Saturday, September 23, 2023

The Graph Sold Out in GRT Public Auction


The Graph Foundation revealed today that the community earned $12 million via the sale of GRT, the Graph’s native token. During the sale, approximately 4,500 people from 90 countries got 400 million tokens (4 percent of the total supply). When The Graph’s mainnet launches in 30-60 days, these O.G.s will be the first members of the GRT community.

The sale’s main purpose was to get the GRT token out to as many people as possible. The GRT sale exceeded this goal, with considerable participation from Vietnam, Russia, China, India, and the UK.

Individuals with GRT can engage in The Graph Network as Indexers, Curators, or Delegators by delivering services to decentralized applications. In The Graph Network In-Depth, you may learn more about these responsibilities. The Graph has over 200 Indexers on the testnet and over 2,000 Curators registered for the Curator Program. Globally, around 4,500 GRTs exist.

GRT Token

The GRT Sale creates in three phases to maximize allocation to contributing community members and avoid the risk of a gas war.

This way, the sale could accommodate as many people as possible while avoiding major buyers or bots from buying the entire package.

Each buyer has to complete KYC and a registration form detailing their understanding of The Graph, interest in DeFi and Web3, and desire to contribute. Amounts for phases and individual caps determine by answers to these questions and past contributions.

There’s no doubt that many talented community members missed out on Phase 1 and that the process wasn’t perfect. But using this system, at least 3,000 people from all walks of life, united only by their understanding of The Graph and their commitment to the decentralization mission, guaranteed to be able to participate.

Additionally, a total of 14,000 people successfully registered for the sale. Phase 1 dispersed around 300 million GRT tokens, with registrants having 24 hours to collect their caps. After Phase 1, all new registrants were eligible for Phase 2, which comprised the purchase of about 100 million GRT tokens.

The Graph was the first of its sort to be sold. The Graph Foundation chose to hold the sale entirely on Ethereum and The Graph to showcase Web3 development’s enormous potential. Also, the GRT Sale dApp creates with the help of a subgraph and is compatible with Metamask and Wallet Connect.

Despite the massive traffic spikes, the dApp ran smoothly with no problems or downtime, demonstrating the potential of Web3. Overall, the foundation is happy with how well the sale went and how much the community enjoyed the unique event.

The preGRT token sale gave everyone a non-transferable, pre-functional token. A 1:1 mapping of preGRT to GRT will occur at the network launch. To see preGRT coins in your Metamask wallet, add the crowd sale address to your Metamask wallet.

The Graph Network’s mainnet launch

The Graph Network’s mainnet launch, which expects in 30-60 days, is the next key milestone on The Graph’s roadmap. Wave 1 of the mainnet launch installs network smart contracts and distributes GRT in its genesis form. All sale participant addresses will receive their equal GRT at this time.

Indexers and Delegators can provide indexing and delegation services via the Graph Node CLI, and Curators can stake via the Graph Explorer dApp, which is currently in private testing. Wave 1 starts subgraph transfer from hosted service to a decentralized network.

It will self-contain in Wave 2, allowing community members and organizations to design apps for it. The protocol can now access via Edge and Node’s new Graph Explorer and Gateway dApps.

Furthermore, additional details will be available to sale participants through email as the network gets closer to being live.

The indexing and querying layer of the decentralized web calls the Graph. Subgraphs are open APIs that apps can utilize to query using GraphQL, created and published by developers. Developers may start with The Graph’s hosted service now, and the decentralized network will be available later this year. There are plans to add support for more networks to the Graph in the near future.

Thus, Subgraphs use by programs like DAOstack, Synthetix, Aragon, Uniswap, and Gnosis. Before the sale, The Graph Network received $12.7 million in funding prior to the March 2014 Graph Sale. The Graph Network has received $2.7 million in funding during the last three years.

Christina Jones
Christina Jones
Christina Jones is the owner and CEO of Cryptoconstellation Before starting Crytpoconstellation, Christina spent ten years as an Editor in Chief at a well-known publishing house, Editorial Planeta SL, in Madrid.

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