The move towards web 3.0 is at full speed, with millions of dollars going into decentralized web applications. The latest big spender on the decentralized web is The Graph Foundation. Today, the foundation has announced a $60 million grant to StreamingFast, a company that offers blockchain protocol Infrastructure.
The foundation said that the grant would be used to achieve its web 3.0 goals. The Graph Foundation will take possession of StreamingFast’s infrastructure, APIs, intellectual property, and developer network per the grant. On top of that, StreamingFast will be incorporated into the foundation’s ecosystem. It will leverage this to grow its infrastructure going into the future.
However, the deal does not give The Graph Foundation absolute control over StreamingFast. Per the deal, the company will still retain complete control over the brand and staff.
While shedding more light on this deal, The Graph Foundation director Eva Beylin said they would be working closely with StreamingFast. She added that the collaboration was driven by the growing demand for query performance amongst developers. She further stated that the collaboration was in line with the foundation’s strong belief in decentralization.
The foundation has made tremendous progress since it launched its mainnet in late 2020. In April this year alone, the protocol handled more than 20 billion queries. This was a huge increase from just a billion queries a year ago.
However, due to market fluctuations, its token GRT has dropped by about 75%. It rallied in the first two months of launch, hitting a high of $2.88, but has been trending downwards since.