The Graph begins migration to Ethereum Layer-2 scaling solution Arbitrum
The Graph, a decentralized protocol for indexing and querying blockchain data, has started the final phase of migrating from the Ethereum blockchain to the Layer-2 scaling solution Arbitrum.
The migration from the Ethereum blockchain began in 2022, and as reported by CoinJournal in February, the price of GRT increased after the start of the initial transition and when the protocol shifted network rewards to L2. The current phase aims to complete the process of a full migration.
The community has voted for migration to Arbitrum
In an announcement, the Graph team reaffirmed that this move to Arbitrum was aimed at reducing gas fees, increasing transaction speed, and improving overall accessibility for users. The transition was approved by GRT holders, whose votes confirmed the community’s goal of enhancing user experience and reducing usage costs.
Tegan Kline, CEO of Edge & Node, stated in a statement that gas efficiency, among other network features, was the main focus of The Graph users. The choice of Arbitrum was made after a “careful evaluation,” he added.
GRT, the native token of The Graph, was trading higher by 2.3% on Wednesday afternoon, with the slight gains following the news. It is also noteworthy that Bitcoin and altcoins have struggled to maintain the low positive sentiment that remained following the downturn last week, amid regulatory actions by the US Securities and Exchange Commission (SEC) against Binance and Coinbase.
ARB, the native token of Arbitrum, reached highs of $1.01 and increased by 1.5% in the last 24 hours.
In conclusion, The Graph’s migration to the Arbitrum Layer-2 scaling solution on the Ethereum blockchain is expected to provide benefits such as lower gas fees, faster transaction speeds, and improved accessibility for users. The community has supported this decision, and it has resulted in a positive market response for both GRT and ARB tokens.
