GRT rallies 39% as subgraphs migrate to The Graph’s decentralized mainnet
As the growing digital economy undergoes a transition from Web2 to Web3, oracle and data providers are becoming an increasingly important sector of development to ensure the reliable sharing and transfer of information.
The Graph (GRT) is one protocol that is spearheading the integration of blockchain technology with data management and retrieval through the creation of open APIs known as 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 flip this major resistance level into support.
There are three underlying reasons behind GRT's price rally: the ongoing migration of subgraphs to the Graph mainnet, the launch of grants to help projects build on or migrate to the decentralized network and the upcoming Graph Day 2022, which will take place on June 2.
The biggest development surrounding GRT is the ongoing migration of Ethereum subgraphs to the decentralized mainnet of the Graph network.
The Graph ecosystem is championing decentralization as Ethereum subgraphs continue to migrate to The Graph Network Here’s an update shedding more context on the state of migration, query fees, & resources to help you migrate your subgraph today! https://t.co/Z26rrISXas
Subgraphs are open application programming interfaces, also known as APIs, that are designed to make data more accessible and can be composed into a global graph of all the world’s public information.
According to The Graph, subgraph migrations are up 30% quarter-over-quarter. Currently, 282 subgraphs have completed the migration process, with more undergoing the process each week.
Projects that have made the switch
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