In order to ensure the trustworthy exchange and transmission of information in the rising digital economy when it transitions from Web2 to Web3, oracle and data providers are playing an essential role in the sector.
By creating open APIs known as subgraphs, The Graph (GRT) protocol is paving the way for the integration of blockchain with data management. It is one of many protocols that are leading the way in this integration.
According to TradingView and Cointelegraph Markets Pro, GRT reached a low of $0.44 AUD ($0.3155) on March 13, before increasing 38.6 percent to a daily peak of $0.61 AUD ($0.44) on March 15, at which it seeks to turn this great resistance level into support.
The continuous transfer of subgraphs to the Graph mainnet, the introduction of awards to assist the projects in building on or migrating to the decentralized network, as well as the approaching Graph Day 2022, which will take place on June 2, are the three underlying causes for GRT’s price increase.
Migration of subgraphs
The most significant development in the context of GRT is the continuing transfer of Ethereum subgraphs to the Graph’s decentralized mainnet.
A subgraph is a collection of application programming interfaces (APIs) that are meant to make data more accessible and that may be combined to construct a global graph of all publicly available information on the internet.
As reported by The Graph, there is a rise of 30% in the subgraph migration quarter-over-quarter. The migration process is now complete for 282 subgraphs, with more subgraphs undergoing the process on a weekly basis.
Many prominent areas in the crypto ecosystem such as decentralized financial apps, art, music, data analytics, video streaming services, social networking platforms, wallets and non fungible tokens, are represented by the projects that have made the switch to Bitcoin.
Migration grants
Graph Grants, which were made available by The Graph Foundation, were a second development that has contributed to the acceleration of GRT and mainnet migrations in recent months.
The grant process provides interested parties with the opportunity to receive financing while they make the transition to the decentralized mainnet. Costs associated with the technological know-how as well as migrating and marketing are covered by the grants. Migrating protocols may also be eligible for assistance from solution engineers from inside the community.
Protocols showing interest in migrating are advised to submit an application for a grant by the end of March, as funding levels will be progressively lowered and finally phased out beyond that time period.
Graph Day 2022
That The Graph would be hosting this year’s “Graph Day,” which will take place on June 2 in San Francisco, was a third element in pushing the initiative to mainstream attention.
During the event, there will be a day of presentations from spearheading protocol and decentralized application (DApp) crypto developers who are dedicated to growing the Web3 community. Subsequently, there is also a three-day hackathon in which hackers and developers worldwide strive to find the project’s vulnerabilities. From June 3–5, The Graph will host its first formal hackathon.
