The Graph, a blockchain data company providing services for a few of DeFi’s hottest apps, has raised $12 million during a token sale that sold call at just over 24 hours.
The Graph Foundation announced today the successful sale of 400 million GRT tokens for $12 million in funding, performed entirely on-chain using The Graph’s own technology. The sale represents 4% of the entire GRT supply and included 4,500 participants across 90 countries.
The tokens will serve a key role in scaling The Graph’s services over the approaching years, as DeFi app growth fuels the necessity for vast amounts of blockchain data at high speed.
The Graph helps customers access blockchain data through more familiar database interface languages like SQL, easing the mixing of the info into blockchain-based applications. Decentralized finance, or DeFi, applications are a serious source of demand for data from The Graph, as they use blockchain data to assist set interest rates on loans and customer deposits.
Data from The Graph is so essential, in fact, that a glitch within the system caused by explosive demand led to issues at several DeFi services for hours, including at lending protocol Aave and decentralized exchange aggregator 1inch.exchange.