According to a recent research report by Messari, an AI-driven coin is seeing increasing growth. Company analysts say that on-chain data greatly supports acceleration.
Messari focused on this artificial intelligence coin project in his latest report
The decentralized ecosystem of The Graph (GRT), “an indexing protocol for querying networks like Ethereum and IPFS,” is seeing significant growth, according to the analytics firm’s recent research report. This quarterly report, “The Graph’s State of Q4 2022,” is the lead author of the Web3 protocol research team at Messari. Created by Mihai Grigore.
The report highlights that as of December 2022, there were 618 active subgraphs on the Graph mainnet (available December 17, 2020), representing a 25% quarter-on-quarter and 151% year-over-year increase. This growth is largely due to Graph’s focus on removing technical barriers for developers and making it easier for them to access on-chain data.
The report also mentions the expanding network of Indexers, Curators and Delegators, with 33% increases in Indexers, 9% in Delegators, and 2% in Curators each quarter from the previous quarter. Indexers play a crucial role in the network by processing and storing on-chain data from subgraphs, while curators “analyze and point out which subgraphs are worth indexing.” Authorizers, on the other hand, transfer their GRTs to Indexers to “earn some of the query fees and indexing rewards without running the nodes themselves.”
How much did the Graph gain in Q4?
In terms of revenue, the Graph saw a 66% quarter-to-quarter and 6,228% year-over-year increase in GRT revenue from query fees in Q4 2022. This increase in query fees is expected to continue “as more subgraphs move to the mainnet in the coming quarters.”
The report highlights that the migration of subgraphs from the hosted service to the decentralized network is a major focus for The Graph community, and that this growth in subgraphs should spur growth among other key metrics of the protocol, from ecosystem participation to revenue from query fees.
What can the experts expect?
James Mullarney, host of the popular YouTube channel “InvestAnswers,” had this to say about The Graph in a video released on February 9, 2023:
Graph came to my attention more than two years ago, because Blockchain’s Google and Web3 need transparency. I believe The Graph can exceed $1 for its next bull run. Remember, this can start six months, 14 months, or a year and a half from now. But I believe it will go over $1, which is 7 times the current price, which is kind of crazy to think about. It’s risky, but the rewards are there.
As Cryptokoin.com reported, after the investment news of Microsoft in January and the statements of the founder Bill Gates, the price of GRT increased by 120%.
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