An Ethereum-based (ETH) altcoin has seen its price skyrocket by 175% in less than a week to shatter the $1 billion market cap level.
Blockchain indexing protocol The Graph (GRT) has seen its price tag dramatically shoot up since the first of February.
The token surged from the $0.08 mark all the way to $0.239 before retracing to its current price of $0.177.
According to crypto analytics firm Messari, GRT’s revenue stream from query fees, or fees billed by usage, is surging as of late, pointing toward rising adoption rates.
“While query fee cuts generally remained flat for individual Indexers, total GRT revenue from query fees increased 66% QoQ [quarter over quarter] and over 6,200% YoY [year over year].
In USD terms, this corresponds to a 5% increase QoQ and 265% increase YoY.” Simultaneously, The Graph experienced a 66% QoQ increase in GRT revenue from query fees in [Q4 2022] and a 6,228% increase YoY. Query fees should continue to increase as more subgraphs are migrated to mainnet in the coming quarters.”
Messari forecasts that The Graph will continue making development on its network easier by adding subgraphs, or data-curating APIs (application programming interfaces), which could lead to faster innovations across the Web3 sector.
“This increase in volume may attract more key participants to the protocol as it drives profitability for existing ones. By adding more subgraphs, The Graph will continue to remove technical barriers for developers, ultimately leading to faster innovation across Web3.”
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Source: https://dailyhodl.com/2023/02/08/ethereum-altcoin-shatters-1000000000-market-cap-with-175-rally-in-less-than-a-week/