The Graph is an indexing protocol for querying networks like Ethereum and IPFS. It powers many applications in both DeFi and the broader Web3 ecosystem.
Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. There is a hosted service in production that makes it easy for developers to get started building on The Graph and the decentralized network will be launching later this year. The Graph currently supports indexing data from Ethereum, IPFS and POA, with more networks coming soon. This has led to an increase in GRT price.
What Makes The Graph Unique?
The Graph is working to bring reliable decentralized public infrastructure to the mainstream market. To ensure economic security of The Graph Network and the integrity of data being queried, participants use Graph Token (GRT). GRT is a work token that is locked-up by Indexers, Curators and Delegators in order to provide indexing and curating services to the network.
GRT will be an ERC-20 token on the Ethereum blockchain, used to allocate resources in the network. Active Indexers, Curators and Delegators can earn income from the network proportional to the amount of work they perform and their GRT stake. Indexers earn indexing rewards (new issuance) and query fees, while Curators earn a portion of query fees for the subgraphs they signal on. Delegators earn a portion of income earned by the Indexer they delegate to.
A Global GraphQL API
Subgraphs can be composed into a global graph of all the world’s public information. This data can be transformed, organized, and shared across applications for anyone to query with just a few keystrokes.
Let us review GRT price.
GRT Price Prediction
GRT is currently trading just below the resistance level of $0.5869. If it can flip this resistance zone to support, we could start seeing a move towards $0.6058, $0.6301, $0.6647, $0.7088 and $0.8360. If $0.8360 can be flipped to support, we could start seeing a bigger move towards $1.0419, $1.2478 and $1.3750. Failure to break the resistance at $0.5869 could lead to a drop towards $0.5515 and $0.5029.
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