It’s been revealed that an Ethereum-based altcoin managed to hit $1 billion market cap. Check out the latest reports about the coin’s price below.

ETH-based altcoin surges in price

An Ethereum-based (ETH) altcoin has seen its price skyrocket by 175% in less than a week. The project was able to shatter the $1 billion market cap level.

Blockchain indexing protocol The Graph (GRT) has seen its price tag dramatically surge since the first of February.

“The token surged from the $0.08 mark all the way to $0.239 before retracing to its current price of $0.177,” the online publication the Daily Hodl notes.

According to crypto analytics firm Messari, GRT’s revenue stream from query fees, or fees billed by usage, is surging as of late, pointing toward rising adoption rates.

“While query fee cuts generally remained flat for individual Indexers, total GRT revenue from query fees increased 66% QoQ [quarter over quarter] and over 6,200% YoY [year over year].”

It’s also been revealed the following:

“In USD terms, this corresponds to a 5% increase QoQ and 265% increase YoY.” Simultaneously, The Graph experienced a 66% QoQ increase in GRT revenue from query fees in [Q4 2022] and a 6,228% increase YoY. Query fees should continue to increase as more subgraphs are migrated to mainnet in the coming quarters.”

Battle of ETH challengers

A really popular crypto analyst says that layer-1 blockchain Aptos (APT) has a chance at usurping Solana (SOL) as one of Ethereum’s (ETH) chief competitors.

In a new video update, Guy Turner, the host of Coin Bureau, said not too long ago that he expects both APT and SOL to face “severe regulatory scrutiny” going forward.

“Besides all the sell pressure SOL and APT are likely to face, Solana and Aptos will both experience severe regulatory scrutiny. In Solana’s case, it will be because it was the de facto exchange chain of FTX.”

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