This Ethereum-based crypto just launched and it already has a $2 billion diluted market cap 🚨 This article is 4 years old...
News ▸ Ethereum ▸ Price Watch
This Ethereum-based crypto just launched and it already has a $2 billion diluted market cap
2 min read
Updated: Dec. 19, 2020 at 1:34 am UTC
Yesterday, The Graph Network finally went live.
The Graph is a platform that allows users to access data from blockchains, especially Ethereum. Developers can integrate The Graph data into their decentralized applications through subgraphs, a public and open API technology.
While many may not know it, for months and years, The Graph’s technology has been powering some of the top DeFi applications in the space, including Uniswap, Synthetix, Balancer, and more. As Blockfyre’s Joao Leite notes:
“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.”
Further, The Graph has been financially backed by “the likes of Coinbase Ventures, Framework, ParaFi Capital, DTC Capital, Reciprocal Ventures, and Digital Currency Group.”
When The Graph Network mainnet came to life, its native token GRT also was deployed and unlocked, garnering much support on Twitter.
GRT garners $2 billion fully diluted valuation
Just 24 hours after its launch, GRT already has a circulating market capitalization of $315 million and a fully diluted market capitalization of $2.6 billion, making it one of the largest cryptocurrencies as is.
Currently trading at $0.25, the coin has surged 150 percent since it was listed on CoinGecko at the time of launch.
The rally appears to be a byproduct of “FOMO” from retail players.
Upon launch, GRT immediately garnered the support of top exchanges like Coinbase Pro, OKEx, and Binance.
Volumes have amounted to over $1 billion in a single 24-hour time frame, making it among the most-traded cryptocurrencies only behind names like Bitcoin, Ethereum, Litecoin, Chainlink, and Cardano.
GRT is a utility token for The Graph Network that will allow indexers (node operators) to run their services and make a profit in GRT for doing so.
A Chainlink competitor?
When many saw the term “API” and “blockchain,” questions were asked if this is a Chainlink competitor.
According to Chainlink analyst and investor Chainlinkgod, this is not the case. He recently highlighted that because The Graph Network only sources data for its APIs from blockchains, it cannot currently interact with data sources off chain:
“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.”
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 complementaryhttps://t.co/xchGhHhxv8
— ChainLinkGod.eth (@ChainLinkGod) December 18, 2020
The Graph Market Data
At the time of press 1:34 am UTC on Dec. 19, 2020, The Graph is ranked #57 by market cap and the price is up 97.56% over the past 24 hours. The Graph has a market capitalization of $353.84 million with a 24-hour trading volume of $1.23 billion. Learn more about The Graph ›
Crypto Market Summary
At the time of press 1:34 am UTC on Dec. 19, 2020, the total crypto market is valued at at $653.73 billion with a 24-hour volume of $172.63 billion. Bitcoin dominance is currently at 65.42%. Learn more about the crypto market ›
Mentioned in this article
Posted In: Ethereum, Price Watch
Latest Ethereum Stories
Featured Story
Advertise Here
In this article
The Graph is an indexing protocol that facilitates efficient data querying for networks like Ethereum and IPFS, playing a pivotal role in DeFi and the broader Web3 ecosystem.
Litecoin
$90.2068
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Chainlink
$14.6761
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
Cardano
$0.78249
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Uniswap
$8.86491
Since its inception, the Uniswap Protocol (“Uniswap”) has served as a trustless and highly decentralized financial infrastructure.
Synthetix
$1.69100
Synthetix, formerly Havven, is a cryptoasset-backed network that enables the creation of on-chain synthetic assets.
Balancer
$2.27228
Balancer is a non-custodial portfolio manager, liquidity provider, and price sensor..
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Digital Currency Group
Digital Currency Group’s mission is to accelerate the development of a better financial system.