The Graph
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GRT powers The Graph — a decentralized protocol for indexing and querying blockchain data across networks.

Explore GRT’s growing role in decentralized data indexing—just share your contact to get a detailed breakdown.

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The Graph
GRT
$ 0.064918 0.96%

Market cap

$ 686,469,406

Volume (24h)

$ 25,008,945

Total supply

10,800,262,816 GRT

Max. supply

--

Circulating supply

10,574,596,069 GRT

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What is The Graph (GRT), and How Does It Work?

The Graph is a decentralized protocol designed to index and query data from blockchains, particularly Ethereum. Often referred to as the “Google of blockchains,” The Graph enables developers to access on-chain data efficiently and reliably without needing to build complex and resource-intensive infrastructure.

The core innovation of The Graph is its use of subgraphs—open APIs that index data from blockchain networks. These subgraphs allow developers to organize and access data using GraphQL, a flexible and powerful query language. Instead of scanning entire blockchain ledgers for specific data, developers can query subgraphs to get precise, real-time results.

This system significantly improves the speed and efficiency of decentralized applications (dApps), particularly in data-heavy use cases such as DeFi (Decentralized Finance), DAOs (Decentralized Autonomous Organizations), and NFTs (Non-Fungible Tokens).

The native utility token of The Graph is GRT, which is used to pay for queries, incentivise network participants (Indexers, Curators, and Delegators), and secure the network through staking. GRT ensures that the data services remain trustworthy, decentralized, and economically sustainable.

Who Founded The Graph, and What Is Its Mission?

The Graph was co-founded in 2018 by Yaniv Tal, Brandon Ramirez, and Jannis Pohlmann, all of whom came from engineering backgrounds in software development and data infrastructure. Their vision stemmed from a shared frustration with the difficulty of accessing reliable blockchain data during dApp development.

The Graph’s mission is to make blockchain data easily accessible, verifiable, and decentralized. By enabling permissionless access to structured blockchain data, The Graph aims to empower developers, users, and organizations to build powerful, decentralized experiences that rival traditional web applications.

Ultimately, The Graph envisions a future where dApps are just as easy to build and use as apps in the traditional web ecosystem—but without the centralized gatekeepers.

What Makes The Graph Different from Other Blockchain Projects?

The Graph distinguishes itself through its purpose-built indexing protocol, which solves one of the most pressing problems in blockchain development: accessing and structuring on-chain data.

  • Subgraphs and GraphQL: Instead of querying raw data directly from blockchains, developers can build or access subgraphs that extract, transform, and serve that data in an optimized format. This drastically improves performance and usability.
  • Decentralised Network: Unlike traditional centralized indexing services, The Graph is fully decentralized. It incentivizes participants—Indexers (who run nodes), Curators (who assess subgraph quality), and Delegators (who support Indexers)—to maintain high-quality, reliable data services.
  • Cross-Chain Compatibility: While it started with Ethereum, The Graph now supports indexing data from multiple blockchains, including NEAR, Polygon, Arbitrum, Optimism, and Avalanche. This broad compatibility aligns with the multi-chain future of Web3.
  • Economic Incentives via GRT: The use of GRT tokens ensures that all network participants are rewarded based on the accuracy and usefulness of the data they provide, creating a self-sustaining, decentralized data economy.
What Problems Is The Graph Aiming to Solve?

The Graph was developed to solve fundamental challenges in blockchain and dApp development:

  • Data Accessibility: Blockchain data is complex and not easily searchable. Traditional queries are slow, costly, and inefficient. The Graph simplifies this by indexing and organizing blockchain data in a way that allows developers to retrieve exactly what they need, instantly.
  • Infrastructure Overhead: Without The Graph, developers would need to build and maintain their own indexing servers. This is resource-intensive and centralizes data access. The Graph eliminates this burden by offering a decentralized, shared protocol.
  • Scalability of dApps: For decentralized apps to compete with traditional web apps, they must offer fast and responsive user experiences. The Graph enables this by drastically reducing the time it takes to fetch and serve on-chain data.
  • Trustless Queries: In a decentralized world, trusting centralized data sources undermines the very point of Web3. The Graph provides cryptographic guarantees and incentives to ensure that data is accurate and verifiable.
What Are the Core Features of The Graph Ecosystem?

