The Graph Migrates To Layer 2 Arbitrum To Enhance Scalability
Key Points:
- The Graph has reached the last stage of its transition to Arbitrum.
- The shift intends to lower gas expenses, speed up transaction speeds, and make the protocol more accessible.
- Instead of immediately recording and settling activities on Ethereum, The Graph will instead settle transactions on Arbitrum.
The Graph, a decentralized system for indexing and querying blockchain data, has begun transitioning from Ethereum to Arbitrum, a layer 2 scaling solution.
Following the transfer, The Graph becomes one of the biggest Ethereum applications to switch to a layer 2 rollup, a move that Graph creators Edge & Node claim would lower barriers to participation for its members without sacrificing security.
According to a press statement from The Graph Foundation, the shift to the popular layer-2 protocol was launched by network members in an effort to cut gas expenses, speed up transactions, and enhance the protocol’s accessibility.
The Graph, with its network of delegators and indexers, enables web3 developers to see blockchain data without relying on centralized middlemen to ensure the accuracy of the data. According to Edge & Node CEO Tegan Kline, the shift from Ethereum to the layer 2 platforms Arbitrum is an attempt to reduce gas costs and boost transaction speeds.
“The Graph users have continually searched for solutions to improve gas efficiencies and enhance other aspects of the network. After careful consideration of all options on the market, the ecosystem selected Arbitrum as the Layer 2 scaling solution that will bring speed and affordability to protocol developers and network participants,” Kline said in a statement.
Phase One of the process started in 2022 with the first deployment, with protocol incentives on Layer 2 enabled during Phase Two. Today marks the start of Phase Three of the integration, which represents a full migration to the Arbitrum network.
Since then, The Graph has steadily made further efforts to leave the Ethereum network, such as enabling Arbitrum indexing rewards and launching transfer tools that allow users to send tokens to Arbitrum. The suggestions were unanimously approved.
Arbitrum, like other Ethereum layer 2 networks, acts as a second blockchain that runs alongside Ethereum. Arbitrum bundles large groups of transactions and then feeds them back down to Ethereum for all-at-once settlement to decrease costs for consumers while retaining all of Ethereum’s security assurances.
The Graph’s move entails changing its settlement layer from one network to another, rather than recording and settling activities directly on Ethereum, The Graph will now settle transactions on Arbitrum.
Users of The Graph will be able to migrate to Arbitrum across all of its products. Protocol incentives will progressively migrate away from Ethereum and become fully functioning on Arbitrum. The Graph’s core engineers are hard at work on Layer 2 transfer tools to help network members shift.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
Blockchain
The Graph Migrates To Layer 2 Arbitrum To Enhance Scalability
Key Points:
- The Graph has reached the last stage of its transition to Arbitrum.
- The shift intends to lower gas expenses, speed up transaction speeds, and make the protocol more accessible.
- Instead of immediately recording and settling activities on Ethereum, The Graph will instead settle transactions on Arbitrum.
The Graph, a decentralized system for indexing and querying blockchain data, has begun transitioning from Ethereum to Arbitrum, a layer 2 scaling solution.
Following the transfer, The Graph becomes one of the biggest Ethereum applications to switch to a layer 2 rollup, a move that Graph creators Edge & Node claim would lower barriers to participation for its members without sacrificing security.
According to a press statement from The Graph Foundation, the shift to the popular layer-2 protocol was launched by network members in an effort to cut gas expenses, speed up transactions, and enhance the protocol’s accessibility.
The Graph, with its network of delegators and indexers, enables web3 developers to see blockchain data without relying on centralized middlemen to ensure the accuracy of the data. According to Edge & Node CEO Tegan Kline, the shift from Ethereum to the layer 2 platforms Arbitrum is an attempt to reduce gas costs and boost transaction speeds.
“The Graph users have continually searched for solutions to improve gas efficiencies and enhance other aspects of the network. After careful consideration of all options on the market, the ecosystem selected Arbitrum as the Layer 2 scaling solution that will bring speed and affordability to protocol developers and network participants,” Kline said in a statement.
Phase One of the process started in 2022 with the first deployment, with protocol incentives on Layer 2 enabled during Phase Two. Today marks the start of Phase Three of the integration, which represents a full migration to the Arbitrum network.
Since then, The Graph has steadily made further efforts to leave the Ethereum network, such as enabling Arbitrum indexing rewards and launching transfer tools that allow users to send tokens to Arbitrum. The suggestions were unanimously approved.
Arbitrum, like other Ethereum layer 2 networks, acts as a second blockchain that runs alongside Ethereum. Arbitrum bundles large groups of transactions and then feeds them back down to Ethereum for all-at-once settlement to decrease costs for consumers while retaining all of Ethereum’s security assurances.
The Graph’s move entails changing its settlement layer from one network to another, rather than recording and settling activities directly on Ethereum, The Graph will now settle transactions on Arbitrum.
Users of The Graph will be able to migrate to Arbitrum across all of its products. Protocol incentives will progressively migrate away from Ethereum and become fully functioning on Arbitrum. The Graph’s core engineers are hard at work on Layer 2 transfer tools to help network members shift.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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