Ethereum (ETH) Vitalik Buterin, co-founder of the network Graph (GRT) shared his roadmap for expanding the available data space for aggregations using the protocol.
Open interest in GRT futures on Binance, Huobi and FTX has surpassed $65.64 million in the last 24 hours. Analysts explained that they expect a big move in the price of GRT as the 24-hour trading volume of GRT exceeds $580 million.
The graph protocol is an important key to Ethereum’s scaling plans. Vitalik Buterin, co-founder of Ethereum, recently published a blog post with a roadmap for scaling the network. In the short, medium and long term, aggregations are the possible scaling solution for the Ethereum network.
Zero-knowledge (ZK) aggregations have better data compression than the Ethereum (ETH) base layer, and Buterin describes a pragmatic way to a solution to increase the available data space using projects like the Graph (GRT) protocol.
The Graph protocol is a “Web3” project that indexes and queries blockchain data with “GraphQL”.
Buterin stated in his blog post:
“Protocols such as TheGraph; can create incentivized marketplaces where customers pay servers for historical data with “Merkle proofs” of accuracy. This is the system that creates an incentive for people and organizations to run servers that store historical data and provide it on demand.”
Open interest is considered an indicator of increased demand for the asset. Open interest in GRT tokens on Binance, Huobi and FTX has exceeded $65.64 million in the last 24 hours.
Analysts are expecting a big move in the GRT price as the token’s 24-hour trading volume exceeds $580 million. Crypto analyst and investor, known by the pseudonym @AltcoinSherpa, noted the increase in GRT trading volume. The analyst expects a move in GRT price following the peak in trading volume.
$GRT: Kind of a weird chart, lots of volume coming in on this one. Still waiting for a big move w. volume to follow. #GRT pic.twitter.com/bSF0Tk35pt
— Altcoin Sherpa (@AltcoinSherpa) November 27, 2021
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