The Graph (GRT) explodes higher after launching its mainnet

The Graph (GRT) price erupted this week after the launch of its mainnet, in addition to getting listed on major crypto exchanges.

Fundamental analysis: GRT enters Top 50

The Graph, Ethereum-powered protocol for building decentralized applications, announced the launch of its mainnet on Thursday. The protocol makes it easier for dapp developers to do their frontend work and manages all of the information on the blockchain. It also utilizes the so-called subgraphs which serve to facilitate the access to decentralized apps via public and open APIs.

Its indexing services allow users to recover data from Ethereum, just like other indexing tools allow for centralized databases. 

“It feels surreal that after years of hard work, our vision for a global decentralized indexing and API layer for Web3 has become real,” Yaniv Tal, project leader and co-founder of the Graph. 

“We really believe in decentralization and the launch of The Graph Network is a major milestone for enabling humans to cooperate and organize in a decentralized way.”

Hayden Adams, founder of decentralized crypto exchange Uniswap said The Graph has contributed to making smart contract data easier to organize and use. 

“Subgraphs are powering some of the most used analytics tools in the space — Uniswap being one of them. The design of the new system will attract more developers to build their own subgraphs, leading to better access to information. Once we know more, we can build better,” Adams said. 

Major companies from this space including Uniswap, Synthetix, and Aave are already using the Graph Protocol. 

Furthermore, popular crypto exchange Coinbase also announced support for the Graphs native coin GRT on its Coinbase Pro platform, indicating that the protocol has drawn the attention of many major players from the crypto space.

Technical analysis: 300% up

In addition to the launch of its mainnet, GRT/USD price also received a major boost from the listing on major crypto exchanges. This will significantly increase the number of investors that are able to invest in GRT. 

GRT/USD 4H chart (TradingView)

In just two days, GRT/USD gained about 300% to trade at an all-time high of $0.9950. Since, the price action corrected lower as it now trades around the $0.65 handle.  

Summary

The Graph indexing protocol that allows developers to build Ethereum-based applications, has rolled out its mainnet on Thursday. In addition to getting listed on major crypto exchanges, GRT price gained 300% in just two days.

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