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DeFi Deep Dive: Graphlinq Protocol

This week for our DeFi Deep Dive, we look into one of the most promising early stage projects in the space called Graphlinq Protocol (GLQ).

When we are looking at projects that are as nascent as GLQ, there needs to be something game changing that they are taking on in order for us to take notice. With Graphlinq allowing everyday people to reap the benefits of middleware technology without having to know anything about coding, the possibilities of their use case are just being uncovered.

Currently sitting at a 15 million dollar market cap and a token price of .04, there are roughly 323 million in circulation as of June 3rd, 2021. Come on a dive with us to learn more about why we are so high on GLQ for the future adoption of middleware.

What does it do?

Graphlinq Protocol allows individuals with zero experience in coding to interact with blockchain data in the form of ‘Graphs” utilizing an Integrated Development Environment and an engine that run simultaneously with decentralized or centralized data streams with the goal of automating bots, DEX arbitrage, whale reporting, and much more.

Users can easily connect to Ethereum or Binance Smart Chain data feeds to automate trading, engage with DeFi protocols, and set price monitors. This automation is being built out to eventually automate business operations as well at an almost free cost enabled by their partnership with Polygon with GLQ being used as the GAS for graph usage.

A Graph in their terms is actually a set of nodes that are used to automate on and off chain tasks. One can utilized their IDE to plug and deploy their pre-made templates which help users to streamline their automation needs. It is also possible to customize your own graph by uploading a custom .glq file and executing it on the protocol.

Background

GLQ launched on March 21, 2021 at roughly $ 0.004 USD a piece and has been trending in the $ 0.04 USD over the past couple weeks. Graphlinq was launched as an ERC-20 token on the Ethereum blockchain but has plans to roll out their own Proof of Stake chain towards the end of this year.

The CEO of the project is Frederick Marinho who is a software engineer with a passion for cryptocurrency trading that saw a need for data to be more accessible and trustable in the blockchain space. He is by no means an “influencer” type CEO that we have seen from other projects like Ethereum, Terra, Tron, and so many others.

Rather, he is someone who is looking to push blockchain to wider levels of adoption through innovation and a working product with large market capture potential.

Funding of GLQ at launch

Graphlinq was initially funded from an ILO raise on Unicrypt where roughly 40% of the supply was sold off and another 10% was sold during a private funding round. This may sound that only a few people were able to get their hands on most of the supply but the sales were limited to a max of 3 ETH worth of GLQ per investor in order to prevent centralization.

One of the fears investors have in early projects is that the team usually owns a large percentage of the supply and has the power to dump the price basically at any time when they are ready to cash out. The team at GLQ has only been allotted 5% of the supply at launch which we find to be on par with a decentralized mission.

With 55% of the initial launch accounted for, where is the rest of it and how was it allocated?

27.9% of the supply currently sits in a treasury wallet for future development of the chain. Another 10% of it is being used for bounty rewards which incentivizes early use of their graphs and libraries. 4% was set aside for marketing and adoption, 2% for hosting nodes and engines on Ethereum and Binance Smart Chain, while the last 1.1% going to circulating staking team funds.

Overall, the initial launch of GLQ was not as centralized as we have seen other launches and a fair amount of the supply is being set forth to develop the project further and is geared towards a wider level of adoption in the long term.

Tokenomics

All of the 500 million supply of GLQ is already minted at launch with currently 323 million in circulation at the time of this article on June 3rd 2020. The tokens that are not in circulation are in the GLQ treasury wallet plus the marketing and staff wallets.

There is no way to inflate the supply but there is a deflationary mechanism around the GAS fee associated with using a Graph in the IDE. The GAS is paid in GLQ which is then burned from circulation.

Since it is such a new project, there has not been any way to leverage your GLQ tokens to provide it as liquidity and receive rewards other than staking which was recently launched on June 1st.

How it’s going…

Their roadmap for 2021 is definitely ambitious and we have a list of the key rollout milestones by quarter below.

We are most notably excited about the staking that was just launched and gives 12.5% APY to the lowest tier stakers and up to 50% to the highest tier. You can move up to higher tiers just by leaving your tokens in the staking mechanism and getting seniority over newer stakers.

They are planning on implementing a DAO by Q3 and their own Proof of Stake chain by Q4. As of June 3rd, the team is on track and poised to hit their ambitious targets for the year ahead.

It is too early to gauge public sentiment on Graphlinq but once the public starts finding out more about this project and what they are achieving, we anticipate a stronger community being built around them.

Q1

GraphLinq Protocol creation, development of the network Engine and including base DeFi / main-stream data flux such a centralized exchange like Binance in the coding process.

Developing and releasing the Beta of the IDE for editing and creating new graphs with + 64 different block types.

Preparing the token GLQ contract to be deployed on the Ethereum network for the project launch process.

Q2

Deploying GLQ token on the Ethereum main-net network.

Deploying Uniswap Pool for the GraphLinq Token with the Unicrypt public presale to kickstart the asset liquidity to reach an approximate valorization of 700,000$ and initializing the token launch price at ~ 0.004$ with a token supply of 500.000.000.

Coding and Releasing the GraphLinq Pay contract to buy GLQ directly through the dashboard based on Uniswap token price.

Improving the engine accessibility and extend the ecosystem over multi-blockchain connectors and more exchanges data streams (Polkadot, Binance Smart Chain, Elrond Network.., extending DeFi and adding CeFi Data).

Releasing the Mainnet for the Engine protocol with based configured blocks price customized on the current GLQ market growth and price.

Q3

Adding an incentive feature for sharing own made graph and getting rewarded in GLQ token from other members utilization of a graph (through reducing the amount of burned GLQ token for paying gas and sharing to graph maker as a bonus).

Developing a marketplace web app of graphs for the GraphLinq protocol, to buy and sell custom graphs over an online interface.

Starting the development of the entire decentralization of the protocol through connecting the Engine over a POS-based blockchain.

Adding DAO Governance over Aragon to vote on which blocks and new libraries to link on the network, members proposal of Pull Request of new integrated blockchain data to the Engine and rewarding them through a Bounty program.

Q4

Migration of the GLQ token from ETH to the new GraphLinq Proof Of Stake blockchain.

Releasing the Market place and offers rewards for the first templates developed and added through the web app.

The GraphLinq Chain will allow safe and decentralized actions through the Engine, releasing libraries to directly execute multi-transaction over a graph on multiple chains with custom wallet on blocks (ethereum, binance smart chain)…

The Bottom Line

With Graphlinq Protocol, it is hard to not be bullish on an asset that has real world use case, a working product, actually decentralized, and a team that focuses more on innovation and adoption more so than publicity stunts.

As they continue to roll out their next steps and their network of partnerships grows, we are excited for what the future holds for this project.

It is not everyday that you find a gem at such a low market cap and at an early stage in their development. Keep an eye out for the GLQ ticker, it is here to stay.

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Jared Gabaldon

Jared Gabaldon

Principal for R.F. Capital - Decentralized Finance Fund