The Graph, one of the largest Ethereum apps and a renowned blockchain data indexing and querying protocol has embarked on its final phase of migration to the Ethereum Layer 2 network Arbitrum.
This strategic move is set to revolutionize scalability, reduce gas fees, and significantly enhance transaction speeds.
The Graph Chooses Arbitrum for Enhanced Network Experience
After meticulous evaluation and community input through a Graph Improvement Proposal, network participants overwhelmingly voted in favor of migrating to Arbitrum.
This decision aligns with the growing demand for improved gas efficiency and lower participation costs within The Graph’s ecosystem.
By leveraging Arbitrum’s Layer 2 scaling solution, The Graph aims to deliver unparalleled speed, affordability, and accessibility to protocol developers and network participants.
A Step-by-Step Migration Journey
The migration process commenced in 2022, with the initial deployment marking Phase One.
Phase Two enabled protocol rewards on Layer 2, setting the stage for the current Phase Three, which represents a complete migration to the Arbitrum network.
This phased approach ensures a seamless transition while maintaining the integrity and functionality of The Graph’s services.
Empowering Users with Enhanced Efficiency and Affordability
Tegan Kline, CEO of Edge & Node, one of the development teams behind The Graph protocol, emphasized the community’s desire for improved gas efficiency and network performance.
Through careful evaluation, Arbitrum emerged as the optimal choice for providing the necessary speed and affordability demanded by protocol developers and network participants.
With The Graph fully operational on Arbitrum, users gain access to enhanced efficiency, reduced gas fees, and an improved overall network experience.
Seamless Transition for Users
The Graph’s users can seamlessly transition to Arbitrum across all of its products.
Protocol rewards, currently reliant on Ethereum, will gradually shift to Arbitrum, ensuring a smooth and uninterrupted user experience.
To facilitate the migration process for network participants, The Graph’s core developers are actively building Layer 2 transfer tools, streamlining the transition and minimizing any potential disruptions.
Amplifying Rewards for Delegators
Delegators, who play a vital role in The Graph Network by delegating GRT (The Graph’s native token) to Indexers, stand to benefit significantly from the migration to Arbitrum.
By leveraging the lower gas fees offered by Arbitrum, delegators can enjoy enhanced efficiency and increased rewards.
Following the transition, gas fees are expected to be reduced by up to 300 times, amplifying the value proposition for delegators and further incentivizing participation within The Graph ecosystem.
Embracing the Future of Web3 with Arbitrum
Steven Goldfeder, CEO of Offchain Labs, the original developer of Arbitrum, emphasized the significance of blockchain data in powering the next wave of web3 innovation.
With The Graph now fully operating on Arbitrum, users of the Arbitrum network can seamlessly access and leverage the vast array of data offered by The Graph protocol.
This integration paves the way for groundbreaking advancements and collaborations within the web3 ecosystem.
The Graph’s migration to Arbitrum marks a significant milestone in the quest for enhanced scalability, reduced gas fees, and increased transaction speeds.
By embracing Arbitrum’s Layer 2 scaling solution, The Graph empowers its users with improved efficiency and affordability.
With a seamless transition process and amplified rewards for delegators, The Graph solidifies its position as a leading indexing and query protocol in the blockchain space.
As the event at the House of Web3 brings together The Graph and Arbitrum, the stage is set for exciting new opportunities and advancements in the web3 ecosystem.