Towards the beginning of July, The Graph (GRT) picked up the pace and turned the market sentiment bullish. GRT crypto had been struggling with bearish momentum ever since April but the trend appears to have been reversed now. At the time of writing, GRT stands at a price level of $0.68. The cryptocurrency has grown by 27% in the past week and the growth continues in the shorter timeframes as well.
What is The Graph (GRT)?
The Graph (GRT) is used to collect, process, and store data from blockchain applications. It is an indexing protocol which means the network indices the data collected into various subgraphs which makes retravel easy. Applications can send queries to the network and retrieve relevant data easily.
The platform has been garnering increasing attention. Data is the future of the world and The Graph provides data in a form where it can be used efficiently by dApp developers for insights and improvements. Users are categorized into indexers, curators, and delegators on the network based on their roles. The native token of the platform, GRT, is utilized to ensure the integrity of data. Users must stake GRT in order to perform their roles and earn fees.
Why is The Graph (GRT) bullish?
The Graph had been integrated by various projects given its unique offering of data usage. Kyber – a liquidity protocol – has announced plans of creating a data analytics page in order to use user data for efficient liquidity provision. The Kyber DMM is using a subgraph from The Graph for this purpose. This is just one of the examples of using The Graph for a better user experience.
A strategic partnership between The Graph and Optimism had also been announced recently. The partnership will allow dApp developers on Optimistic Ethereum to create subgraphs on The Graph. This will boost the scaling of Ethereum. The Graph had also been adding support for other scaling solutions for Ethereum like Polygon (MATIC).
The network has had high level of activity with various partnerships and integrations. This has resulted in a bullish market outlook for The Graph. The bullish momentum of the market is expected to continue as it becomes even more relevant to the blockchain ecosystem.
