Tag: The Graph

The Graph $GRT Enters Phase 3 of Scaling on L2, Introducing New Transfer Tools

by Blockchain News

The Graph ($GRT) has announced the commencement of Phase 3 of its scaling on Layer 2 (L2). The announcement, made via Twitter on August 28, 2023, introduces new L2 Transfer Tools designed to simplify and streamline the transfer of Graph Tokens (GRT) and subgraphs to L2. The move aims to make network participation more accessible and reduce gas fees, a persistent issue in the blockchain space.

“The Graph has officially entered Phase 3 of scaling on L2. L2 Transfer Tools are now live, making it even more simple & seamless to access The Graph on @arbitrum. These tools help all network participants to easily transfer GRT or subgraphs to L2 & begin taking advantage of significantly lower gas fees + faster tx speeds,” the tweet read.

The Graph is an indexing protocol designed to query data from blockchain networks like Ethereum and IPFS. It’s a cornerstone in the DeFi and Web3 landscapes, allowing for the creation of open APIs, or subgraphs, for data retrieval. With a strong community and approximately $25 million in funding, The Graph aims to make blockchain data more accessible and efficient for developers and users alike.

Lower Gas Fees and Faster Transactions

One of the most compelling features of the new L2 Transfer Tools is the promise of “significantly lower gas fees and faster transaction speeds.” This is particularly relevant given the escalating costs of transactions on Ethereum-based networks, which have been a barrier to entry for many users and developers.

Comprehensive Toolset

The L2 Transfer Tools are not just about transferring GRT; they also facilitate the transfer of various other network operations. According to the announcement, the tools make it “simple to easily transfer your: Indexing operation + self-stake; Curation signal; Delegated GRT; Subgraphs”

Encouragement to Move

The Graph is encouraging all network participants to make the transition to L2 to “save magnitudes on gas fees.” This is a crucial step, as high gas fees have been a significant deterrent for broader adoption of blockchain technologies.

Final Step in Scaling Process

The beginning of Phase 3 marks “the final step in the process of Scaling The Graph on L2,” according to the tweet. This suggests that the network has undergone a series of upgrades and is now in its most advanced stage, optimized for performance and accessibility.

Implications for the Ecosystem

The move to Phase 3 and the introduction of the L2 Transfer Tools are likely to have a ripple effect across the blockchain data ecosystem. By making it easier and more cost-effective to participate in the network, The Graph is potentially opening doors for increased data availability and broader adoption of blockchain technologies.

In summary, The Graph’s move to Phase 3 of scaling on L2 and the introduction of new transfer tools aim to address some of the most pressing issues in the blockchain space today—high transaction costs and slow speeds. With these new tools, The Graph is taking a significant step toward making blockchain data more accessible and network participation more feasible for a broader audience.

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Top Altcoins with the Best Weekly Gain: BAT, GRT & APE

by Blockchain News

Despite the price fall experienced by the digital currency ecosystem in the past week, a rejuvenation was recorded for the better part of this week.

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Trailing the upshot, the global crypto market cap soared to a high of $1.837 trillion amidst a soaring upshoot in Bitcoin (BTC) and Ethereum (ETH), both of which control over 60% of the crypto industry.

Despite the headway BTC and ETH recorded in the past week, a number of altcoins saw more impressive growths. These altcoins with the most remarkable growth are showcased below.

Basic Attention Token (BAT)

Basic Attention Token is the token that powers a new blockchain-based digital advertising platform designed to fairly reward users for their attention while providing advertisers with a better return on their ad spend.

Despite its low price currently pegged at $0.8496, up 3.46% in the past 24 hours, the token has always maintained a reputation as one of the most resilient altcoins amidst market surges. This week, BAT has recorded a 25.46% growth over the trailing 7-day period, placing it as one of the top earners for the week.

The Graph (GRT)

Despite shedding off as much as 6% of its accrued gains to be changing hands at $0.4096, the Graph remains one of the top earners for the week. 

The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both Decentralized Finance (DeFi) and the broader Web3 ecosystem. During the week under review, the digital token has soared to a high of $0.4556 and has maintained a 26.84% growth within the same period.

ApeCoin (APE)

ApeCoin is arguably one of the newest sensations in town. Its debut, despite being filled with a lot of communal upheavals, APE is by far the biggest earner for the week, surging by over 713% at the time of writing to $8.46 after topping a daily high of $39.40 after making its debut on the Binance trading platform.

APE is designed to be a governance token launched by Yuga Labs, the startup that founded the Bored Ape Yacht Club (BAYC) NFT collection and now has the IP rights to the CryptoPunks collection. The large community surrounding the BAYC collection stirred the massive embrace of the APE coin.

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XRP, Uniswap (UNI), the Graph (GRT) and Three More Altcoins Approaching ‘Opportunity Zones’: Santiment

by Dailyhodl

Analytics firm Santiment is highlighting possible entry points for half a dozen altcoins amid a general downtrend which has given the crypto markets an extended pullback throughout January.

In its weekly Insights newsletter, Santiment says that while most crypto investors are feeling pain, opportunities exist for those with patience and some handy cash.

