The indexing and querying protocol for organizing blockchain data transitions to Arbitrum to reduce gas fees, increase transaction speed, and onboard new network participants
SAN FRANCISCO, June 14, 2023 /PRNewswire/ — The Graph, the indexing and query protocol for organizing blockchain data, begins the final phase of its integration onto Arbitrum, the leading Layer 2 (L2) scaling solution built on Ethereum. Through its transition to Arbitrum One, The Graph lowers gas fees, accelerates transaction speeds, and increases the accessibility to participate on the protocol.
The transition, which was voted on and passed by network participants in a Graph Improvement Proposal (GIP), focuses on serving network participants seeking an improved network experience and reduced cost of participation. Today marks the beginning of Phase Three – a full migration to the Arbitrum network. A three-phase plan was initiated in 2022, with initial deployment as Phase One, followed by the enabling of protocol rewards on a Layer 2 during Phase Two. During the transition, ecosystem participants continued working and supporting developers on the Ethereum network.
Tegan Kline, CEO of Edge & Node, commented on today’s news: “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. Arbitrum boasts a vibrant ecosystem and cutting edge technology that will enable unprecedented access to blockchain data.”
Beginning today, protocol users will be presented with an option to transition to Arbitrum across The Graph’s suite of products. Protocol rewards will continue to gradually shift from Ethereum to Arbitrum, and over time, will transition entirely to Arbitrum. Core developers of The Graph are building L2 Transfer Tools for network participants to ensure a smooth transition.
Benefits of the migration to Arbitrum will be available immediately. Delegators are able to delegate The Graph’s native token, GRT, with increased efficiency thanks to lower gas fees made available on Arbitrum. Indexers are encouraged to embrace the transition as indexing rewards are enabled on Arbitrum and can receive up to 300x lower gas fees when claiming GRT rewards.
Offchain Labs CEO, Steven Goldfeder, added: “Blockchain data is a key component powering the next iteration of innovation in web3. With The Graph fully operating on Arbitrum, Arbitrum users can take advantage of data accessibility — this is an exciting milestone for both The Graph and Arbitrum communities, as well as the broader Ethereum ecosystem.”
The Graph and Arbitrum will be celebrating the milestone moment during an event at the House of Web3 in San Francisco this evening. The event will be livestreamed here: https://lvpr.tv?v=e5d5og0p7gg5xoe6
About The Graph Foundation
The Graph Foundation facilitates growth for The Graph Network. The Graph Foundation is overseen by the Technical Council. Edge & Node, StreamingFast, Semiotic Labs, The Guild, Messari and GraphOps are seven of the many organizations within The Graph ecosystem.
About Arbitrum
Arbitrum is a suite of secure scaling solutions for Ethereum, originally developed by Offchain Labs and now governed by The Arbitrum Foundation, overseeing the support and growth of the Arbitrum network and its community while remaining at the forefront of blockchain adoption. An Optimistic Rollup, Arbitrum One provides ultra-fast, low-cost transactions with security derived from Ethereum. Launched in August 2021, the Arbitrum One mainnet beta is EVM-compatible to the bytecode level and has 65%+ TVL in the L2 segment. In August 2022, Arbitrum One upgraded to Nitro tech stack, enabling fraud proofs over the core engine of Geth compiled to WASM.
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SOURCE The Graph Foundation; Arbitrum Foundation
