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Tracing The Graph’s [GRT] upward trajectory since the beginning of 2023

Press Releases Crypto News AMB-Crypto Tracing The Graph’s [GRT] upward trajectory since the beginning of 2023

– On a YTD basis, GRT exploded 107% to its press time value of $0.1658.

– The number of GRT tokens getting staked on the network was continuously increasing.

The Graph [GRT] has witnessed remarkable growth in 2023. On a year-to-date (YTD) basis, its native token exploded 107% to its press time value of $0.1658, per data from CoinMarketCap. The market cap has more than tripled in the same time period.

Even though the price retracted owing to broader market uncertainty in March, the recovery was quick and GRT made gains of more than 15% in the past week.

Read The Graph’s [GRT] Price Prediction 2023-24

Upward growth ‘Graph’ in Q1

Often referred to as the ‘Google for blockchain data’, The Graph is an open-source indexing protocol allowing users to search for data without being directly connected to the chain or going through a centralized third-party provider. Indexers, delegators, and curators perform indexing services and receive query fees from users.

Blockchain analytics firm Messari published a report on The Graph’s network performance in the first quarter (Q1) of 2023. Among the key findings was the 41% increase in quarter-on-quarter (QoQ) revenue from query fees.

The revenue from indexing rewards also surged 41% from the previous quarter. It should be noted that The Graph’s two primary sources of income are the indexing rewards and query fees collected from data users.

Source: Messari

Furthermore, there was a steady rise in the number of subgraphs over the last five quarters. As of March, 776 active subgraphs were present, representing a 26% QoQ growth.

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Author: Suzuki Shillsalot

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