The Graph ecosystem is built on a robust architecture of decentralized components:

  • Subgraphs: Modular open APIs that extract and index specific data from blockchain networks. These can be reused by other developers, creating a shared knowledge base.
  • Graph Node: The core engine that scans blockchain data, identifies changes, and updates the subgraphs in real time.
  • GRT Token: The native utility token used to incentivize network behavior. Indexers stake GRT to provide services, Curators signal on useful subgraphs, and Delegators support Indexers without running infrastructure themselves.
  • Graph Explorer: A web-based interface that allows users to discover and interact with subgraphs.
  • GraphQL Integration: Developers can query subgraph data using GraphQL, making The Graph both intuitive and powerful for Web3 applications.
How Is The Graph Built from a Technical Perspective?

The Graph’s architecture combines the efficiency of traditional indexing systems with the decentralised ethos of blockchain:

  • Event-Based Indexing: Graph Nodes scan blocks and extract data based on events (logs emitted by smart contracts). This reduces noise and focuses indexing efforts only on relevant data.
  • Manifest and Schema Design: Each subgraph includes a manifest that defines what data to index and a schema that specifies how to store and query that data. This allows standardization and composability across the network.
  • Multi-Chain Support: The Graph’s architecture is blockchain-agnostic. Indexers can run nodes for multiple supported chains, and subgraphs can span across ecosystems.
  • Open APIs and SDKs: Developers can create subgraphs with a rich toolkit that includes CLI tools, hosted services, and support libraries.
What Makes The Graph’s Smart Contract Integration Unique?

While The Graph doesn’t execute smart contracts itself, it plays a vital supporting role in enabling smart contract functionality across the Web3 stack:

  • Smart Contract Event Indexing: The Graph monitors and indexes smart contract events, allowing developers to quickly fetch contract state changes, user activity, and token transfers in real-time.
  • Cross-Chain Data Layer: As more smart contracts are deployed across different chains, The Graph provides a unified way to access their data, enabling multi-chain dApps with consistent front-end logic.
  • Composable Infrastructure: Developers can compose new dApps by reusing and combining existing subgraphs, enabling a “Lego-like” experience in dApp development.
What Are the Real-World Applications of The Graph?

The Graph’s indexing protocol and decentralized querying capabilities have far-reaching implications across multiple industries. By simplifying access to blockchain data and making it easier for developers to create fast, responsive dApps, The Graph is becoming an essential infrastructure component for the future of Web3.

1. Decentralized Finance (DeFi)

DeFi applications rely heavily on real-time access to on-chain data such as token prices, liquidity pool stats, and yield farming metrics. The Graph enables DeFi developers to access this information efficiently through subgraphs, eliminating the need to build custom indexing infrastructure from scratch.

Major DeFi protocols like Uniswap, Aave, and Synthetix use The Graph to power their front-end interfaces. This allows users to view live token stats, historical transactions, and financial dashboards—all sourced directly from blockchain data indexed by The Graph.

2. NFTs and Gaming

The NFT and blockchain gaming sectors benefit greatly from The Graph’s indexing power. NFT marketplaces like OpenSea and games like Decentraland use

The Graph to track asset ownership, metadata, and transaction history. This data is critical for building immersive in-game economies and ensuring provenance for unique digital assets.

By enabling quick and reliable access to this information, The Graph enhances user experiences and supports the scalability of NFT ecosystems.

3. DAOs and Governance

Decentralized Autonomous Organizations (DAOs) require transparency and up-to-date information on member proposals, votes, and fund allocations. The Graph supports this by indexing governance data across multiple platforms, enabling dashboards that display live voting metrics and decision-making outcomes.

Projects like Aragon and Snapshot leverage The Graph to create transparent, user-friendly governance portals that promote active community participation.

4. Web3 Social Media and Identity

As decentralized social media platforms and identity solutions gain traction, real-time data indexing becomes a necessity.

The Graph enables platforms like Lens Protocol to pull user-generated content, social interactions, and profile data directly from the blockchain, ensuring censorship-resistant and interoperable social apps.

