The Graph Foundation taps protocol infrastructure developer for $60M grant

The Graph Foundation, the grants program behind the Ethereum (ETH) indexing protocol, has tapped StreamingFast to further the development of its so-called decentralized internet, potentially setting the stage for more real-world use cases of Web 3.0. 

StreamingFast will provide The Graph with its infrastructure platform, core IP and API products, as well as access to core developers and other human resources, the companies announced Thursday. In addition to receiving the $60 million grant, StreamingFast will become part of The Graph’s ecosystem and a core component of its long-term infrastructure plans.

Although The Graph has purchased a portion of StreamingFast’s IP, the latter will retain ownership over its brand and personnel, the statement read.

Eva Beylin, a director for The Graph Foundation, further explained the nature of the partnership:

“The StreamingFast team will collaborate with The Graph community moving forward, as query performance becomes increasingly important to developers and end users. The Graph has always been a steward of decentralization, and funding another core development team is further evidence of our commitment to a decentralized future.”

Related: The Graph explores integrations for Bitcoin, Polkadot, and other Layer-1 blockchains

The Graph launched its mainnet in December 2020 with plenty of fanfare. GRT, the platform’s native token went parabolic in its first two months, eventually peaking at a price of $2.88 in February. GRT is currently trading around 75% below its all-time high.

In terms of total queries, The Graph has registered significant growth since June 2020. The protocol’s hosted service processed 20 billion queries in April of this year, up from just 1 billion less than a year earlier.