The creators of The Graph (GRT) hope to cash in by making it easier to connect blockchain to Web3 and other platforms.
To explain, they base The Graph’s ecosystem on application programming interfaces (APIs) they call Subgraphs. An API is a software intermediary that allows two applications to talk to each other. For example, a Subgraph can connect the mStable Protocol to applications such as games and metaverses.
They claim anybody can build and publish Subgraphs. The Graph itself is an index of Subgraphs that allows users to connect to many applications through APIs.
Is the Graph a “Google for the Blockchain?”
Ultimately, they claim Subgraphs can become a global graph of all the world’s public information. Hence, they want to make The Graph into a Google for blockchain. Google arrogantly claims its mission “is to organize the world’s information and make it universally accessible and useful.”
They claim, The Graph allows users to index enormous amounts of data without indexing servers. Hence, The Graph claims its solution can eliminate the need for millions of dollars worth of hardware and engineers’ salaries.
Theoretically, The Graph will index, process, and store data in blockchains, storage networks, and peer-to-peer (P2P) networks. SubGraphs will connect those networks and make the data accessible for users and consumers.
The Graph Network
Additionally, they hope developers could build decentralized apps (dApps) with powerful new features by using the Subgraphs to combine Web 3 protocols.
They claim the Graph Network operates on 20 blockchains; including Ethereum, Avalanche, the Binance Smart Cain, Moonriver, Moonbeam, Fantom, and Polygon. Additionally, they claim The Graph Network supports blockchains built on both the Ethereum Virtual Machine (EVM) and NEAR compatible chance.
Therefore, they claim developers can build subgraphs across several blockchains at once. That could allow a developer a smart contract on several chains. Smart contracts are the digital robots that make many apps, including stablecoins, possible by performing tasks on the blockchain. For example, the smart contract in a stablecoin releases payment in fiat currency when somebody spends the stablecoins.
Graph Network Users
Ultimately, they intend the Graph Network to be a data access solution for the crypto community. The Graph Network will have four classes of participants: Developers, Indexers, Curators, and Delegators.
Developers initialize, create, and deploy Subgraphs using the Subgraph Studio and Hosted Services. The SubGraph Studio builds Subgraphs on the Ethereum Mainnet. Hosted Services build Subgraphs on other networks outside of Ethereum such as Binance.
Users initialize, write, and deploy the Subgraphs in the Subgraph Studio or hosted services. The Basis of all Subgraphs is a Java Command Line-Interface (CLI) that allows users to manage files.
Indexers are node operators in The Graph Network who stake Graph Tokens (GRT) to provide indexing and querying processing services. Additionally, Indexers make money from query fees and indexing awards. Indexers also earn from a Rebate Pool. The Indexers provide proof-of-indexing (POI) that shows Subraphs are indexed. Graph continuously distributes rewards to indexers.
Curators organize data on The Graph Network by signaling Subgraphs are on the Network. The Graph Network pays Curators with a share of the query fees Subgraphs generate. Curators can mint shares by adding 120,000 to a bonding curve.
Curators signal through the Curator Hub on Graph Explorer. Signals alert consumers to a subgraph’s existence and advertise it. Graph makes money by charging a 1% curation tax. Ethereum request for Comment (ERC20) tokens they call Graph Curation Shares (CCS) represent the signal.
Delegators delegate or stake Graph (GRT) to Indexers. By delegating, Delegators earn a portion of the Indexer’s query fees and rewards.
The Graph Network Subgraphs
The Graph Network (GRT) subgrpahs include some impressive decentralized finance (DeFi) protocols. Highlights of The Graph’s index of Subgraphs available through the SubGraph Studio include:
The mStable Protocol for stablecoins, the Audius Network, the Rai Mainnet, the UMA Mainnet Voting, Livepeer, Aave v2 Ethereum, PoolTogetehr v3, Susih Mainnet, DODEX, Synthetix, SushiSwap Ethereum, Convex Finance, Omen, Enzyme Finance, 721 Marketplace, Lido Ethereum, PolkaBridge AMM (Automatic Market Maker), Hop Protocol, MakerDAO Ethereum, fraxswap, Ethereum Blocks, Yearn v2 Ethereum, Loopring zkRolloup, Lido, Snapshot, Artblocks, ShatteredEon, Compound V2 Ethereum, ENX Protocol, Curve, request-payment, Radicle, Arrakis Finance, Airswap V3, Convergence Finance, and many more.
Subgraphs available through the Hosted Services include: Bancor, AirSwap, Alchemy, Balancer, Compound V2, Betoken V1, Develop, ENS, Enzyme, Everest, MakerDAO Governance, Livepeer, Marketplace Decentralland, Mintbase, Opium Network, Pooltogether, Sablier, Syntehtix, Tinlake, Uniswap V2, Unlock, and the USD Coin (USDC).
Hence, The Graph Network includes some of the most valuable and popular DeFi protocols. That means, they dedicated The Graph to working with moneymaking apps and making money, which is refreshing.
What Value does the Graph Network (GRT) Have?
Mr. Market has some interest in the Graph. It was CoinMarketCap’s 16th-most trending cryptocurrency on 19 October 2022.
In contrast, The Graph was CoinMarketCap’s 68th ranked cryptocurrency with a 7.907₵ Coin Price on 20 October 2022. CoinMarketCap gave The Graph a $545.840 million Market Cap, an $794.486 million Diluted Market Capitalization, and a $22.874 million 24-Hour Market Cap on 20 October 2022.
Furthermore, CoinMarketCap gave The Graph a $19.886 million Centralized Exchange (CEX) Volume and an $86,661.42 Decentralized Exchange (DEX) Volume on 19 October 2022. They base those numbers on a 6.9 billion GRT Circulating Supply, a 10.067 million Maximum Supply, and a 10 billion GRT Total Supply.
In contrast, The Graph (GRT) was CoinGecko’s 72nd ranked cryptocurrency with an 7.9214₵ Coin Price on 20 October 2022. CoinGecko gave the Graph a $586.144 million Market Capitalization, a 24-Hour Trading Volume of $24.579 million, and a Fully Diluted Market Valuation of $792.057 million. They based those numbers on a Circulating Supply of 7.400 million GRT, a Total Supply of 10 billion GRT, and a Maximum Supply of 10 billion GRT.
I think The Graph (GRT) is a cryptocurrency speculators need to examine because it works with some of the most lucrative DeFi protocols around. Thus, they are trying to build a moneymaking ecosystem at The Graph.
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