Want to jump straight to the answer? You can buy GRT on SoFi!
Blockchains store a ton of information, and finding a specific wallet address or a past transaction ID can require some pretty extensive searching.
The Graph is an innovative project that aims to revolutionize the way people search for and access information stored on blockchains. Already adopted by DeFi projects Uniswap, Decentraland and others, The Graph crypto token is seriously beginning to connect the dots.
What is The Graph?
What makes The Graph different from other blockchain search engines is decentralization.
Centralized companies such as etherscan.io provide similar services, but by decentralizing the query process, you can trust your results are accurate.
While the average person would likely prefer using a free centralized service such as Etherscan, for developers of decentralized applications it defeats the purpose entirely if the data could be tampered with by a malicious actor at any point along the way.
Uniswap, AAVE, Synthetix and others have already adopted The Graph crypto coin, and pay (in GRT) to use the network.
Brief History of The Graph
After 3 years of development, The Graph mainnet launched to the world on December 17th, 2020.
The GRT token began trading at the same time for $0.03 per token. Only 5 months later it trades for $1.96 (as of April 13, 2021). However, as of October 2022, the token sits around $0.08, but it has reached a high near $3.
How to Buy The Graph [GRT]
- Open an online account.
You can purchase GRT from Coinbase, Crypto.com and Gemini as a US resident.
- Buy a wallet (optional).
Now that you’ve set up an account on your preferred exchange, you should consider purchasing a dedicated wallet to store your cryptocurrencies more securely.
All of the recommended exchanges have built in software wallets that are accessed through the internet. If you want to take the extra step to ensure your security, and have more freedom with how you manage your crypto assets, a cold storage wallet (one that never accesses the internet) is the way to go.Especially if you plan on purchasing GRT as an investment, you likely won’t need quick access to it. - Make your purchase.
Once you decide how much you want to invest in GRT, you have a couple of options on how to purchase. Knowing when to pull the trigger is always tough when it comes to assets with this level of volatility, so lets cover the basics.
If you don't care about the exact entry price, you can place a market order, which will set you up to pay the going rate at the moment you place the order. This way you can be sure to get filled immediately. Did anybody say FOMO?
If you’re more cautious about your entry price, you can use dollar cost averaging with limit orders to acquire your position at a level where you feel comfortable. With a limit order, you choose the limit you’re willing to pay for a set amount of GRT, and your order will get filled if and when the price reaches your desired limit. This does mean however, that if GRT does straight to the moon, your order may never get filled.
Unfortunately, only Coinbase Pro supports limit orders. If you want to make one, you’ll need to step up from the free version to pro. Luckily Coinbase Pro is also free and it even has lower fees. Win win!
Best Crypto Exchanges
- Best For:A Fast Trading ExperienceVIEW PROS & CONS:securely through Uphold Crypto's website
Best Crypto Wallets
Here are the best software and hardware wallets to store The Graph.
Best Hardware Wallet: Ledger Nano X
- Best For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
The Ledger Nano X is a sleek and secure way to keep your cryptocurrencies safe. The ledger Nano X is an upgraded version of the Nano S, which led the industry for years.
The ledger Nano X builds off of the great features of the S by adding wireless access through your mobile device, all while staying off the internet. Ledger Live is an app available for phones and tablets that allows you to access your wallet funds through bluetooth connection to your ledger device.
Bonus:
Traders often panic when they see crypto prices falling from the sky. This volatility is just a part of the crypto market, and more than likely the reason you’re here to begin with. Stay level headed, and use the dips to lower your average cost.
Trade, Sell or Convert your GRT
The Graph GRT token is an Ethereum based token known as an ERC-20. An ERC-20 token is one of the most common types of smart contracts on the Ethereum blockchain.
Fun fact:
ERC-20 tokens are fungible, unlike their ERC-721 counterparts which are used to make NFTs.
Ethereum-based tokens come with many advantages. For 1, it’s really easy to swap between them and other Ethereum tokens with an exchange like Uniswap. You can swap your ETH, UNI or even Wrapped Bitcoin into GRT instantly by tapping into a Uniswap Liquidity pool. The best part is, the whole process is decentralized!
Current Crypto Prices
Decentralized Apps like The Graph are still in the early stages of development, and there is sure room for many of them to run. With the current market conditions as of October 2022, it is looking like it could take some time for the crypto industry to recover, especially after the depegging of Terra.
Is The Graph a Good Investment?
Not all crypto investments are made equally, and the risk to reward ratio is always important to consider. Lower risk tolerant individuals should opt for Bitcoin and Ethereum, and consider smaller positions in alt coins such as GRT.
If you believe the future of the financial system is decentralized, then you might see The Graph as the next Google search engine. If you were given the chance today to purchase Google stock just a few months after its IPO, you would be a fool to turn it down.
The Graph crypto coin may not be the next Google, but the decentralized finance industry appears to be in a similar stage to where the Internet startup industry was just a decade ago.
Just like all speculative investments, you should never risk more than you are willing to lose. Never speculate on credit, and be sure to do your own research before spending your hard earned pesos.
Frequently Asked Questions
What does The Graph token (GRT) do?
Just as google indexes the web, The Graph indexes data from blockchains like Ethereum.
Are crypto investments safe?
Crypto investments have inherent risk like all investments, but you can make them safer if you do your research and monitor your portfolio carefully.