Ethereum-Based Altcoin Shatters $1,000,000,000 Market Cap With 175% Rally in Less Than a Week

The price of Ethereum-based (ETH) altcoins surged 175% in less than a week, breaking the $1 billion market cap.

Blockchain index protocol The Graph (GRT) has seen a dramatic surge in price since February 1st.

The token surged from $0.08 to $0.239 and back to its current level of $0.177.

According to crypto analytics firm Messari, revenue streams from GRT’s query fees (the fees charged for usage) have skyrocketed recently. pointing To increase adoption rate.

“While individual indexer query charge reductions have generally remained flat, total GRT revenue from query charges increased by 66% QoQ. [quarter over quarter] Over 6,200% YoY [year over year].

Converted to USD, this equates to a 5% increase in QoQ and a 265% increase in YoY. At the same time, The Graph saw a 66% QoQ increase in GRT revenue from query fees. [Q4 2022] An increase of 6,228% year-on-year. Query fees should continue to increase as more subgraphs are migrated to mainnet in the coming quarters. ”

Messari predicts that The Graph will continue to make development on the network easier by adding subgraphs, or data-curated APIs (application programming interfaces), leading to faster innovation across the Web3 sector.

“This volume increase is likely to attract more major participants to the protocol as it increases the profitability of existing participants. It removes technical barriers and ultimately leads to faster innovation across Web3.”

Source: Messari

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