The Graph's GRT Token Surges 25% as Query Migration Plans Unfold
The Graph's GRT token surged by 25.58% after the decentralized indexers' query migration plans were announced.
The Graph Foundation aims to move its query traffic from Subgraph Studio onto The Graph Network, which could increase processing capacity and allow for fee generation in GRT for those who participate.
The transition will begin with BNB Smart Chain and Polygon on October 8th, with additional networks joining later.
As a result of the migration plans, spot volume jumped 530.9% to $117.1 million, while trading activity around GRT derivatives soared 892.99% to $150.25 million.
However, despite the strong market participation, sellers still dominated the futures market, and exchange reserves for GRT rose 11.45% to $49.7164 million, suggesting more tokens had accumulated on exchanges during the price advance.