Quick take:
- Messari has received $12.5 million from The Graph to accelerate its Web3 strategy.
- The crypto analytics and data platform said it wants to add 200 subgraphs to the ecosystem focusing on Web3 protocols.
- The Graph is a protocol for building decentralised apps and is seen as an important layer in the Web3 agenda.
Messari has announced a $12.5 million grant awarded by The Graph Foundation. The crypto intelligence and analytics platform said it will use the funds to scale its subgraph portfolio from 20 to 220.
The Graph is a blockchain protocol used for building decentralised apps. It is considered to be one of the most important layers for Web3 growth given its massive adaptability. The protocol already supports 34 blockchains including Polygon, Ethereum, NEAR, and Arbitrum.
Messari wants to raise the level of data standards in Web3 by dedicating resources to subgraph development.
The $12.5 million core developer grant is the first one issued by the Graph Foundation. Commenting on the award, Messari CEO Ryan Selkis said: “We are proud to have been awarded the first-ever Core Subgraph Developer grant by The Graph Foundation.”
The crypto data and insights service provider said that it shares the same views with The Graph that “structured on-chain data should be accessible to everyone, not just enterprise data consumers.”
The Graph shares some similarities with other blockchain data protocols AAVE and Compound. However, according to its description, a subgraph is used to define the type of data the Graph will index from Ethereum and how that data is stored.
However, The Graph identifies a key issue with this process in that data points “are required to be collected across multiple protocols, which often face a lack of standardization, proving cumbersome and inefficient.”
The Graph protocol has been created to try to overcome these drawbacks by letting developers “bootstrap, what are termed subgraphs, to their existing project’s smart contracts to query blockchain data quickly.”
The Graph can make it easier to read data from projects with complex smart contracts like Uniswap and NFTs initiatives like Bored Ape Yacht Club store data on the Ethereum blockchain, It wrote in a blog on its website.
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