WazirX allows you to buy, sell, and trade digital currencies with incredible ease. Furthermore, The Graph token can be termed as the “Google” of blockchain. Hence, in this article, we will cover all the steps required to invest in GRT as it has seen substantial growth recently.
Table of contents
- What is the Graph protocol?
- What is GRT?
- What is WazirX?
- How to buy GRT on WazirX?
- Why should you invest in the Graph Protocol?
- Buying GRT at WazirX: Pros and Cons
- Buying GRT at WazirX: Conclusion
- Frequently Asked Questions
- WazirX is one of the biggest crypto exchanges in India.
- The graph is an indexing protocol that is being used to index and query data from blockchains.
- GRT is the Ethereum based token that backs The Graph.
- Recently we’ve observing prominent growth in its value; hence it is essential to know whether it is a sound investment.
- The Graph Network is one of a kind, ensuring that Dapps keep running and the data remains open.
- WazirX also UPI deposits and NEFT/ RTGS/ IMPS/ bank transfers; however, it charges high trading fees.
- To invest in GRT, deposit funds in your WazirX account, buy USDT from the INR tab, and then buy GRT using your USDT.
What is the Graph protocol?
The Graph is a decentralized indexing protocol for Web3, used to query Ethereum and IPFS. In addition, graph protocol allows one to build and publish open APIs known as the subgraphs, which make the data quickly and readily accessible. Furthermore, the Graph enables internet applications to be entirely backed by public infrastructure.
The Graph was first introduced in the July of 2018. Furthermore, the protocol will eventually become the blockchain ecosystem’s “Google.” This is a scalable method of enabling search across any component of the Bitcoin and Ethereum ecosystems. To learn more, read the Graph network in depth.
What is GRT?
GRT is the token behind the Graph protocol and is used to pay for queries from the graph protocol. Furthermore, all steps of the graph protocol is incentivized using GRT tokens.
As Graph usage grows, query fees should accumulate to pay indexers to provide indexing services consistently. However, because there aren’t many queries right now, Indexers are being compensated with newly-minted GRT tokens.
What is WazirX?
WazirX is India’s one of the largest crypto exchange platforms. It has grown to be India’s most trusted ground for crypto holders. In addition, WazirX has been acquired by Binance, making it simple to transfer funds to the world’s biggest exchange, Binance.
How to buy GRT on WazirX?
Steps to create an account and deposit funds on WazirX
- You can either download WazirX or visit the official website.
- Now, select the sign-up button.
- Fill up your email address.
- Set a password according to your preference.
- Read the terms and conditions, click on the checkbox, and hit the submit button.
- Verify your email and then complete your KYC at the platform to deposit funds.
Buying GRT is almost similar to buying bitcoin; hence you can also refer to our article on how to buy bitcoin at WazirX.
How to deposit INR in WazirX?
- Firstly, click on the “Funds” option on the top of the header of the website.
- Secondly, click on the deposit button across INR.
- Further, click on the instant deposit option NEFT/ RTGS/ IMPS (as of July 2021, WazirX accepts deposits using Mobikwik).
- After a successful transfer, the deposited money will get credited to your wazirX account.
Steps to buy GRT at WazirX
- First of all, go to the market tab on your phone or the exchange tab on your computer.
- Secondly, in the INR menu, look for USDT/ INR.
- Now, enter the amount you want to invest and complete the trade by buying USDT.
- Further, head to the USDT tab and search for GRT/ USDT.
- After that, open the GRT trading window on your phone and press the Buy/ Sell button.
- Set the order type to market or enter a price limit at which you want the order to be executed.
- Finally, enter the amount of GRT you want to purchase and press the buy button.
Why should you invest in the Graph Protocol?
The Graph protocol is a decentralized indexing and querying protocol for blockchain data. The Graph indexes blockchain data from Ethereum and Filecoin in the same way that Google indexes the web. This data is organized into open APIs known as subgraphs, which anyone can query.
Furthermore, it is challenging to create another protocol similar to The Graph. Hence, it has a high potential investment opportunity. But again, nothing in this article is a piece of financial advice. To learn more, head over to The Graph vs Alethio vs web3JS.
Buying GRT at WazirX: Pros and Cons
|The Graph Protocol is one of a kind, and it might take years before it faces any competition in the market.||WazirX has a very high fee as compared to its competitors.|
|GRT has seen substantial growth in the recent past.||The platform has low liquidity, leading to inaccurate prices.|
|Binance backs WazirX.|
|WazirX allows you to buy and sell through P2P and does not charge any fee.|
Buying GRT at WazirX: Conclusion
WazirX is an Indian cryptocurrency exchange that allows you to buy and sell over 100 crypto assets. Furthermore, GRT is the native utility token of the Graph Protocol. It is used to incentivize things in the Graph Network. Therefore, you can invest in the Graph Token by buying and hodling it in your WazirX account. Moreover, to do so, you can begin by creating an account on WazirX, completing KYC, depositing funds, and then buying some GRT.
Frequently Asked Questions
First of all, make sure your KYC is complete, and you’ve linked the same back account to which you wish to make a withdrawal. Then, head over to the funds’ section and click on withdraw button across INR. Thereafter, enter the amount you want to withdraw and hit the confirm button after completing the verification.
WRX or the WazirX token is the native token of the exchange platform. Furthermore, you can use the WRX token to get a 50% discount on the trading fee at WazirX for the first year. Moreover, the WazirX is in speculations to release its NFT platform; hence, it might be an additional use case of WRX.
As of July 2021, you cannot withdraw your GRT hodling from WazirX as it comes under their Rapid Listing Initiative. However, you can transfer the token to your Binance account for free and then withdraw it to your offline wallets.
If you ever find someone predicting the price of a coin, close the article and never open it again. There is not a single person who can accurately predict the value of a coin in the future. However, you can research the fundamentals of a coin and go for a sound investment, such as GRT.