Famous for its Indexing and query work for web 3.0, graph protocol’s parent company raised funds for the sake of further developments
The Graph foundation behind its prominent and influential graph protocol responsible for managing indexing and querying data on blockchain. In short what google does to the internet, graph protocol does the same on blockchain network. The foundation has announced its recent funding of $50 million raised by selling its digital tokens The Graph or GRT, it’s value according to market capitalization is $2.5 billion.
Fundraising was led by prominent American investment firm Tiger Global, for which it has got joined by FinTech Collective, Reciprocal Ventures, FenBushi Capital and Blockwall Digital Assets Fund. Firm has plans to use the funds to explore other developments in the project like to solve centralization issues, work on its scalability and security challenges and also its expansion across other countries in Asian and European continents deploying five teams.
Despite the crypto market facing ups and downs throughout the year 2021, many projects have been introduced and they even got appreciation. Various venture capitalist firms funded many crypto startups, projects and even NFTs. Soon those companies have got billion-dollar valuations as well like OpenSea and Animoca Brands Corporation. Opensea has turned out to be top marketplace for NFTs and the latter is a non-fungible token developer base in Hong-Kong and it has announced about recent funding of $5 billion which doubled its valuation.
Graph Protocol’s working includes supporting data indexing from different blockchain networks like Ethereum, Avalanche, Polygon and NEAR and many more. Various applications use subgraph features of protocol in many potential projects, be it Uniswap, Decentraland and Synthetix.
Building consumer friendly interfaces and business facing decentralized applications running on blockchain in web 3 need its indexing and querying. Due to this unique feature which gives various facilities better than other blockchains, even from fast transaction fees to high speed transaction.
