Graph recovers $1 billion in market capitalization ── ChatGPT popularity boosts | coindesk JAPAN | Coindesk Japan

Index protocol The Graph (GRT) surpassed the $1 billion market cap again on February 5, according to CoinMarketCap data. The rise reflects strong growth in the ecosystem in 2022, especially in Q4.

After a sharp decline in the second half of 2022, the graph has risen this year and is now up 55% over the past seven days, near $0.13. Before the cryptocurrency market fell sharply in late 2021, it had a market capitalization of over $5 billion.

(CoinMarketCap)

Graph collects on-chain data and provides it to app developers and others. Currently supports 26 blockchain data indexing, including Ethereum, Near Protocol, Arbitrium, Optimism, Polygon, Avalanche, and Fantom. ing.

In the fourth quarter of 2022, The Graph reported a 66% increase in revenue from data users in GRT quarter-over-quarter (5% quarter-on-quarter and 265% year-on-year in dollar terms), according to data company Messari. equivalent to rising). Earnings are expected to continue to grow in the future.

Some analysts have also linked it to AI (artificial intelligence) tokens, which have risen due to the popularity of ChatGPT.

According to CoinMarketCap’s “Most Valuable AI and Big Data Crypto Asset Projects and Tokens” ranking, The Graph is currently the top platform by market capitalization.

“We believe the ChatGPT effect is linked to the rise in AI-related stocks,” said GenTwo crypto analyst Pablo Jodar.

The Graph raised $50 million in a funding round led by Tiger Global Management in January 2022.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: CoinMarketCap
｜Original: Indexing Protocol The Graph’s GRT Token Soars Back Past $1B Market Cap