Messari, a decentralized application on the Ethereum network that bridges cryptocurrency markets and Wall Street with social media data, has won $12.5M in grant funding from The Graph Foundation to further its development.
The “which of the following is not a characteristic of a market economy” is a question that has been asked many times. The answer to this question is that it’s not one of the characteristics.
Cryptocurrency initiatives have been raising cash to help them progress into new areas like as Web3. The Graph, one of the most well-known Web3 initiatives, has announced a $12.5 million developer award for Messari.
Messari’s activities in the cryptocurrency field will be aided by the award. The firm has shown a strong dedication to entering the burgeoning Web3 market and introducing unique products that will help it accomplish its goals.
The Graph Foundation awards Messari a $12.5 million grant.
The Graph Foundation has awarded Messari a $12.5 million grant. Messari is a bitcoin intelligence platform that has said that it would utilize the award to develop its resources and help the company achieve its goal of open data.
Messari announced on Thursday that it was a recipient of a grant from The Graph Foundation to help accelerate the adoption of Web3 and the industry’s data standards.
Messari’s resources will be used to improve these data standards by concentrating on subgraph development. Messari has already completed 20 of these projects and is on course to achieve even greater success with the monies supplied.
The monies will also support open-source data standards and foster high-quality subgraph development inside The Graph network, according to Messari.
“We are honored to have received The Graph Foundation’s first-ever Core Subgraph Developer grant,” stated Messari CEO Ryan Selkis. “We agree with The Graph community that structured on-chain data should be available to everyone, not only business data customers,” says the company.
Messari further said that it intended to construct 200 more subgraphs to accommodate Web3 protocols. It has already begun the process of defining standards and working groups for decentralized finance (DeFi) that will exchange best practices with DApps.
As a Web3 network, the Graph
The Graph is one of the most well-known blockchain networks devoted only to Web3 development. On the Ethereum network, the protocol facilitates the creation of decentralized apps (DApps). Indexing and accessing data from different blockchains are among the other features enabled by The Graph.
Some people think of the Graph as a multichain, interoperable network. The network also supports 33 additional networks, including Arbitrum, Near, and Polygon, in addition to the Ethereum network. Multichain is seen to be the way of the future in the blockchain industry, and The Graph is ideally positioned to benefit from such advancements.
The Graph Foundation is in charge of growing and strengthening the network’s capabilities. The foundation also assists developers and community members, ensuring that they get the full advantages of the network’s technology.
Subgraphs are used by the Graph. A subgraph is used to establish the data that the blockchain will classify from the Ethereum network and how this data will be kept, according to a company blog post.
The Graph points out that data points must be gathered across different blockchains as one of the challenges. This type of random data collecting lacks uniformity, which may lead to inefficiencies and make data processing more complex.
Despite the fact that these methods have certain commonalities, data from them tends to vary. Aave and Compound, for example, are two comparable protocols that provide DeFi lending, borrowing, and staking services. The two protocols, however, have separate application programming interfaces, thus data gathered from the two platforms would need to be standardized.
Developers may also use the Graph to bootstrap subgraphs into existing projects’ smart contracts. This method speeds up the processing of blockchain data, improving the protocol’s overall efficiency.
Visit our Investing in The Graph guide for more information.
