The Graph is an open-source, indexing protocol for collecting, processing, and storing blockchain data. The mission of the project originally launched on the Ethereum network is to help developers use relevant data to increase the efficiency of their decentralized applications (DApps).
This article will dive into the basics of The Graph protocol to understand what the blockchain data indexing network is all about and how it functions.
We shall also take a look at the future price prospects of its native GRT token, and name the exchanges where it is listed, before determining whether it is a credible cryptocurrency project.
So, let’s get started.
What is The Graph (GRT)?
The Graph is an Ethereum-based blockchain data indexing network. The open-sourced and decentralized software helps developers collect, process, and store data from various DApps to enhance the efficiency of these applications.
It is designed to enable querying on Ethereum and also allows developers to build application programming interfaces (APIs), or ‘subgraphs’, for separate queries.
With the deployment of subgraphs, the protocol can address issues related to query security, the finality of property, and chain reorganization to name a few.
The Graph network processes data with the help of its native programming language, GraphQL.
How Does The Graph Work?
The Graph network enables developers and other on-chain participants to use public and open APIs to build subgraphs for various DApps, which are then used to query, index, and collect data.
The first step of data aggregation happens through the Graph Nodes, which are continuously scanning network blocks and smart contracts for information.
Whenever an application adds data to the blockchain through smart contracts, the nodes send data from the new blocks to the appropriate subgraphs.
There are three types of users on Graph who contribute to organizing the data extracted by the Graph Node, and they are:
| Curators | Curators are developers who assess the quality of subgraphs and determine if they need to be indexed by the protocol. Curators link GRT tokens to the subgraphs they verify. |
| Indexers | Indexers are node operators tasked with providing indexing and querying services for the signaled subgraphs. They are required to stake GRT to offer these services. |
| Delegators | Delegators are responsible for delegating GRT to indexers. They contribute to the smooth functioning of the Graph protocol without having to install a node. |
All three users earn a portion of the Graph’s network fees in GRT. The payout is dependent on the role they play in the protocol.
What is the GRT Token?
GRT is the native utility and governance token of the Graph protocol. The ERC-20 standard cryptocurrency is primarily used to pay for transactions on the Graph. For example, users who submit blockchain queries to indexers have to pay a query fee that is denominated in GRT.
Curators earn query fees in GRT for the subgraphs they validate, indexers earn a portion of the query fees and rewards from the Graph in GRT, and delegators earn part of the indexers’ fees for lending their tokens in GRT.
GRT holders can also participate in the network’s decision-making process by voting on proposals that govern the platform.
The Graph (GRT) Price Prediction: 2024, 2025, 2026, 2027, 2028, 2029, 2030
At the time of writing, GRT is trading at $0.4023 – down 4% in the last 24 hours.
Based on its current valuation and various technical analyses, the price of The Graph token is expected to trade at a minimum of $0.441 and a maximum of $0.737 in 2024. The average trading price for GRT this year is expected around $1.43.
After analyzing GRT’s price in previous years, it is assumed that the minimum price of The Graph in 2025 will be around $0.730 while the maximum price expected for the token may be around $0.877. The average trading price for GRT next year might be $0.756.
By 2026, experts forecast The Graph token to trade within a minimum and maximum price range of about $1.05 and $1.24. The average expected trading cost of GRT during that year is $1.09.
In 2027, The Graph is predicted to be priced between $1.50 and $1.84. The average trading cost for GRT during that year is expected to be around $1.55.
By 2028, experts predict The Graph to attain a minimum price of $2.65 and a maximum value of $2.11. On average, GRT will be trading at $2.19 in that year.
Based on earlier forecasts, the price of GRT might drop to a minimum of $3.20, but it might still reach $3.72 throughout 2029. The average expected trading price for the token during that year is $3.31.
In 2030, The Graph token is expected to trade within a price range of $4.67 at its lowest and $5.50 at its highest. The average trading cost of GRT during that year is estimated to be around $4.81.
Where to Buy The Graph (GRT) From?
GRT can be purchased and traded on the following cryptocurrency exchanges:
Is The Graph a Credible Cryptocurrency Investment?
The Graph (GRT) is an open-source protocol based on the distributed ledger technology (DLT) that is designed to source on-chain data.
The protocol deploys a global network of APIs, otherwise known as subnets, for indexing, organizing, and querying data that is made accessible through the GraphQL programming language.
The Graph mainnet allows DApp service providers to operate in a fully decentralized and interoperable manner, regardless of their parent blockchain.
With the help of the open and public subnets, the protocol provides the perfect environment for DApps and developers to function.
Furthermore, the GRT token, which strings together the entire platform, is showing promising future price prospects. All things considered, I can fairly say that The Graph is a credible cryptocurrency project and blockchain-based ecosystem.
However, as is the case with any other cryptocurrency, GRT is also prone to extreme price fluctuations due to the market’s volatile nature. Therefore, it is recommended that you do your due diligence before making any investment decision regarding The Graph.
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