As of 3 p.m. ET, The Graph (CRYPTO: GRT) had surged 8.3% higher over the past 24 hours. This move significantly outpaced the broader cryptocurrency market, which appreciated by only 0.9% over this time frame. With nearly 10 times the outperformance of the overall market over this period, investors may be curious as to what's driving this lesser-known token higher today.

As it turns out, The Graph appears to be benefiting around the highly anticipated upcoming Ethereum Merge. Ethereum's Merge will bring about a complete shift to proof-of-stake validation, greatly improving the energy efficiency of Ethereum's network. However, there happen to be some additional upgrades on the horizon which could benefit The Graph.

Proposal EIP-4844 is on Ethereum's roadmap for future upgrades after its highly anticipated Merge. This upgrade is an important piece of the efficiency puzzle Ethereum developers are looking to solve. EIP-4844 will allow for validators to no longer broadcast historical data older than one year. Accordingly, transactions should, in theory, be able to be processed more quickly (and potentially more cheaply), a big win for Ethereum's burgeoning ecosystem.

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Source Fool.com