The Graph Network finally went live yesterday.
The diagram is a platform that allows users to access data from blockchains, especially from Ethereum. Developers can integrate The Graph data into their decentralized applications via subgraphs, a public and open API technology.
While many may not know, The Graph’s technology has supported some of the best DeFi applications in space for months and years, including Uniswap, Synthetix, Balancer, and more. As Joao Leite from Blockfyre notes:
“The Graph is not your typical crypto ico project with promises and a simple MVP. It is already used daily by popular projects such as Uniswap, Synthetix, AAVE, Aragon, Gnosis, Balancer, Coingecko, Yearn, Curve, Chainlink, Livepeer. Bancor, Decentraland and many others. “
In addition, The Graph has received financial support from “Companies such as Coinbase Ventures, Framework, ParaFi Capital, DTC Capital, Reciprocal Ventures and Digital Currency Group”.
When the mainnet was brought to life by The Graph Network, the native token GRT was also provisioned and unlocked, which received a lot of support on Twitter.
GRT receives a fully diluted valuation of $ 2 billion
Just 24 hours after its inception, GRT has a market cap of $ 315 million and a fully diluted market cap of $ 2.6 billion. This makes GRT one of the largest cryptocurrencies.
Currently trading at $ 0.25, the coin is up 150 percent since it was listed on CoinGecko at the time of launch.
The rally appears to be a by-product of “FOMO” from retail companies.
At the start, GRT immediately received support from top exchanges such as Coinbase Pro, OKEx and Binance.
The volume was over $ 1 billion in a single 24 hour period. This makes it one of the most frequently traded cryptocurrencies, just behind names like Bitcoin, Ethereum, Litecoin, Chainlink and Cardano.
GRT is a utility token for The Graph Network that indexers (node operators) can use to perform their services and thereby generate profit in GRT.
A Chainlink competitor?
When many saw the term “API” and “Blockchain”, questions were raised as to whether this is a Chainlink competitor.
According to Chainlink analyst and investor Chainlinkgod, this is not the case. He recently highlighted that since the Graph Network only pulls data from blockchains for its APIs, it cannot currently interact with data sources outside the chain:
“The Graph is not a competitor to Chainlink because it is not an oracle and does not provide any data about the chain. It is an off-chain indexing service for front-end user interfaces.” The graphics still need an oracle, so they complement each other. “
The chart is not a competitor to Chainlink as it is not an oracle and does not provide any data in the chain. It is an out-of-chain indexing service for front-end user interfaces
The diagram still needs oracles, so they complement each other as follows: //t.co/xchGhHhxv8
– ChainLinkGod.eth (@ChainLinkGod) December 18, 2020
The chart, currently ranked 57th by market capitalization, has risen 97.56% in the past 24 hours. GRT has a market cap of $ 353.84 million with a 24-hour volume of $ 1.23 billion.
The graphics price table
GRTUSD chart from TradingView
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