This paves the way for a new generation of digital identities and content networks that are controlled by users, not corporations.

What Are Subgraphs, and Why Are They Important?

A subgraph is a custom API built using The Graph that defines how specific blockchain data should be indexed and queried.

Key Features:

  • Written in GraphQL
  • Define what data to extract (e.g., transactions, token balances)
  • Set rules for how data is processed and stored
  • Hosted on either the hosted service or decentralized network

Example:

An NFT marketplace could build a subgraph that indexes:

  • Ownership changes
  • Price history
  • Token metadata
  • Creator royalties

This allows front-ends to display live NFT data without having to re-query the entire blockchain each time.Subgraphs are reusable and composable, meaning developers can fork existing subgraphs or build on top of others—accelerating innovation across the Web3 stack.

What Is the Difference Between The Graph’s Hosted Service and the Decentralized Network?

When The Graph first launched, it offered a hosted service to help developers begin indexing blockchain data quickly. However, the long-term vision has always been a fully decentralized network, and that transition is now well underway.

Hosted Service:

  • Operated by The Graph team.
  • Developers deploy subgraphs directly without worrying about Indexers or GRT staking.
  • Easy onboarding but lacks the decentralization and economic incentives of the full network.
  • Currently supports major chains like Ethereum, Polygon, and Binance Smart Chain.

Decentralized Network:

  • Launched in December 2020.
  • Operated by a network of Indexers, Curators, and Delegators.
  • Subgraphs are deployed and queried using GRT, and Indexers are rewarded for performance.
  • Offers true censorship-resistance, better scalability, and long-term sustainability.
  • Supported by over 30+ chains, including Ethereum, Arbitrum, Optimism, Polygon, Near, and more.

Why it matters: The decentralized network ensures The Graph remains trustless, community-governed, and scalable across multiple blockchains.

How Is GRT (The Graph Token) Used Within the Ecosystem?

$GRT is the native utility token that powers all economic interactions within The Graph ecosystem.

Core Utilities:

  • Query Fees: dApps and users pay Indexers in GRT to retrieve data from subgraphs.
  • Staking: Indexers must stake GRT to participate, ensuring they operate honestly and efficiently.
  • Curation: Curators use GRT to signal valuable subgraphs. Their stake influences which subgraphs get indexed.
  • Delegation: Delegators stake GRT with trusted Indexers to secure the network and earn passive rewards.

Tokenomics:

  • Initial supply: 10 billion GRT
  • Inflation rate: ~3% annually (subject to governance changes)
  • Burn mechanism: A portion of query fees is burned, creating deflationary pressure

GRT creates a self-sustaining economy that rewards high-quality data services while disincentivizing malicious behavior.

How Secure Is The Graph Protocol?

The Graph is built with security and decentralization in mind, leveraging economic incentives, cryptographic verification, and open-source governance to protect the network.

Key Security Features:

  • Staking-based Slashing: Indexers who serve incorrect data or behave maliciously risk losing part of their GRT stake.
  • Cryptographic Proofs: Verifiable responses ensure that queried data matches the blockchain state.
  • Delegation Risk Mitigation: Delegators choose trusted Indexers and share rewards proportionally, while slashing penalties are isolated to Indexers.
  • Subgraph Validation: Developers can audit or fork trusted subgraphs, promoting transparency and composability.

The protocol also undergoes third-party security audits and is supported by the Graph Bug Bounty Program on Immunefi.

How Is The Graph Governed?

The Graph’s long-term direction is guided by decentralized governance, mainly through the Graph Council and GRT token holders.

Governance Structure:

  • The Graph Council: A multisig group of representatives from core dev teams, the Foundation, and community leaders.
  • Oversees protocol upgrades, funding, and treasury allocation.
    • GRT Token Holders: Participate in governance by voting on Graph Improvement Proposals (GIPs).
    • Subgraph Developers: Influence curation signals and protocol usage patterns via on-chain activity.
    • Grants and DAOs: The Graph Foundation funds ecosystem growth through the Graph Advocates program and SubgraphDAO.

