The Graph has established its reputation as a leading indexing protocol that drives innovation. The protocol will continue to do so in 2023 with its Phase 2 migration to Arbitrum One. The Graph is an open-source framework for searching and indexing blockchain data.
To determine what and how to index Ethereum data, the Graph reads the subgraph manifest, which describes the subgraphs. The subgraph description specifies the relevant smart contracts, the events within those contracts, and the mapping from event data to data that The Graph will store in its database.
Evolution of The Graph in 2023
The Graph’s most recent Q2 report demonstrated how the protocol addresses issues in 2023. Despite a divided review, the Graph has garnered support from big names such as Arbitrum, Fantom, and Polygon.
Let’s see how the protocol keeps its intuitive approach going:
Early Approaches and Advancements to Subgraph Querying
The Graph emerged in the market with its indexing protocol to address several lingering issues. While storage networks and blockchains are key parts of the stack, they rarely store data in a format that can be directly integrated with apps.
Consequently, applications must sort, filter, group, join, and paginate data before obtaining it. This necessitated the development of centralized indexing servers. The servers retrieve data from Ethereum, store it in databases, and make it accessible through an API.
Users must have faith in the developers to continue their operations on the servers, presenting a challenge to the strategy. It can result in ventures going bankrupt or simply making mistakes. The decentralized reservoir of The Graph addressed this concern.
The pool indexes and enables the performance to conduct efficient data queries. This eliminated the need to spin centralized indexes that are challenging to moderate for a long time.
These APIs, called subgraphs, can be queried with the GraphQL API. Now, there are hosted services and decentralized protocols that boast the same capabilities. The Graph deployed the Graph Node to support them.
Such an innovative approach to addressing a long-running issue is what helped The Graph stand out from the competition.
Nevertheless, the protocol continued by introducing the Graph Explorer. The action was performed immediately following the insertion of the subgraph. The Graph Explorer can be used to launch a GraphQL interface through which users can access the GraphQL API for subgraphs using queries and schema.
Every subgraph on the Graph Explorer has unique links that can be found across the subgraph details page. The page has a Query button placed in the top-right corner. Tapping the button launches a side pane that releases the unique subgraph URL and instructions on how to query it.
The query URL also has a unique API key. However, users can create and moderate the API keys using Subgraph Studio. The studio can be accessed using the API Keys section.
After the subgraphs are queried, users can generate the query fees using the API keys. The fees must only be paid in GRT (The Graph Token). Moreover, users can even access the GraphQL playground through the Playground section to query the subgraph in The Graph Explorer.
Such releases allowed The Graph to divert its focus to SubQuery. Let’s delve into the benefits that SubQuery will bring to The Graph ecosystem.
Future Directions and Research Challenges
The Graph migration brings SubQuery to the platform via the protocol. While SubQuery offers a superior development experience, it will continue to utilize a conventional development methodology. The workflow will allow migration to remain easy and quick.
The migration will offer several benefits, such as:-
Performance Improvements : SubQuery offers up to 1.85 times quicker performance for common projects over The Graph using a store cache layer and multi-threading.
Wider Chain Support : SubQuery will support EVM and non-EVM networks, such as Algorand, Polkadot, NEAR, Cosmos, and more.
Multi-Chain Indexing Support : SubQuery will allow users to index data from different L1 networks into one database. It allows users to query one endpoint to get data for every supported network.
More Control : SubQuery has a massive library of command-line parameters to let users run, optimize, and monitor locally hosted projects.
More Flexibility: Its mapping functions are written in TypeScript, and users can import additional libraries. Moreover, users can make external API calls to retrieve and process data.
SubQuery is also set to offer a free Managed Service where users can deploy new projects. Given that SubQuery is multi-chain by design, its vast support will require The Graph to focus on moderating its services. The protocol will need to conduct extensive research, which can lead to challenges.
Is It Wise to Buy and Trade Grt Tokens?
Looking at the continuous developments and upgrades in the Graph’s network, it won’t be a bad idea to trade the GRT tokens not just in the year 2023 but also for the long term. With the latest migration, the platform seems to highly benefit from it, which will have a direct impact on the price of GRT crypto.
Crypto analysts suggest that the GRT coin may be around $0.275 by the end of 2023, which will be equivalent to more than a 150% increase compared to its current price. Thus, to answer the question, The Graph is definitely one of the top tokens that can be traded in the year 2023.
Moreover, Cryptonewsz published a comprehensive analysis of The Graph in its Q2 2023 report, providing insights and the future of The Graph (GRT). The analytical article shed light on the protocol’s historical performance, its current state, and potential future developments.
Conclusion
The Graph has been an innovative indexing protocol ever since its inception. The protocol started innovation by allowing apps to store data directly in one format using subgraphs.
The Graph Explorer followed this to help users access the GraphQL API for subgraphs using queries and schema. The protocol has also released its Q2 report, which showcases its recent outcomes.
According to the report, The Graph also announced completing Phase 2 of the Arbitrum One migration. The upcoming quarter will see the protocol undertake Phase 3. Moreover, The Graph is set to advance its approach with SubQuery.