Share this article
Indexing Protocol The Graph’s GRT Token Soars Back Past $1B Market Cap
The token has risen 55% over the past week amid significant growth of The Graph ecosystem.
Updated Feb 7, 2023, 3:09 p.m. Published Feb 7, 2023, 12:26 a.m.
Make us preferred on Google
Indexing protocol The Graph’s GRT token surpassed a $1 billion market capitalization again on Sunday, according to data from CoinMarketCap. The spike reflects the platform’s significant ecosystem growth in 2022, particularly during the fourth quarter.
The token began to climb at the beginning of 2023 after plummeting in the second half of 2022, and is now trading at around 13 cents, up 55% over the last seven days. GRT had risen above $5 billion in market value before spiraling as the wider crypto market started tumbling in late 2021.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The Graph removes the need for data consumers like app developers to expand complex infrastructure for gathering on-chain data. It currently supports indexing data from 26 different blockchain networks, including Ethereum, Near, Arbitrium, Optimism, Polygon, Avalanche, Celo, Fantom, Moonbeam and IPFS.
The two main sources of revenue for the project are inflationary indexing rewards and query fees paid by data consumers, according to a Messari February report on the protocol.
Data from the report showed that in the fourth quarter of 2022, The Graph witnessed a 66% quarter-over-quarter increase in GRT revenue from query fees (In USD terms this amounts to a 5% QoQ increase and a 265% year-over-year rise.) The report also noted that query fees “should continue to increase as more subgraphs are migrated to mainnet in the coming quarters.”
Some analysts also attributed GRT’s rally to its link to Artificial Intelligence (AI) related tokens, which have been surging recently due to the ChatGPT effect. CoinMarketCap’s rankings of the “most valuable AI and big data crypto projects and tokens” currently has The Graph as the leading platform in market capitalization. According to Pablo Jodar, a crypto analyst at GenTwo, “I think it is linked to the rally on AI stocks, due to the ChatGPT effect.”
The platform raised $50 million in a funding round that was led by Tiger Global Management in January 2022.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin miners surge higher as Anthropic's fundraising efforts boost AI spirits
Anthropic is set to raise $20 billion in its latest funding round, double the amount it initially targeted, according to the FT.
What to know:
- Anthropic, the maker of the Claude chatbot, is set to raise about $20 billion in new funding at a valuation of $350 billion, according to the Financial Times.
- That's double the amount the company initially sought to raise.
- The news is boosting spirits in the AI sector, with bitcoin miners turned AI infrastructure providers like IREN, TeraWulf, Cipher Mining and Hut 8 surging higher.
Top Stories
