What is Graph Protocol
The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. There is a hosted service in production that makes it easy for developers to get started building on The Graph and the decentralized network will be launching later this year. The Graph currently supports indexing data from Ethereum, IPFS and POA, with more networks coming soon.
About the GRT token
GRT is the native currency of Graph Protocol. GRT is required, and is burned, for every API call the the network. GRT is an ERC20 token, meaning it lives on the Ethereum blockchain.
Where & How to buy GRT Graph Protocol tokens
Cryptoexchanges offer an intermediary options for more advanced traders. Exchanges such as Coinbase & Binance allow customers to set buy and sell orders for token, very similar to the real world stock market. Most exchanges offer trading pairs in Bitcoin and Ethereum, meaning you will need to purchase these before trading into GRT tokens.
Decentralized Exchanges – Advanced Users Only
As GRT tokens are an ERC20 token on the Ethereum chain, they can be traded on a number of decentralized exchanges. A decentralized exchange is a website or smart contract which allows trading of ERC20 tokens without the need of a trusted third party. A user would connect their ERC20 wallet to the exchange and be able to trade their token while still being entirely in control of their tokens without having to trust a centralized coordinator who may potentially lock or steal their tokens.
How to buy ERC20 GRT on Uniswap
Below are a basic set of instructions on how to purchase GRT tokens on the Ethereum blockchain. For each step, you may need to research to gain an in-depth understanding of how it works.
- Get some Ethereum. We are going to trade our native ETH for GRT tokens on the Ethereum blockchain. If you do not have any ETH, you can easily purchase some through a fiat gateway like Coinspot, Binance or Coinbase
- Set up an Ethereum Wallet. We suggest using Trust mobile wallet or Metamask. When prompted, create a new account. Be careful to store the seed phrase and private key securely: if someone steals this keys, they can steal your GRT tokens! Also take note of the public address of this account, you’ll need this later.
- Send the Ethereum to the public address of your newly created wallet. Double-check the address before click send.
- Navigate to the Uniswap App.
- Connect your wallet using the button on the Uniswap app.
- In the bottom box, select the Select Token button, and then the Change List button. Change from the Default list to Coingecko list.
- Find GRT in the bottom list and select it.
- Enter the amount of ETH you would like to sell in the top box.
- The bottom box will auto populate with the approximate number of GRT tokens you will receive as part of the trade
- Select the Approve button to allow Uniswap to transact using your ETH.
- Once the Approve transaction has completed, press the Swap button.
- The Uniswap smart contract will now process your swap.
- Once the swap has been completed, your Ethereum wallet will now contain the GRT tokens you purchased.
- Happy trading!
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