The reports for the last 24 hours show that GRT has gained ground and is currently ahead of MATIC. The token also moved into the top 10 following the surge in the trading volume. Transactions and holdings by the top wallets on the Ethereum blockchain are often seen as a measure of growth. As per the stats, the top 1000 Ethereum whales have been showing great interest in this fastly growing crypto project known as The Graph.
The Graph is one of the projects that address a prevalent dilemma of dApp developers. Often the developers are forced to sacrifice true decentralization over efficiency as finding a middle point between the two is difficult. The Graph has developed APIs known as subgraphs that intend to focus on making such choices simpler and more efficient for app developers. The indexing protocols from this project have been welcomed warmly by developers as it has eradicated the need for centralized intermediaries.
Although the token has dipped nearly 0.20% in the last 24 hours, it looks positive with an average trading volume of $124 million. In a short span, the project climbed to 56th position on the charts and accumulated a market capitalization of $1.6 billion. However, what surprised the crypto market was its rise in the Ethereum whale wallets as the third most traded token in the past 24 hours, behind ETH and USDC coins. GRT is also predicted to post a 1000% growth in the next five years. These recent changes would imply that the coin is racing towards the predicted trajectory. If you’d like to know more about GRT’s trajectory, click here to read this well-researched price prediction.
These new developments in the market for The Graph came after some vital announcements from the project. As per the latest announcement, the subgraph ownership can be transferred through NFTs. This is expected to help independent developers and DAOs to team up and develop their projects more efficiently. Moreover, subgraphs and indexing protocols from The Graph are becoming more and more vital to the development of future projects as data management is getting due attention on the blockchains.
Growing projects like JuiceBox and AssangeDAO have already integrated subgraphs in their ecosystem. The recently launched gaming subgraph helped its Integration with independent community-based games like NiftyLeague. Moreover, the list of projects planning to integrate subgraphs is really long, making it visible for the eyes of the investors. These APIs are also a viable solution for cost-cutting in new start-ups. Furthermore, the subgraphs help preserve the decentralization of projects on blockchains and provide a secure infrastructure to access them. It is believed that The Graph could become a vital force for projects developed in the future, thereby making it much more profitable in the long run.