Coinbase is one of the largest Bitcoin exchanges in the world and is particularly popular with retail traders. A listing on the Coinbase Exchange can mean a significant price increase for a coin or token, as has been proven many times in the past.
A few days ago, The Graph (GRT) token was listed by Coinbase on Coinbase Pro. This is a ‘professional version’ of Coinbase which offers more functions than the standard version. The Graph is best known for a protocol that helps DeFi exchanges like Uniswap to improve the access to blockchain data like deposits. That doesn’t sound good at first, but the area of blockchain analysis is already enormous.
Search engines will always play a big role in the blockchain sector as the data is stored in a public database and can be accessed by anyone. This applies to private individuals, different companies, law enforcement authorities, and courts. Blockchain analysis service provider Chainalysis is already working with the American tax collection agency IRS and the drug enforcement agency DEA.
Due to the listing on Coinbase Pro, the GRT token was able to increase in price by over 120%. The project had previously raised more than $12 million in a token sale. Thanks to the Coinbase listing, now it has a market cap of over $300 million. The trading volume in the last 24 hours was over $800 million.
When Will The Graph Mainnet Launch Take Place?
The Graph Mainnet launch should take place in December 2020, according to the current roadmap. The first testnet was launched in July 2020, a testnet phase 2 came in November of this year, and shortly afterwards testnet phase 3. In addition to the mainnet, the Graph Council will then also be launched.
The hosting version of The Graph has already achieved great success, as evidenced by a number of database requests processed. So-called subgraphs are used by Uniswap, Synthetix, KnownOrigin, Aragon, and AAVE, among others. Due to the great DeFi hype, their usage has increased tenfold within six months.
The Graph Network is intended to become a worldwide, decentralized platform in which all participants index and manage blockchain data. The testnet in phase 3 brought it to 1,000 requests per second and could be increased daily according to the team.
The history of creation and development of The Graph so far speaks for itself. The benefits of platforms like Uniswap are great. Such platforms have been enjoying steadily growing popularity since this year. The GRT token surprised with a price of over +120% within 24 hours. This clearly shows the impact a listing on a large crypto exchange can have.
Are you curious about how the project will develop after the mainnet has launched? Feel free to share your thoughts in the comments!