As soon as Graph Network has gone live, it has experienced a major surge as it has gained $315 million of circulating market capitalization, within just 24 hours. Along with this, it has also gained $2.6 billion of fully diluted market capitalization within the same time period. Through this, it can become one of the largest cryptocurrencies.
GRT token, which is the native token of Graph Network can surge by 150% after getting listed on CoinGecko. As soon as the token was launched, it was able to gain support from several top exchanges like Binance, OKEx, and Coinbase Pro.
As the GRT token can gain huge volume within just 24 hours, as it has emerged among the most-traded cryptocurrencies. It is revealed that the GRT utility token will also let the indexers run their services along with making profits. A lot of people have also associated the Graph Network as the competitor of Chainlink. However, one of Chainlink’s analysts has clarified this by saying:
“The Graph is not a competitor to Chainlink because it’s not an oracle and doesn’t deliver data on-chain, it is an off-chain indexing service for front-end UIs.”
Along with this, it is also stated that to compete with Chainlink it will require oracles, hence, it is not a competitor.