Thursday, February 22, 2024
Blockchain

The Graph $GRT Enters Phase 3 of Scaling on L2, Introducing New Transfer Tools

The Graph ($GRT) has announced the commencement of Phase 3 of its scaling on Layer 2 (L2). The announcement, made via Twitter on August 28, 2023, introduces new L2 Transfer Tools designed to simplify and streamline the transfer of Graph Tokens (GRT) and subgraphs to L2. The move aims to make network participation more accessible and reduce gas fees, a persistent issue in the blockchain space.

“The Graph has officially entered Phase 3 of scaling on L2. L2 Transfer Tools are now live, making it even more simple & seamless to access The Graph on @arbitrum. These tools help all network participants to easily transfer GRT or subgraphs to L2 & begin taking advantage of significantly lower gas fees + faster tx speeds,” the tweet read.

The Graph is an indexing protocol designed to query data from blockchain networks like Ethereum and IPFS. It’s a cornerstone in the DeFi and Web3 landscapes, allowing for the creation of open APIs, or subgraphs, for data retrieval. With a strong community and approximately $25 million in funding, The Graph aims to make blockchain data more accessible and efficient for developers and users alike.

Lower Gas Fees and Faster Transactions

One of the most compelling features of the new L2 Transfer Tools is the promise of “significantly lower gas fees and faster transaction speeds.” This is particularly relevant given the escalating costs of transactions on Ethereum-based networks, which have been a barrier to entry for many users and developers.

Comprehensive Toolset

The L2 Transfer Tools are not just about transferring GRT; they also facilitate the transfer of various other network operations. According to the announcement, the tools make it “simple to easily transfer your: Indexing operation + self-stake; Curation signal; Delegated GRT; Subgraphs”

Encouragement to Move

The Graph is encouraging all network participants to make the transition to L2 to “save magnitudes on gas fees.” This is a crucial step, as high gas fees have been a significant deterrent for broader adoption of blockchain technologies.

Final Step in Scaling Process

The beginning of Phase 3 marks “the final step in the process of Scaling The Graph on L2,” according to the tweet. This suggests that the network has undergone a series of upgrades and is now in its most advanced stage, optimized for performance and accessibility.

Implications for the Ecosystem

The move to Phase 3 and the introduction of the L2 Transfer Tools are likely to have a ripple effect across the blockchain data ecosystem. By making it easier and more cost-effective to participate in the network, The Graph is potentially opening doors for increased data availability and broader adoption of blockchain technologies.

In summary, The Graph’s move to Phase 3 of scaling on L2 and the introduction of new transfer tools aim to address some of the most pressing issues in the blockchain space today—high transaction costs and slow speeds. With these new tools, The Graph is taking a significant step toward making blockchain data more accessible and network participation more feasible for a broader audience.

Image source: Shutterstock

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