On December 20th, the indexing protocol for crypto The Graph celebrated its third anniversary together with its closest partners in the San Francisco Bay Area.
During the event, some of the most important milestones that the cryptographic project has achieved in 2023 were celebrated, in addition to announcing the integration with the Optimism blockchain.
In the coming year, the goal of industry professionals will be to make The Graph and its cryptocurrency GRT increasingly central within the blockchain world.
The protocol aims to expand to a suite of increasingly extensive data services, with optimized performance and improved network efficiency.
Let’s see below all the details.
Summary
The Graph turns three and announces a new phase of expansion in the crypto world
On December 20, 2023, the on-chain data indexing project The Graph celebrated its third anniversary, partying with friends and partners in the well-known location of San Francisco Bay Area, California.
Also present at the event was Edge & Node, the main development team behind The Graph, who are working to expand the web3 application landscape and build a vibrant decentralized future.
The Graph’s third birthday was mainly used to remind its stakeholders of the great milestones achieved by the project, which had a very productive 2023.
Between continuously growing query numbers, expansion on multiple cryptographic networks, and the launch of a new roadmap, we can’t say that the protocol team hasn’t rolled up their sleeves in the current year.
Tegan Kline, CEO and co-founder of Edge & Node, wanted to speak during the event, explaining in detail all the steps forward taken:
“As 2023 comes to an end, I am filled with pride for our achievements in The Graph with Edge & Node and other developers. A pivotal year: 1 trillion queries, expansion to L2 with Arbitrum, and the launch of Sunrise of Decentralized Data for hosted service queries for the upgrade to The Graph Network.”
With our New Era roadmap, The Graph is ready to empower more web3 builders, setting new benchmarks in web3 data accessibility.”
It is worth noting in this context that Edge & Node has led the launch in 2023 of the Sunrise of Decentralized Data initiative, which consists of a strategic plan divided into three phases focused on the introduction of the Indexer upgrade, which ensures full support for all hosted service chains and subgraphs.
On December 18th, The Graph officially entered the Sunray phase 1 of this transition process.
The goals for 2024
For 2024, The Graph has already revealed its cards: the goal is to expand into a world of data services that goes beyond mere subgraphs offering new use cases for data scientists and more. This includes multiple data sources, new query languages, and support for LLM.
Furthermore, we aim to give more power to DevEx developers and offer improved tools, introducing simplified billing, clear pricing models, a new free query plan, and reduced gas fees.
Finally, The Graph is targeting performance optimization in the indexing process to offer greater scalability, reduce costs, and improve network reliability.
The protocol therefore undergoes a general evolution of its services, to be understood as a set of more resilient, flexible and easy-to-use infrastructures.
The Graph integrates with Optimism blockchain: growth opportunities for GRT crypto
As already mentioned, The Graph and its cryptocurrency GRT have recently integrated with the Optimism blockchain, giving many blockchain developers the ability to easily create fast, unstoppable, and high-performing frontend dapps served by subgraphs on the decentralized network
Optimism on this front represents the first network to complete the “Chain Integration Process” (CIP), which represents a simplified and community-driven way to add chains to The Graph application.
The expansion of the project opens the doors to a possible rise for the GRT cryptocurrency, whose use cases are growing by embracing an increasing number of DeFi needs in the world DeFi.
The cryptographic currency, with a market capitalization of 1.46 billion dollars and a widespread presence on 6 different blockchains, already represents a cornerstone of the crypto world today, although it still has a long way to go.
GRT in particular needs to recover a large part of the lost quotes during the end of 2021 and the entire 2022: consider that in November 2021 it recorded a price of 1.33 dollars while at the moment we are at 0.17 dollars.
Anyway, we can observe how on the weekly time frame the cryptocurrency has found support above the EMA 50, with a bullish movement accompanied by significant trading volumes.
The RSI is almost in overbought territory but the asset could still continue its bullish climb for a few weeks before a correction.
If it were to close the current week above 0.18, it could confirm the presence of fertile ground for a bullish continuation that could bring prices to the 0.30 dollar area in the short term.
If the conditions are still favorable, we could easily see 0.50 and subsequently 0.65 dollars.
On the other hand, in case of a bearish break below 0.15 dollars, we could expect a return to 0.12 dollars and subsequently even a dump below the psychological threshold of 0.10 dollars.
The price action at this moment is clearly positive and the chances of a prolonged price increase seem to be high.
