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GRT token sale raises $12 million, days before the mainnet launch

Photo of: Sangeetha Golchha
by Sangeetha Golchha

The Graph Foundation announced today the successful completion of the public sale of its native token GRT recording a $12 Million figure. During the sale, 4% of the aggregate token supply equating to 400M tokens were allotted to more than 4500 individuals outside the US. Upon successfully clearing the KYC norms and compliance, participants from more than 90 countries took part in the sale. In another 30-60 days, the main net launch of the Graph is expected. 

With this achievement, the Graph joins the bandwagon of NEAR, Dapper Labs, and Avalanche for conducting the high-value public token sale to conclude in the early days of this year’s bull markets. In a zoom call, Graph co-founder Yaniv Tal told:

“What we’re excited about with the sale is getting GRT tokens in the hands of indexers, curators, and delegators that are going to be participating in the decentralized network.”

The Graph is considered to be the most decentralized and globalized protocol in Web3. The primary goal of the sale was a wide distribution of the GRT token and this goal saw the light of the day when it saw significant representation from Russia, Vietnam, China, India, and Great Britain. Those that hold GRT will also be able to participate in the Graph Network as Indexers, Curators, or Delegators for which they would be providing services to decentralized applications. 

The Graph has ambitious plans of being the crypto shorthand for the internet which is sans intermediaries who are vying to take their cut. The data-indexing protocol is currently in the testnet stage and once released will help several DeFi applications like Synthetix, Uniswap, Balancer, and many more. Tal said, “Pulling searchable (and usable) data from hard-to-scrape blockchains makes it a decentralized Google of sorts.”

The mainnet launch of the project also is in the coming following the successful closure of the public sale. The expected time of launch is in the next 30-60 days. The public sale of GRT tokens was the first of its kind. The Graph Foundation hosted the sale completely on Ethereum and The Graph to showcase the power of building on Web3. The GRT sale dApp was built with a subgraph and was later integrated with Wallet Connect and Metamask wallet. As was observed there was no performance difference in the way dApp functioned despite the surging traffic. The foundation is excited and pleased that the sale went off smoothly.

Prior to this the firm also had raised $5 million in a private token sale and a $2.5 million seed round led by Multicoin Capital. Multicoin’s managing partner Kyle Samani said: 

“We were fortunate to be the first investor in The Graph. Over the last two and a half years, The Graph has matured to become the gold standard for indexing and querying data out of Ethereum and IFPS. It’s incredible to see The Graph cross the 300 million queries process per day as they march toward mainnet.”