Messari, a crypto intelligence platform, announced Thursday that it has been named the first recipient of a $12.5 million core developer grant from The Graph Foundation, which will be used to advance data standards in Web3.
Messari stated in a statement that it will continue to work on strengthening those standards by devoting resources to subgraph development, of which it has already produced 20.
The Graph is an Ethereum-based framework for developing decentralized apps as well as indexing and querying data across many blockchains. It supports 34 various networks, including Ethereum, Near, Arbitrum, and Polygon, and is considered by some to be a vital component of Web3 development.
Meanwhile, the protocol’s foundation is in charge of overseeing the protocol’s environment as well as developers and community members.
According to a blog post, a subgraph determines which data The Graph will index from Ethereum and how the data will be kept. The problem, according to The Graph, is that data points must be collected across numerous protocols and frequently suffer a lack of consistency, making the process difficult and wasteful.
AAVE and Compound, for example, may have radically distinct application programming interfaces despite their many commonalities. The Graph protocol allows developers to quickly query blockchain data by adding subgraphs to their existing project’s smart contracts.
The grant, according to Messari, will enable The Graph ecosystem to continue driving open-source data standards and “high-quality” subgraph development.
Messari also stated that it wants to build another 200 subgraphs for Web3 protocols and that it has started developing standards and DeFi working groups to discuss best practices with other DeFi applications.