GRT Up 39% As Subgraphs Migrate To The Graph’s Decentralized Main Grid

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As the growing digital economy transitions from Web2 to Web3, Oracle and data providers are becoming an increasingly important development sector to ensure reliable information exchange and transfer.

The Graph (GRT) is a protocol leading the way in integrating blockchain technology with data management and retrieval by creating open APIs known as subgraphs.

Data from Coin-Crypto Markets Pro and Trading Display shows that since the low of $0.3155 on March 13, the BRT is up 38.6% to a daily high of $0.44 on March 15, where it is now trying to turn this key resistance level into support.

GRT/USDT 4-hour chart. Source: TradingView

There are three underlying reasons for GRT’s price rally: the continued migration of subgraphs to the Graph mainnet, the launch of grants to help projects build on or migrate to the decentralized network, and the upcoming Graph Day 2022, which will take place on June 2. take place.

Subgraph migration

The biggest development around GRT is the ongoing migration of Ethereum subgraphs to the decentralized mainnet of the Graph network.

Subgraphs are open application programming interfaces, also known as APIs, designed to make data more accessible and can be compiled into a global graph of all the public information in the world.

According to The Graph, subgraph migrations are up 30% quarter-over-quarter. Currently, 282 subgraphs have completed the migration process, with more undergoing each week.

Projects that have made the switch represent a variety of top sectors in the crypto ecosystem, including decentralized financial applications, music, art, analytics, wallets, non-replaceable tokens, video streaming service, and social media platforms.

Migration Grants

A second development that gave a boost to GRT and mainnet migrations was the release of The Graph Grants by The Graph Foundation.

The grant process gives interested parties the opportunity to receive funding as they migrate to the decentralized mainnet. The grants cover costs related to gas fees, technical know-how, migration costs and marketing. Migration protocols are also eligible for support from community solution engineers.

Protocols interested in migration are encouraged to apply for a grant before the end of March as funding amounts will be gradually reduced and eventually phased out.

Related: The Graph (GRT) Gaining Power as Web3 Becomes the Buzzword Among Techies

Chart Day 2022

A third factor that brought extra attention to The Graph was the announcement that the project will host this year’s “Graph Day” starting June 2 in San Francisco.

The event will include a day of presentations from leading crypto industry protocol and dApp developers focused on expanding the web3 community and will be followed by a three-day hackathon where hackers and developers will attempt to exploit vulnerabilities in the project. find. This is the first official hackathon for The Graph and will take place between June 3-5.

VORTECS™ data from Coin-Crypto Markets Pro started detecting a bullish outlook for GRT on March 7, ahead of the recent price surge.

The VORTECS™ score, exclusive to Coin-Crypto, is an algorithmic comparison of historical and current market conditions, derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (Gray) vs. GRT price. Source: Coin-Crypto Markets Pro

As can be seen in the chart above, the VORTECS™ score for GRT peaked at 73 on March 7, about five days before the price rose 38% over a three-day period.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Coin-Crypto.com. Every investment and trading move involves risks, you should do your own research when making a decision.

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