Coinspeaker
The Graph Protocol Unveils New Roadmap, Price Falls 4%
In a recent development, The Graph (GRT), a pioneering project in the Web3 ecosystem, announced an ambitious new roadmap, sending ripples through the crypto and blockchain communities.
This roadmap introduces a game-changing vision for The Graph’s future, outlining key initiatives that will shape the project over the next few years. This audacious vision, however, has not been met with unbridled enthusiasm from investors, as The Graph’s price is currently down 4.67% to $0.1315.
The Graph Protocol’s New Era
The new roadmap is organized around five key goals, each of which is intended to improve and expand the protocol’s capabilities.
Firstly, The Graph intends to expand its data services beyond subgraphs, creating a rich market of data on the network to serve a variety of use cases and professionals including data scientists. This will entail integrating more data sources, introducing new query languages, and supporting Large Language Models (LLMs), the technology powering OpenAI’s ChatGPT.
Secondly, the protocol aims to empower developers through enhanced DevEx and tooling by introducing streamlined billing, clear pricing models, a new free query plan, and reduced gas fees. Additionally, The Graph plans to deliver improvements that will result in a more resilient, flexible, and user-friendly protocol. This will include updates to delegation, enhancing the protocol’s overall robustness.
To boost network performance, The Graph will invest in improved Indexer tooling and operational capabilities. These upgrades aim to increase scalability, reduce costs, and enhance network reliability.
Finally, the protocol will introduce tools for composable data and create a global, organized knowledge engine. This interconnected web of data will make it easier for developers to build upon existing resources.
The Graph’s Journey So Far
The Graph protocol has come a long way in the three years since its inception. It has established itself as a mature, reliable, and high-performing oracle, serving the needs of developers and data consumers in the Web3 space.
The project has not only fulfilled its mission of democratizing access to blockchain data but also introduced subgraphs as a Web3 standard, fostering interoperability and data accessibility within the ecosystem.
The Graph recently released L2 Transfer Tools, which allow users to easily transfer indexing operations, curation signals, delegation of GRT, and subgraphs. This resulted in significantly increased network activity and can contribute to a higher value.
While the new roadmap is widely regarded as a positive development for The Graph, the native token, GRT, has not reacted as expected. In fact, it fell as a result of the announcement. The Graph’s price, which had risen by over 104% in the previous three weeks, fell by 4%, wiping out a significant portion of its recent gains.
At the time of writing, GRT was trading at $0.1315, just above the key support level of $0.130, which had previously served as both support and resistance. If the decline continues and this support level is breached, GRT may be vulnerable to further correction, potentially lowering to $0.114.
