- The co-founder of the Ethereum network shared a roadmap on expanding available data space for rollups using Graph protocol.
- Open interest in GRT futures on Binance, Huobi and FTX crossed $65.64 million in the last 24 hours.
- Analysts expect a big move in GRT price as the 24-hour trade volume of the token crossed $580 million.
Ethereum co-founder Vitalik Buterin revealed a strategic roadmap to expand the available data space for rollups using Graph protocol. The token’s trade volume has increased, and analysts expect an upwards move in GRT price.
Graph protocol is key to Ethereum’s scaling plans
Vitalik Buterin, the co-founder of Ethereum, recently published a blog with a roadmap for scaling the network. In the short-, medium- and long-terms, rollups are the possible scaling solution for the Ethereum network.
Zero-knowledge (zk) rollups have better data compression than the Ethereum base layer, and Buterin describes a pragmatic path towards a solution to increase the available data space using projects like the Graph protocol.
The Graph protocol is a web3 project that indexes and queries blockchain data with GraphQL.
The blog reads:
Protocols like TheGraph can create incentivized marketplaces where clients pay servers for historical data with Merkle proofs of its correctness. This creates an incentive for people and institutions to run servers that store historical data and provide it on demand.
Open interest is considered indicative of increasing demand for the asset. Open interest in GRT tokens on Binance, Huobi and FTX crossed $65.64 million over the past 24 hours.
Open interest in GRT Futures in the past 24 hours.
Analysts expect a big move in GRT price as the token’s 24-hour trade volume has crossed $580 million. @AltcoinSherpa, a pseudonymous cryptocurrency analyst, noted the spike in GRT trade volume. The analyst expects a move in GRT price, following the peak in trade volume.
$GRT: Kind of a weird chart, lots of volume coming in on this one. Still waiting for a big move w. volume to follow. #GRT pic.twitter.com/bSF0Tk35pt— Altcoin Sherpa (@AltcoinSherpa) November 27, 2021
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.