service configured to seek out transaction data from a particular smart contract or set of smart contracts. When a user initiates a query, a decentralized network of nodes indexes and queries the relevant subgraph to deliver a set of results.
There are two other roles involved in network oversight:
Fishermen: are responsible for ensuring that the network is delivering accurate responses to user queries, and
Arbitrators: determine whether an Indexer is acting against the interests of the network.
The GRT token drives the economy of The Graph ecosystem. Users, who are most often application developers, pay for services in GRT so they can use blockchain data in their applications.
Indexers are the node operators responsible for indexing and delivering search results based on user requests. Indexers stake GRT to earn rewards for their efforts, and delegators participate by staking their GRT tokens to an indexer for a share of the network rewards.
Curators maintain subgraphs, staking GRT tokens to identify which information they think is valuable for the index. In return, they earn fees for the subgraphs they signal.
GRT will also power The Graph’s decentralized governance. Since 2020, The Graph Foundation has run the Graph Foundation, which will ultimately transition to becoming a DAO governed by the GRT token holding community.
In recognition of the critical role it plays in blockchain infrastructure, The Graph has seen several notable successes. In June 2020, it successfully secured $5 million in funding from investors, including Coinbase Ventures, Digital Currency Group, Multicoin Capital, and more. In October 2020, the project sold out its public token sale, raising $12 million to launch the mainnet.
From launching on mainnet in December 2020, The Graph has gained significant traction among the developer community. Unsurprisingly, it’s proven to be a hit among DeFi developers leveraging the service to improve their dApps, including Synthetix, Uniswap, and Compound, among others.
Decentraland also uses a subgraph to aggregate all available data about game assets across different apps and bring them into one marketplace.
Although the project started on Ethereum, it’s since integrated its indexing protocol with other platforms, including Polkadot, NEAR, Solana, and Celo. Users can also query files shared using the Interplanetary File Service (IPFS) and Proof of Authority blockchains.
By April 2021, The Graph had surpassed 20 billion queries. At the time of writing, the project’s website states that there are now so many subgraphs using the protocol’s developing a decentralized explorer tool to make it easier for users to search.
Infrastructural solutions may not always be the most exciting, but The Graph has spotted the same early opportunity that allowed Google to grow to the tech behemoth it’s become today. As a decentralized protocol, the GRT token enables traders and investors to speculate on the value of this exciting project at an early stage in its lifetime.
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