After the altcoin chart catalog expanded and became a trendy topic of discussion among Web3, crypto and tech industry professionals, The Graph (GRT) is starting to see double-digit price gains. In this article, let’s examine the 3 factors that made the Web 3.0 coin price rise.
Web 3.0 coin fashion gives momentum to GRT price
The Graph (GRT), a Blockchain project focused on the future of data retrieval and management, through the creation of open APIs called alt graphs like Ethereum and IPFS It is an indexing protocol designed to query networks. Since dropping to $0.34 on Jan. 24, GRT has made multiple attempts for a sustained break above the key support and resistance level at $0.48, according to TradingView data.
So why is the GRT price increasing? Jordan Finneseth, whose analysis we share as Kriptokoin.com, thinks that this is due to 3 reasons…
Expanding “subgraphs” library
One of the main reasons for the recent increase in popularity of The Graph is the popular decentralized applications of the network and It is an expanding collection of subgraphs supporting blockchain technologies. Subgraphs are open application programming interfaces (APIs) that anyone can create and use to make data more accessible. The Graph protocol aims to create a global graph of all publicly available data from anywhere in the world; this data can then be changed, categorized and shared among many applications for anyone to query.
The protocol is currently hosted on the Ethereum (ETH) network, but Binance soon Smart Chain will include support for Ethereum virtual machine (EVM) compatible networks such as Avalanche, Fantom, Arbitrum, Polygon, and Moonriver.
New developer and community initiatives launched
Another reason for increasing interest in The Graph is its initiatives to foster community outreach and engagement through events such as the current ETHenver conference, where the project maintains a booth. In addition to sponsoring a chess competition hosted by Nifty Chess during the ETHenver conference, The Graph is helping the developer community by giving grants, including a $1 million grant to the Nomic Foundation, to fund the development of key Ethereum devex technology.
Graph Grants program also Alpha Finance Lab, Frax Finance, Convex Finance and Ribbon Finance, is collaborating with the SimpleFi data analytics platform to fund the development of subcharts for a number of decentralized financial protocols.
Web 3.0 and its growing popularity
A topic and industry that is slowly beginning to enter mainstream debate, the increasing popularity of Web3 is a third factor that has helped expand the possibilities of GRT.
Web3 is “the idea of a new version of the World Wide Web, based on blockchain technology and incorporating principles such as decentralization and the token-based economy,” according to Wikipedia.
Web3 goals
Web3’s overarching goal goes beyond the current state of the internet, where giant technology companies control the vast majority of data and content, where public data is more freely accessible and personal data is managed by individuals. to evolve into a more decentralized system. The Graph protocol’s capacity to create a worldwide public information network reduces the need for projects to design and manage proprietary indexing servers, saving time and money that would otherwise be spent on technical and hardware resources working only to centralize data.
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