The decentralized data indexing protocol The Graph announced the transition to the last stage of the deployment of the Arbitrum second-level network. The move aims to increase scalability and reduce transaction costs.
— The Graph (@graphprotocol) June 14, 2023
Members of the project community voted for the implementation of the initiative. It is in line with the desire to expand networking opportunities and reduce participation costs.
The process kicked off in 2022 with initial rollout as the first phase. On the second stage, they included rewards according to the protocol on L2. As part of the launched third stage, they will make a full transition to Arbitrum.
“Users of The Graph were constantly looking for a solution to improve the efficiency of gas consumption and other aspects of the network. After a thorough evaluation of the available options, the ecosystem chose Arbitrum. It will provide speed and availability for protocols and network participants”, – said the CEO of one of the Edge & Node protocol development teams Teagan Kline.
The Graph users will be able to switch to Arbitrum across all products. Protocol rewards will gradually migrate from Ethereum and will be fully operational in the L2 solution. Graph core developers are actively improving tools to facilitate this transition.
According to the team, the transition will allow the delegator to delegate the utility token more efficiently due to lower transaction fees. Indexers will be able to claim rewards in GRT, while post-transition gas fees will be reduced by up to 300 times.
The hardware wallet manufacturer Ledger recently added support for Arbitrum and its utility token.
— ledger (@ledger) June 15, 2023
Recall that in June 2023, Circle, a member of the Center consortium, scheduled the launch of the USDC stablecoin in Arbitrum on June 8.
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