The Graph Grants $12.5M in ‘First-Ever’ Effort To Drive Web3 Standards

Messari, which already has 20 subgraphs within the ecosystem to date, said it wants to add a further 200, focusing on Web3 protocols

article-image

Blockworks Exclusive art by axel rangel

share

key takeaways

  • Messari has won a $12.5 million developer grant from The Graph Foundation to further its efforts within the ecosystem
  • The crypto intelligence platform said it will use the grant to grow resources and continue driving toward its mission of open data

Crypto intelligence platform Messari said Thursday it has become the inaugural winner of a $12.5 million core developer grant from The Graph Foundation, earmarked for furthering data standards in Web3.

Messari will continue working on improving those standards by dedicating resources to subgraph development, of which it has already completed 20, the company said in a statement.

The Graph is a protocol for building decentralized applications on Ethereum, as well as indexing and querying data from various blockchains. It is considered by some to be a critical layer of Web3 development, supporting 34 different networks including Ethereum, Near, Arbitrum and Polygon.

Its foundation, meanwhile, is charged with stewarding the protocol’s ecosystem while shepherding developers and community members.

A subgraph defines which data The Graph will index from Ethereum and how the data will be stored, according to a blog post. The issue, The Graph says, is that data points are required to be collected across multiple protocols and often face a lack of standardization, proving cumbersome and inefficient.

Two protocols that share many similarities, for example, AAVE and Compound, may have significantly different application programming interfaces. The Graph protocol lets developers bootstrap, what are termed subgraphs, to their existing project’s smart contracts to query blockchain data quickly.

Messari said the grant will help it continue driving open-source data standards and “high-quality” subgraph development within The Graph ecosystem. 

“We are proud to have been awarded the first-ever Core Subgraph Developer grant by The Graph Foundation,” Messari CEO Ryan Selkis said.

“We share The Graph community’s belief that structured on-chain data should be accessible to everyone, not just enterprise data consumers.”

Messari also said it plans to build another 200 subgraphs for Web3 protocols and has begun creating standards and DeFi working groups to share best practices with other DeFi applications.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg

Research

Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.

article-image

MicroStrategy discloses the purchase of 16,000 bitcoin throughout November

article-image

Digital asset firms face potential new regulatory landscape under Treasury’s proposed authority expansion

article-image

Uniswap Labs will be providing trading APIs to Talos investors through Fireblocks

article-image

DYDX supply will climb by up to 80% after the Friday unlock, but a couple factors make a massive sell-off appear unlikely

article-image

Switzerland-based Pando Asset, which has crypto products trading on the SIX Swiss Exchange, now looks to the US

article-image

Binance does not hold the required licenses to advertise and serve customers in the Philippines, the country’s securities regulator said