- Subgraphs, a kind of open API, are a key component of The Graph (GRT) protocol.
- Since its March 13 low of $0.3155, GRT has gained 38.6% to its March 15 daily high.
It is becoming more critical for the digital economy to have dependable information exchange and transmission as it transitions from Web2 to Web3. Subgraphs, a kind of open API, are a key component of The Graph (GRT) protocol, aiming to bring blockchain technology and data management together. Since its March 13 low of $0.3155, GRT has gained 38.6% to its March 15 daily high of $0.44, where it is currently seeking to turn this key resistance level into support.
Three Significant Factors
Due to recent factors, GRT’s value has increased: the transfer of subgraphs to the Graph mainnet, grants being launched to assist projects in building on or migrating to the decentralized network, and June 2, 2022, being the date of Graph Day 2022.
In terms of GRT, the most significant development is the continuous transfer of Ethereum subgraphs to the Graph network’s decentralized mainnet. Open APIs, also known as application programming interfaces (APIs), are a kind of subgraph that may be used to create a global graph of all publicly available data.
According to The Graph, subgraph migrations have increased by 30 percent in the last quarter. In addition, subgraphs are being migrated at an increasing rate, with 282 finished so far.
In addition to decentralized financial apps, music, art, analytics, wallets, and non-fungible tokens (NFTs) like video streaming services and social networking platforms have all jumped to crypto. The Graph Foundation’s distribution of The Graph Grants has also contributed to the acceleration of GRT and mainnet migrations. According to CoinMarketCap, The Graph price today is $0.423901 USD with a 24-hour trading volume of $483,754,940 USD. The Graph is up 18.07% in the last 24 hours.