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StreamingFast, a protocol infrastructure startup, has received the entire $60 million award. It will collaborate with The Graph to promote its decentralised internet goals.
The Graph Foundation, the grants programme behind the Ethereum (ETH) indexing system, has partnered with StreamingFast to further the development of its so-called decentralised internet, potentially paving the way for additional real-world Web 3.0 use cases.
The businesses said Thursday that StreamingFast will offer The Graph with its infrastructure platform, core IP, and API solutions, as well as access to key developers and other human resources. StreamingFast will become a part of The Graph’s ecosystem and a key component of its long-term infrastructure ambitions in addition to receiving the $60 million funding.
Although The Graph has acquired a piece of StreamingFast’s intellectual property, the latter will maintain control of its brand and staff, according to the announcement.
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.”
With much enthusiasm, The Graph debuted its mainnet in December 2020. GRT, the platform’s native token, skyrocketed in its first two months, reaching a high of $2.88 in February. GRT is now selling at almost 75% of its all-time high.
The Graph has seen substantial rise in total inquiries since June 2020. In April of this year, the protocol’s hosted service processed 20 billion inquiries, up from 1 billion less than a year earlier.