The Graph (GRT) is crypto Google if Google was created for programmers and developers, and is also a popular utility hodl.
With an +84% increase in queries, the network reached an all-time high of 2.9 billion successful queries, underscoring its growing importance in the decentralized data landscape.
Subgraph Expansion Fuels Growth
A significant factor driving this uptick is the expansion of subgraphs, which are essential for developers building decentralized applications (dApps). The network’s subgraph count skyrocketed to over 9,000, marking a 361% increase since the end of Q1 2024.
This growth highlights an intensified demand for blockchain data that is secure, reliable, and censorship-resistant.
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The Graph $GRT… pic.twitter.com/agosbLJ9I6— LunarCrush Social Intelligence (@LunarCrush) October 31, 2024
The Role of Solana and Other Blockchains
The Graph Network’s Mainnet, along with Arbitrum and Polygon, accounted for the majority of Q2 queries. Solana has also become a significant contributor to this growth.
Recent upgrades to The Graph’s ecosystem on Solana have enabled developers to access indexed blockchain data more efficiently. Nick Hansen, head of growth at The Graph Foundation, emphasized the importance of these upgrades:
“The meteoric rise of developer and user activity on Solana has created a huge demand for open, decentralized data that is true to the values of web3. The Graph’s latest tooling upgrade and enhanced support will ensure the Solana community can get even more value out of web3’s decentralized data layer.” –Nick Hansen, The Graph’s Head of Growth
The introduction of a free query plan offering 100,000 queries per month has also contributed to the surge in demand. This plan has made it easier for developers to experiment and innovate without immediate financial constraints.
As a result, total revenue from query fees increased by 160% quarter-over-quarter, reaching a new high of $113,000 in Q2 2024.
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How Does The Graph Work?
The graph has a series of “subgraphs” that refer to various blockchain APIs (Application Programming Interfaces).
In short, an API is just how your computer interacts with another program. Think of API as a company offering a limited menu of commands for your computer.
For instance, a pizza shop doesn’t let you go into the kitchen and start making pizzas for you and your friends. They give you a menu — or a means of interacting with their product.
The same goes for websites like Facebook or Google or for programming-specific applications like GitHub and Stack Exchange.
The tl;dr is that The Graph makes APIs make data retrieval easy. It’s the backbone of DeFi and the foundation upon which Web 3.0 is being built.
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Final Thoughts: Our Take on The Graph
The Graph Network’s growth spurt, bolstered by Solana’s integration, marks a promising chapter for decentralized data in the web3 landscape.
Riding the high of its Q2 victories, it’s primed for further advances, cementing its place as a cornerstone in decentralized data – a market we believe at 99Bitcoins will break a $1 trillion market cap by 2030.
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