The Graph network on November 1st hit an all-time high in terms of processed transactions in the platform.
Yesterday The Graph Network processed 94K GRT in query fees, setting a new daily record 🙌
Great work everyone who’s been contributing to network migration 🙂 https://t.co/VmYan7pb74 pic.twitter.com/Cl3yU5E2MR
— Yaniv Tal (@yanivgraph) November 1, 2022
Yaniv Tal, the cofounder of Graph, revealed this information on his Twitter page, stating that the network processed 94k GRT query fees.
This new record is impressive because of the current conditions of the market; after the bear condition that started in May, all digital assets suffered tremendously in terms of loss in value.
Dapplooker, a multi-chain query and data analytics platform, also confirmed this information on their Twitter page late in the day.
They went further to point out that it was a 20% increase from transactions that occurred in October.
Graph network, which focuses on helping developers to create more efficient dApps through the pooling, processing, and storing of data from different blockchains.
All the information collected is then divided into several indices called “subgraphs” after carefully analyzing all the data.
All this process, in turn, enables any application to query its protocol and receive an instant response.
The graph was built on the Ethereum network, making it trendy on the network and other affiliated platforms like Uniswap, Aave, and Curve.
The network’s native token is GRT, serving numerous purposes like utility and governance.
Indexers are node operators that provide indexing and query services for signaled subgraphs on the network.
The node operators also work closely with delegators who contribute to the Graph platform by delegating GRT to Indexers.
Finally, there are curators or subgraph developers whose responsibility is to analyze subgraphs that they believe are of high quality for indexing.
Before November 1st, the Graph network had been affected by the bear market like all crypto networks, but this latest development shows that there is potential for the market to surge to life in the coming months.
