This Web 3.0 Coin Project Has Significant Developments!

After the altcoin chart catalog expanded and became a trendy topic of discussion among Web3, crypto and tech industry professionals, The Graph (GRT) is starting to see double-digit price gains. In this article, let’s examine the 3 factors that made the Web 3.0 coin price rise.

Web 3.0 coin fashion gives impetus to GRT price

The Graph (GRT), a blockchain project focused on the future of data retrieval and management, is an indexing protocol designed to query networks like Ethereum and IPFS through the creation of open APIs called alt graphs. Since dropping to $0.34 on Jan. 24, GRT has made multiple attempts for a sustained break above the key support and resistance level at $0.48, according to TradingView data.

So why is the GRT price rising? cryptocoin.com Jordan Finneseth, whose analyzes we share with you, thinks this is due to 3 reasons…

Expanding “subgraphs” library

One of the main reasons for The Graph’s recent rise in popularity is the network’s expanding collection of subgraphs that support popular decentralized applications and Blockchain technologies. Subgraphs are open application programming interfaces (APIs) that anyone can create and use to make data more accessible. The Graph protocol aims to create a global graph of all publicly available data from anywhere in the world; this data can then be changed, categorized and shared among many applications for anyone to query.

The protocol is currently hosted on the Ethereum (ETH) network, but will soon include support for Ethereum virtual machine (EVM) compatible networks such as Binance Smart Chain, Avalanche, Fantom, Arbitrum, Polygon, and Moonriver.

New developer and community initiatives launched

Another reason for increasing interest in The Graph is its attempts to foster community outreach and engagement through events such as the current ETHenver conference, where the project maintains a booth. In addition to sponsoring a chess competition hosted by Nifty Chess during the ETHenver conference, The Graph is helping the developer community by giving grants, including a $1 million grant to the Nomic Foundation, to fund the development of key Ethereum devex technology.

The Graph Grants program also collaborates with the SimpleFi data analytics platform to fund the development of subgraphs for a number of decentralized financial protocols, including Alpha Finance Lab, Frax Finance, Convex Finance, and Ribbon Finance.

Web 3.0 and its growing popularity

A topic and industry that is slowly beginning to enter mainstream debate, the growing popularity of Web3 is a third factor that has helped expand the possibilities of GRT.

Web3 is “the idea of ​​a new version of the World Wide Web, based on blockchain technology and incorporating principles such as decentralization and the token-based economy,” according to Wikipedia.

Web3’s goals

The overarching goal of Web3 is to evolve beyond the current state of the internet, where giant tech companies control the vast majority of data and content, to a more decentralized system where public data is more freely accessible and personal data is managed by individuals. The Graph protocol’s capacity to create a worldwide public information network reduces the need for projects to design and manage proprietary indexing servers, saving time and money that would otherwise be spent on technical and hardware resources working only to centralize data.

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