The Graph is a blockchain project that has been heavily marketed as a gamechanger in the crypto world. This is because it provides indexing of blockchain data, making it easy for smart contracts in decentralized ecosystems to query the data required for their smooth operations. However, the project has been overshadowed by other developments despite its crucial role, but its native token GRT’s performance suggests that the project has been growing at a healthy pace.

GRT has certainly seen better days considering that it has been bearish after peaking at $2.80 in February this year. Its price bottomed out at $0.42 in June and remained near that level until towards the end of July when the crypto bulls returned, triggering a rally. GRT has subsequently ridden the bullish wave and is currently trading at $1.06 after pumping by 18.33% in the last 24 hours.

Source: Binance

GRT has so far delivered an impressive bullish performance for the last four weeks courtesy of the increased buying volume during the ongoing bull market. However, it also owes some of its gains to some positive developments involving the Graph.

Factors contributing to GRT organic growth

GRT market cap has gone up significantly in recent times and it is currently at $5 billion, earning the token the number 30 spot in the crypto market in terms of market cap. One of the factors that have contributed to its growth is the announcement that has so far been integrated into 24 blockchains including Ethereum which was the first blockchain that it was designed to support, and then the Binance Chain. It also supports other notable networks such as Polygon, Arbitrum, Avalanche and was recently added to Optimism, allowing it to unlock new levels of interoperability and scalability on Ethereum.

There is other positive news that may have contributed to its impressive rally in the last two days. For example, the protocol announced a grant issued to LimeChain HQ, that will fund the creation of a framework tool called Matchstick, designed for subgraph unit testing. It will make it easier for developers to test their mapping logic and also in protocol scaling. Speaking of, the team behind The Graph recently announced that the protocol has been scaling at a fast pace and were also happy to report zero downtime so far.

Previous developments in July introduced Subgraph Studio and Graph Explorer which will allow anyone to publish subgraphs and curate data easily with a decentralized approach within Web3. These developments are aimed at making the protocol more intuitive for users and developers especially now that it is in the fast lane as far as adoption is concerned.

What do the developments mean for the GRT token

So far the biggest win for The Graph protocol is that the need for proper querying and indexing within decentralized networks has become more apparent than ever. Its platform has thus become a necessity to the blockchain community, more so now that cross-chain integration is a thing. The protocol’s increased usage means more demand for the GRT token, setting it up for continued robust performance moving forward.