How will the Graph capitalize on future trends in 2024?

We have reached the last quarter of 2023, and the developments suggest a promising 2024. Some common trends like DeFi, Web3, and NFTs are reshaping the future of blockchain. The Graph is a popular name in this space.

In this article, we are going to deal with how The Graph (GRT) impacts the growth prospect. We will also tell the important role The Graph plays in data indexing for QoQ performance analysis, decentralized applications, and lots more. So, without further ado, let’s begin!

Key Trends Shaping the Crypto Landscape in 2024

With the year 2024 approaching, it is expected that the blockchain and cryptocurrency space will continue to evolve significantly. Let’s talk about some trends that may play a prominent role in the coming years.

And do you know what’s the best thing? All the crypto trends that will grow in 2024 are closely related to the services that The Graph offers. Based on the current crypto happenings, it is expected that the web3, NFT, Data Indexing, and DeFi space will grow significantly.

Web3, the decentralized and user-centric version of the internet, is ready to gain more prominence. With increased decentralized control and data privacy, Web3 will see some major changes, which is very similar to the GRT’s mission.

NFTs are also expanding their use cases along with collectibles and art. Even DeFi is a dominant force within the crypto world, and GRT plays a very crucial role in it as it gives accurate data indexing to enable real-time access to ‘financial’ data for dApps.

Additionally, due to the growing demand for blockchain data, the Graph’s demand is also expected to increase. The Graph enables data retrieval from blockchains without the need to manage complex infrastructure.

The Graph’s Q3 and Q4 2023 Performance

The Graph network has been the talk of the blockchain world. In 2023, it has performed quite well, especially in the last 2 quarters. In the last 2 quarters of 2023, the Graph has seen some massive growth. Let’s have a look at them:

The network’s performance has been significantly improved with the introduction of Substreams. Additionally, through the CIP, more chains will be integrated into the network. Lastly, increasing L2 rewards will shape the time to come, as indexing fees will take the place of bonding curves.

Basically, The Graph’s network earns from its indexing rewards and query fees, and in Q3, there was a decrease of 19% in its indexing rewards. There was also some decrease in its earnings from quer fees. However, in spite of the decrease in revenue earning, the overall growth was not affected.

1322 subgraphs have been published on the Graph’s network, hinting at commitment to the growth and expansion of its services. Additionally, the migration from Arbitrum One to L2 migration is worth highlighting, aiding in the seamless transfer of subgraphs and delegations.

However, it is worth noting that while query volume increased by 39% in Q3’23, demand-side revenue in USD dipped by 52%. On the other hand, the revenue from indexing rewards also experienced a modest decline of 19% in the same period.

Lastly, the curators and delegators have seen a massive rise from 5% to 247%, respectively. A Coinbase Earn campaign led to this increase of approximately 25,000 new delegators.

Will GRT turn bullish in 2024?

Based on our GRT price prediction of around $0.072 in 2023, which shows an optimistic outlook for 2024. By 2023, the GRT price may reach as high as $0.174. The data shows a potential upswing. While in 2024, the GRT crypto may reach a maximum value of $0.187, while the minimum price may be around $0.130. Indeed, the Graph token could be a great investment opportunity for the long term. 

Conclusion

Based on our analysis and predictions, the Graph network will significantly grow in the year 2024, and with that, the price of GRT tokens will also be impacted positively. 2024 will be a crucial year for the entire crypto market, and the Graph is going to be one of the networks taking the most benefits from this crypto growth.

However, there is nothing certain about the cryptocurrency world, and you must do your own research before investing your hard-earned money in it. Volatility is inherent in this space and can never be separated from it.