Graph Network Goes Live And Hits $2 Billion Diluted Market Cap

Ethereum-based, Graph Network goes live and hits $2 billion in diluted market cap as we can see in today’s crypto news.

The Graph is a platform that allows users to get easy access data from blockchains especially ETH. The developers can integrate The Graph data into their decentralized applications through subgraphs and public and open API technology. While many may not know it, for a few months, the technology of this project has been powering some of the top Defi apps in the space like Balancer, Uniswap, and Synthetix. Joao Leite from Blockfyre said:

 “The Graph is not the typical crypto ico project with promises and a simple MVP, is already being used every day by popular projects such as Uniswap, Synthetix, AAVE, Aragon, Gnosis, Balancer, Coingecko, Yearn, Curve, Chainlink, Livepeer, Bancor, Decentraland, and many others.”

Should it be valued higher than $link in your opinion?

— Debussy (@Debussy100) December 18, 2020

Furthermore, The Graph was backed financially with the likes of “Coinbase Ventures, Framework, DTC Capital, Parafi Capital, Digital Currency Group, and Reciprocal Ventures.” When the network mainnet came to life, the native token GRT was also deployed and unlocked as it gained a lot of support on Twitter. Just 24 hours after the launch, GRT already has a circulating market cap of $315 million with a fully diluted market cap of $2.6 billion making it one of the biggest crypto assets as-is. Right now, the coin is trading at $0.25 and surged 150 percent since it was listed on CoinGecko.
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The rally seems to be a byproduct of the FOMO from retail players as before the launch, GRT garnered the support of top exchanges like OKEx, Coinbase Pro, and Binance. Volumes amounted to over $1 billion in a 24-hour time frame, making it among the most-traded crypto assets behind names like Litecoin, Chainlink, Ethereum, Bitcoin, and Cardano. GRT is a utility token for the Graph network which allows node operators to run their services and to make profits in GRT for doing so.

When many see the term API and blockchain, questions were asked if this is the new Chainlink competitor. According to Chainlink, analyst and investor Chainlinkgod says that this is not the case:

 “The Graph is not a competitor to Chainlink because it’s not an oracle and doesn’t deliver data on chain, it is a off-chain indexing service for front-end UIs. The Graph still needs oracle, so they’re complementary.”