Cryptocurrency projects have been setting up funds to aid in their advancement into innovative spaces like Web3. The Graph, one of the top projects venturing into Web3, has announced offering a $12.5M developer grant to Messari.
The grant will support Messari in its efforts within the cryptocurrency sector. The company has shown great commitment to venturing into the buzzing Web3 sector and launching innovative offerings that will allow it to achieve its mission.
Messari receives a $12.5M grant from The Graph Foundation
Messari has won a $12.5 million grant issued by The Graph Foundation. Messari is a cryptocurrency intelligence platform, and it has said it will use the issued grant to expand its resources and support the firm in its mission of achieving open data.
In the announcement issued on Thursday, Messari noted that it was a beneficiary of the grant offered by The Graph Foundation to boost the growth of Web3 and the data standards of this sector.
The resources provided by Messari will go towards boosting these data standards by focusing on subgraph development. Messari has already finalized 20 of these developments, and it is on track to achieve more success with the provided funds.
Messari also added that the funds will support open-source data standards and promote high-quality subgraph development within The Graph network.
“We are proud to have been awarded the first-ever Core Subgraph Developer grant by The Graph Foundation,” said the CEO of Messari, Ryan Selkis. “WE share The Graph community’s belief that structured on-chain data should be accessible to everyone, not just enterprise data consumers.”
Messari also revealed that it wanted to create an additional 200 subgraphs supporting Web3 protocols. It has already started the process of developing standards and decentralized finance (DeFi) working groups that share best practices with DApps.
The Graph as a Web3 network
The Graph is ranked as one of the top blockchain networks fully focused on Web3 development. The protocol supports the development of decentralized applications (DApps) on the Ethereum network. The other functions supported by The Graph include indexing and querying data available on multiple blockchains.
The Graph is also considered by some as an interoperable and multichain network. Besides supporting growth on the Ethereum network, the network also supports 33 other networks, including Arbitrum, Near, and Polygon. The future of the blockchain sector is believed to be multichain, and The Graph is well-positioned to gain massive adoption through such developments.
The Graph Foundation is tasked with expanding and improving the network’s performance. The foundation also supports developers and community members, ensuring they benefit from the immense benefits of the technology provided by the network.
The Graph operates using subgraphs. A blog post by the company noted that a subgraph is used to define the data that the blockchain will categorize from the Ethereum network and how this data will be stored.
One of the issues pointed out by The Graph is that data points are needed to be collected across multiple blockchains. This random collection method lacks standardization, which can cause inefficiency and make it more difficult for the data to be processed.
Data across protocols tend to differ despite these protocols sharing some similarities. For example, Aave and Compound are similar protocols that offer DeFi lending, borrowing, and staking services. However, the two protocols use different application programming interfaces, and data collected from the two platforms would require standardization.
The Graph also allows developers to bootstrap subgraphs into the smart contracts of existing projects. This strategy helps to process blockchain data more swiftly, which adds to the efficiency of the entire protocol.
To learn more visit our Investing in The Graph guide.
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