The Graph (GRT) moves final settlement layer to Arbitrum
[ad_1]
The Graph has officially commenced the final migration phase of its settlement layer from Ethereum to the layer-2 scaling solution, Arbitrum. This transition aims to provide improved scalability, lower transaction costs, and faster network speeds for The Graph and its users. The announcement of this migration led to a slight increase in the prices of The Graph’s native token (GRT) and the native token of Arbitrum (ARB).
Community consensus drives the migration
The decision to migrate from Ethereum to Arbitrum was based on the community’s desire to reduce gas fees, enhance transaction speeds, and improve overall accessibility. Through a voting process, GRT holders expressed their approval of the transition, validating the community’s shared objective of enhancing user experience and reducing usage costs. CEO of Edge & Node, Tegan Kline, emphasized the importance of gas efficiency and network performance as key considerations in the decision to choose Arbitrum as the new settlement layer for The Graph.
Regarding market performance, GRT experienced a 2.3% increase in trading value following the migration announcement. This positive trend occurred amidst a challenging environment for Bitcoin and altcoins, as regulatory actions by the SEC against Binance and Coinbase negatively impacted the cryptocurrency market.
ARB, on the other hand, saw a 1.5% increase in its trading value over the past 24 hours, reaching a high of $1.01.
[ad_2]
Source link
Improved Scalability and Lower Transaction Costs with Arbitrum
Arbitrum, the chosen layer-2 scaling solution for The Graph, offers a range of benefits that contribute to improved scalability and reduced transaction costs. With the migration to Arbitrum, The Graph aims to address the limitations associated with the Ethereum blockchain and provide a more efficient and cost-effective experience for its users.
Enhanced Network Speeds
One of the key advantages of Arbitrum is its ability to significantly improve network speeds. By shifting the settlement layer to Arbitrum, The Graph can achieve faster processing times for transactions and data indexing. This increased speed enhances the overall user experience by reducing wait times and improving access to real-time blockchain data.
Gas Fee Reduction
Gas fees have been a major concern for users on the Ethereum blockchain. As transaction volumes increase, gas fees rise, making it expensive to perform even simple tasks. The migration to Arbitrum aims to alleviate this issue by reducing gas fees, making transactions more affordable and accessible for all users of The Graph platform.
Improved Accessibility
Arbitrum also improves accessibility for The Graph users. This layer-2 scaling solution allows for a seamless transition from the Ethereum blockchain, enabling users to continue enjoying the benefits of The Graph’s decentralized protocol without the limitations of high gas fees and slower transaction speeds. The increased accessibility ensures a wider adoption of The Graph platform and opens up new possibilities for developers and decentralized applications (dApps).
The Graph’s Migration Process
The migration process from Ethereum to Arbitrum began in 2022 and has been carefully planned to ensure a smooth transition for The Graph and its users. The current phase marks the final step in this process, completing the full relocation of The Graph’s settlement layer to Arbitrum.
Community Consensus
The decision to migrate to Arbitrum was driven by the consensus of The Graph’s community. GRT holders voted in favor of the transition, demonstrating their support for the benefits and improvements offered by Arbitrum. This community-driven approach ensures that the migration aligns with the needs and desires of The Graph’s user base.
Careful Evaluation
The Graph team conducted a thorough evaluation process before selecting Arbitrum as the preferred layer-2 scaling solution. Factors such as gas efficiency, network functionality, and overall user experience were considered to ensure that The Graph’s objectives of improved scalability and reduced transaction costs were met.
Market Impact
The announcement of The Graph’s migration to Arbitrum had a positive impact on the market. The price of GRT experienced a slight increase, reflecting investor confidence in the benefits of the migration. This increase occurred during a challenging period for the cryptocurrency market, highlighting the potential of The Graph and its commitment to addressing the scalability and cost issues associated with Ethereum.
ARB, the native token of Arbitrum, also saw a surge in trading value, indicating investor interest in the potential of this layer-2 scaling solution.
Editor Notes
The Graph’s migration to Arbitrum is a significant development in the world of blockchain technology. By addressing the scalability and cost limitations of the Ethereum blockchain, The Graph aims to provide a more efficient and accessible decentralized protocol for indexing and querying blockchain data. This transition aligns with the growing demand for high-performance blockchain solutions and showcases The Graph’s commitment to continuous improvement and innovation.
For more news and updates on the latest developments in the world of cryptocurrency and blockchain technology, visit Uber Crypto News.
Comments are closed, but trackbacks and pingbacks are open.