The price of The Graph tokens (GRT) has more than doubled since the token launched on December 17, from $0.26 on Friday (the most recent date recorded by CoinMarketCap) to $0.61 today. Volumes, too, have spiked, from $880 million on Friday to $2.8 billion on Sunday.
This makes The Graph the 39th largest cryptocurrency by market capitalization.
The San Francisco company that mints GRT raised $12 million in a token sale for The Graph (GRT) tokens in October. It raised a further $5 million in June; participants included Coinbase Ventures, Framework Ventures and ParaFi Capital.
The Graph is a “distributed query processing protocol.” Its protocol ensures that queries reach dapps in a trustless and secure manner. For instance, a decentralized application could query some data hosted on Ethereum and collect that data without interacting with a third party.
The network is formed of three players. First are indexers, who operate the network’s nodes and stake GRT, earning money whenever someone processes a query; second are curators, who decide what Ethereum data to index and how to store it; third are delegators, who give their GRT to indexes for a cut of their fees.