The data firm says that the market value to realized value (MVRV) metric, which reveals the average profit/loss for coins in circulation, is helpful when hunting for crypto bargains.

“MVRV is a great metric to gauge how deep traders are into pain or euphoria zones.

We commonly like to look at an asset’s 30-day MVRV, specifically, because it reveals what weekly swing traders can likely take advantage of, as far as mid-term trading goes… Blending in how much pain short-term, mid-term, and long-term traders are experiencing all together, can paint an even clearer picture.”

Looking at the MVRV metric, Santiment names six altcoins that can potentially bounce as traders feel pain.

One crypto asset on the list is open-source digital currency XRP, which the insights firm says is primed for a rally after a strong move down.

“The polarizing project is at its most negative average MVRV level since late June. It was last in positive territory in mid-December, making it a solid candidate to have a price upswing to bring traders some relief.”

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Source: Santiment

When it comes to decentralized exchange Uniswap (UNI), the crypto insights firm says,

“Uniswap’s average MVRV is at all-time negative MVRV levels.

An uptick in the general crypto markets may go very well for a mostly respected altcoin like UNI.”

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Source: Santiment

Decentralized blockchain indexer The Graph (GRT) is also at MVRV lows, with Santiment noting,

“Its average MVRV was last positive in late November.”

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Source: Santiment

Looking at decentralized crypto lending and borrowing protocol Compound (COMP), Santiment says,

“Compound is also at its most negative average MVRV level since late June.”

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Source: Santiment

As for layer-2 ZK (zero-knowledge) rollup protocol Loopring (LRC), the analytics firm says LRC still has some upside potential.

“Loopring has already been in the midst of a nice-sized bounce compared to the rest of the altcoin pack over the past week, [but it] is still in a nice, deep negative average MVRV spot.”

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Source: Santiment

Last on the list is lending and borrowing protocol Aave (AAVE), which also hasn’t seen much positive price action in more than two months.

“AAVE is sitting at near all-time negative levels, which is great to see if you’re considering buying.”

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Source: Santiment

You can read the full report here.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Second-Largest Ethereum Whale on Record Just Executed a Massive Altcoin Purchase: WhaleStats

by Dailyhodl

The second-largest Ethereum whale in existence is accumulating millions of dollars worth of two ETH-based altcoins.

According to whale-watching platform WhaleStats, the deep-pocketed crypto investor collected $4.2 million worth of layer-2 scaling solution Polygon (MATIC) and $3 million worth of blockchain indexing protocol The Graph (GRT).

The massive address holds just above $3.8 billion in overall crypto assets, including nearly 50,000 ETH worth $1.92 billion, 38.7 million FTX Tokens (FTT) worth $1.47 billion, and 105 million of stablecoin Tether (USDT) worth $105 million, according to ETH search engine EtherScan.

The crypto investor’s newest transaction brings The Graph into the whale’s top altcoin holdings at number nine as the large wallet now holds a total of 32.8 million GRT, worth about $19 million as of writing.

The purchase also pushes Polygon into the whale’s top 20 list at number 17, bringing its total MATIC holdings to 3.3 million worth about $7 million.

MATIC, FTT, and USDT are three of the most popular ETH-based altcoins amongst deep-pocketed investors, according to a WhaleStats heatmap.

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Source: WhaleStats/Twitter

About 6% of the top 1,000 Ethereum wallets are comprised of FTT while USDT makes up about 4.5% of the total. MATIC sits at 1.1% while GRT is unlisted.

Other notable crypto assets held by ETH whales include popular dog-themed meme coin Shiba Inu (SHIB) and OKB, the native utility token of crypto exchange platform OKEx Blockchain Foundation.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The Graph awards $48M to GraphQL developer The Guild

by Cointelegraph

The Graph Foundation has announced a $48 million funding grant to open-source API platform, The Guild in a bid to advance usability and performance of the networks subgraphs.

Joining as a core network developer, The Guild will provide vast experience from its time managing and contributing the growth of components within the GraphQL ecosystem — a programming language initially established by Meta, formerly Facebook, in 2012 — to focus on enhancing subgraphs features such as “composition, analytics and mutations” on The Graph.

The Graph, a Web3 indexing and querying infrastructure platform, has invested $248 million into their core developer network over the last twelve months, the most recent of which was last week’s $60 million investment in infrastructure service, Semiotic AI, to accelerate research and development initiatives in cryptography and artificial intelligence.

Related: The Graph Foundation taps protocol infrastructure developer for $60M grant

Director of The Graph, Eva Beylin, shared detailed insights in the potential impact the networks latest core developers, The Guild, could have on a multitude of sectors in the Web3 sphere, including decentralized finance (DeFi), the metaverse and decentralized autonomous communities (DAO’s) among others, stating:

“The Guild will collaborate with developers in The Graph ecosystem throughout the course of this four-year funding to develop new subgraph features and improve The Graph Node’s querying capabilities, allowing developers to more quickly construct feature-rich apps using The Graph.”

This is an emerging story which will be updated soon.