As the growing digital economy undergoes a transition from Web2 to Web3, Oracle and data providers are becoming an increasingly important industry for ensuring the reliable sharing and transfer of information.
The Graph (GRT) is a protocol that spearheads the integration of blockchain technology with data management and retrieval through the creation of open APIs called subgraphs.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.3155 on March 13, GRT has climbed 38.6% to a daily high of $0.44 on March 15, where it is now attempting to turn this major resistance level into support.
There are three underlying reasons for GRT’s price hike: the ongoing migration of sub-graphs to the Graph mainnet, the launch of grants to help projects build or migrate to the decentralized network, and the next Graph Day 2022, which will take place on June 2.
Migration of sub-graphs
The biggest development surrounding GRT is the ongoing migration of Ethereum subgraphs to the decentralized Graph network mainnet.
The Graph Ecosystem Advocates Decentralization as Ethereum Subgraphs Continue to Migrate to The Graph Network
Here’s an update providing more context on migration status, query charges, and resources to help you migrate your subgraph today! https://t.co/Z26rrISXas
— The graph (@graphprotocol) March 10, 2022
Subgraphs are open application programming interfaces, also known as APIs, which are designed to make data more accessible and can be composed into a global graph of all public information in the world.
According to The Graph, subgraph migrations increased 30% quarter over quarter. Currently, 282 subgraphs have completed the migration process, with more following the process every week.
The projects that made the switch represent a variety of major sectors of the crypto ecosystem, including decentralized finance applications, music, art, analytics, wallets, non-fungible tokens, video streaming service and social media platforms.
Migration scholarships
A second development that helped give a boost to GRT and mainnet migrations was the publication of The Graph Grants by The Graph Foundation.
For a limited time, the Graph Foundation is providing grants to help migrate Ethereum subgraphs to the decentralized network.
Improve the reliability of your dapp with The Graph Network! Grants will be reduced by the end of March, so apply now ⬇️ https://t.co/01xommj13D
— The graph (@graphprotocol) March 11, 2022
The grant process gives interested parties the opportunity to receive funding as they migrate to the decentralized mainnet. The grants cover costs related to gas fees, technical know-how, migration fees and marketing. Migration protocols are also eligible to receive support from solutions engineers within the community.
Protocols interested in migrating are encouraged to apply for a grant before the end of March, as funding amounts will be gradually reduced and possibly phased out.
Related: The Graph (GRT) gains momentum as Web3 becomes the buzzword among techies
Chart Day 2022
A third factor drawing attention to The Graph was the announcement that the project will host this year’s “Graph Day” starting June 2 in San Francisco.
The event features a day of presentations from leading protocol and DApp developers in the crypto industry that focus on growing the Web3 community and will be followed by a three-day hackathon where hackers and developers will attempt to find vulnerabilities in the project. This is the first official hackathon for The Graph and will run from June 3-5.
VORTECS™ data from Cointelegraph Markets Pro began detecting a bullish outlook for GRT on March 7, ahead of the recent price rally.
The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
As shown in the chart above, the VORTECS™ score for GRT hit a high of 73 on March 7, about five days before the price rose 38% over a three-day period.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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