- 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.