With the growing digital economy going from Web2 to Web3, data providers and oracles are becoming an increasingly important sector to ensure reliable exchange and transfer of information.
Graphing (GRT) is a protocol that drives the integration of blockchain technology with data management and research by creating open APIs known as subgraphs.
Data from Cointelegraph Markets Pro and TradingView show that since reaching a low of $ 0.3155 on March 13, GRT has risen 38.6% to a daily high of $ 0.44 on March 15, as it now tries to reverse this important level of resistance to support.
GRT / USDT 4-hour chart. Source: Trading View
There are three main reasons why BRT rates are so high: the ongoing migration of subgraphs to the main graph network, the launch of grants to help projects build or transition to a decentralized network, and the upcoming graph day 2022, which will take place on June 2.
The biggest development related to GRT is the ongoing migration of the Ethereum sub-graph to the decentralized main network of Graph Network.
Subgraphs are open application programming interfaces, also known as APIs, that are designed to make data more accessible and can be combined into a global graph of all publicly available information in the world.
According to The Graph, the transfer of sub-graphs is up 30% from the previous quarter. Currently, 282 child graphs have completed the migration process, and more are going through the process each week.
The transition projects represent various leading sectors of the cryptocurrency ecosystem, including decentralized financial applications, music, art, analytics, wallets, non-fungible tokens, video streaming services and social media platforms.
The other event that helped accelerate the migration of GRT and the main network was the launch of The Graph Grants from The Graph Foundation.
The grant process gives stakeholders the opportunity to receive funding upon transition to a decentralized network. Grants cover costs related to gas surcharges, technical knowledge, migration costs and marketing. Migration protocols are also eligible to receive support from community solution developers.
Immigration protocols are encouraged to apply for grants by the end of March, as funding will be phased out and eventually phased out.
Related topics: Graphing (GRT) is gaining momentum when Web3 becomes a buzzword among technical professionals
Plan for 2022 today
The third factor that has attracted more attention to The Graph is the announcement that the project this year will take place “Count’s Day”, starting June 2 in San Francisco.
The event includes a day of presentations from top protocol and DApp developers in the crypto industry with a focus on expanding the Web3 community, followed by a three-day hackathon where hackers and developers will try to find vulnerabilities in the project. This is The Graph’s first official hackathon, which takes place from 3-5. June.
VORTECS fra data from Cointelegraph Markets Pro began to reveal positive prospects for GRT on March 7, ahead of the recent price increase.
The VORTECS men score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions taken from a range of data points, including market sentiment, trading volume, recent price movements and Twitter activity.