The Graph (GRT) gains momentum as Web3 becomes the buzzword among techies
The ongoing digital revolution and rise of the internet have upended the old global value structure over the past 30 years, and big data has become the new "gold" or "oil" — a fact demonstrated by the money-making capabilities of platforms like Google and Facebook.
One blockchain project focused on the future of retrieving and managing data is The Graph (GRT), an indexing protocol designed for querying networks like Ethereum and IPFS through the creation of open APIs called subgraphs.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.34 on Jan. 24, GRT has made several attempts at a sustained breakout above the major support and resistance level at $0.48.
Three reasons for the building momentum of GRT include the addition of new subgraphs supported by GRT, increased attention on the capabilities of The Graph network due to community engagement and outreach efforts and the ongoing rise of Web3 which is heavily dependent on oracle and data providers.
One of the main reasons for the recent increase in attention for The Graph is the growing list of subgraphs offered by the network for popular decentralized applications and blockchain protocols.
Subgraphs are open application programming interfaces (APIs) that can be built by anyone and are designed to make data easily accessible. The Graph protocol is working on becoming a global graph of all the world’s public information, which can then be transformed, organized and shared across multiple applications for anyone to query.
The protocol is currently hosted on the Ethereum (ETH) network and is adding support for Ethereum virtual machine (EVM) compatible networks including Binance Smart Chain, Avalanche, Fantom, Arbitrum, Polygon and
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