The Graph (GRT) starts final migration to Arbitrum
The Graph began its transition from Ethereum in 2022.
Arbitrum offers more scalability, low transaction costs and high network speeds.
The price of GRT and ARB rose slightly following the start of The Graph’s final migration phase.
The Graph, a decentralized protocol for indexing and querying blockchain data, has begun the final migration of its settlement layer from Ethereum to layer-2 scaling solution Arbitrum.
Migration from the Ethereum blockchain began in 2022 and as CoinJournal reported in February, the price of GRT rallied after the initial transition started and as the protocol moved network rewards onto the L2. The current phase is aimed at completing the process into a full relocation.
Community voted to migrated to Arbitrum
In an announcement, The Graph team reiterated that moving from Ethereum to Arbitrum was aimed at reducing gas fees, bumping up transaction speeds and enhancing overall accessibility for users. The transition was approved by GRT holders, whose vote confirmed the community’s objective of improving users’ experience as well as reducing usage costs.
Tegan Kline, CEO of Edge & Node noted in a statement that gas efficiency among other network functionality was The Graph users’ main goal. The choice of Arbitrum was arrived at after a “careful evaluation,” he added.
GRT, The Graph’s native token, traded 2.3% higher on Wednesday afternoon, with the slight gains coming after the news. It’s also as Bitcoin and altcoins struggled to hold onto the little positivity that remained following last week’s downturn amid regulatory crackdown on Binance and Coinbase by the US Securities and Exchange Commission (SEC).
ARB, the native token of Arbitrum, traded to highs of $1.01 and was 1.5% up in the past 24 hours.