As the digital economy grows, oracles and data providers become an increasingly important sector to ensure the safe sharing and transfer information.
One protocol, the Graph (GRT), is leading the integration of Blockchain technology with data management. This is done through the creation open APIs called subgraphs.
TradingView and Cointelegraph Markets Pro data show that GRT has increased 38.6% since March 13th, when it hit a low of $0.3155. It then climbed to $0.44 per day on March 15, where it is trying to turn this major resistance level into support.
GRT/USDT 4-hour chart. Source: TradingView
GRT’s price rise is due to three main reasons: ongoing migration of subgraphs into the Graph mainnet; the launch of grants to assist projects in building on or migrating to the decentralized network; and the upcoming Graph Day 2022 which will be held on June 2.
Migration of subgraphs
GRT’s most significant development is the migration of Ethereum subgraphs into the decentralized mainnet.
The Graph ecosystem supports decentralization as Ethereum Subgraphs continue to migrate into The Graph Network. Here’s an update that sheds more light on the state and query fees. Resources to help you migrate your subgraphs today! https://t.co/Z26rrISXas
— March 10, 2022, The Graph (@graphprotocol).
Subgraphs, also known by APIs, are open-source programming interfaces that allow data to be made more accessible. They can be combined into a global graph that contains all of the public information in the world.
According to The Graph, subgraph migrations are up 30% quarter-over-quarter. At the moment, 282 subgraphs are in the process of migrating, with more being added each week.
The top sectors of the crypto ecosystem that have made the switch include music, analytics, wallets and nonfungible tokens.
The Graph Foundation released The Graph Grants, which has also helped boost GRT and mainnet migrations.
The Graph Foundation will grant grants for the migration of Ethereum subgraphs into the decentralized network. The Graph Network will improve the reliability of your dapp! Grants will be reduced by the end of March so apply now https://t.co/01xommj13D
— March 11, 2022, The Graph (@graphprotocol).
Grants allow interested parties to apply for funding while they migrate to the decentralized network. Grants can be used to cover gas fees, marketing costs, and technical know-how. Support for migrating protocols is also available from the community’s solutions engineers.
It is a good idea to apply for grants before March 31st, as the funding amount will gradually decrease and eventually be phased out.
Related: Web3 is the new buzzword for techies, and the Graph (GRT), gains momentum
Graph Day 2022
The announcement that The Graph will host this year’s “Graph Day”, which began June 2, in San Francisco, was another factor that brought more attention to The Graph.
This event will feature presentations by top protocol and DApp developers from the crypto industry, who will be focusing on expanding the Web3 community. It will also include a day of presentations by leading protocol and DApp developers who are focused in increasing the Web3 community. The hackathon will last three days and hackers and developers will try to find vulnerabilities within the project. This hackathon will be The Graph’s first and it will take place from June 3-5.
Data from Cointelegraph Markets Pro VORTECS(tm), began to detect a bullish outlook on GRT on March 7, before the recent price increase.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is based on a combination data points including market sentiment, trading volume and recent price movements, as well as Twitter activity.
VORTECS(tm), Score (grey) vs. the GRT price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for GRT was 73 on March 7. This occurred five days before the price rose 38% in a three-day span.
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