Governance is increasingly moving on-chain, with token-weighted proposals giving the community more control over fee structures, inflation rates, and future upgrades.

What Are Graph Improvement Proposals (GIPs)?

Graph Improvement Proposals (GIPs) are formal suggestions for technical, economic, or governance changes to The Graph protocol.

GIP Process:

  1. Drafting: Anyone can propose a GIP outlining a change (e.g., new indexing features or reward model tweaks).
  2. Community Discussion: GIPs are posted on the Graph Forum and GitHub for feedback.
  3. Formal Review: The Graph Council reviews the proposal’s impact and feasibility.
  4. On-Chain Vote (Optional): For major changes, token holders vote with GRT on Snapshot or through smart contract mechanisms.

Examples of GIPs:

  • GIP-0030: L2 scaling for staking on Arbitrum.
  • GIP-0027: Auto-migrating subgraphs from hosted to decentralized network.
  • GIP-0022: Indexer rewards and slashing reform.

GIPs ensure that The Graph evolves collaboratively and transparently, with wide input from both users and stakeholders.

What Are Some Major Protocol Upgrades to Watch?

The Graph is undergoing a phased transition to a fully decentralized, multichain indexing protocol. Major upgrades include:

  1. Sunsetting the Hosted Service:
    • Expected completion: mid-to-late 2025.
    • All subgraphs migrating to the decentralized network.
    • Developers incentivized to move early via rewards.
  1. L2 Migration for GRT Staking:
    • Launching GRT staking and delegation on Arbitrumto reduce gas fees.
    • Enhances accessibility for smaller Delegators and Indexers.
  1. Firehose & Substreams:
    • New data indexing stack for faster, more scalable syncing.
    • Enables parallel indexing, reducing subgraph lag from hours to minutes.
  1. Auto-Indexing and Subgraph Composition:
    • Automates the creation and maintenance of subgraphs.
    • Encourages composable dApps that can mix and match existing data sources.

These upgrades ensure that The Graph stays ahead in terms of performance, decentralization, and usability—key for mass Web3 adoption.

How Does The Graph Support the AI and Data Economy?

The Graph is a foundational layer for open data infrastructure, which is key for the future of AI and machine learning in Web3.

AI Synergy:

  • Structured Data Layer:
    Subgraphs convert raw blockchain data into queryable, indexed datasets—ideal for AI/ML training, analytics, or autonomous agents.
  • Data Provenance:
    Verifiable data history ensures source credibility, critical for AI model transparency and auditability.
  • Composable Data:
    Developers can chain and remix subgraphs, building complex datasets across DeFi, NFTs, and DAOs—fueling next-gen AI-powered apps.
  • Decentralized Indexing:
    No need to rely on Google or private APIs; The Graph provides public infrastructurefor the AI-powered Web3 future.

As AI evolves in crypto, The Graph could become the “Google of blockchains”—fueling autonomous agents, bots, and prediction engines.

What Are Substreams and How Do They Improve Performance?

Substreams are The Graph’s next-gen indexing technology built on top of Firehose, allowing ultra-fast and composable data processing.

Key Benefits:

  • Parallel Execution:
    Substreams process blockchain events in parallel—dramatically reducing sync time from days to minutes.
  • Reusable Modules:
    Developers can compose subgraphs by importing modules (e.g., transfer logic, price feeds).
  • Chain-Agnostic:
    Substreams work on supported chains like Ethereum, Solana, NEAR, and Avalanche.
  • Low Latency:
    Ideal for real-time dashboards, bots, and DeFi analytics.
How Are Query Prices Set in The Graph Network?

Query pricing in The Graph’s decentralized network is determined by Indexers and governed by market dynamics.

Pricing Model:

  • GRT Query Fees: Developers pay GRT to fetch data from Indexers.
  • Indexers Set Prices: Based on subgraph demand, cost of infrastructure, and competition.
  • Rebates and Rewards: Indexers also earn indexing rewards from the protocol, subsidizing costs.

Delegators Benefit Too:

  • A portion of query fees goes to delegatorsstaking with Indexers.

Future Outlook:

  • Query volume is expected to rise with L2 adoption and dApp growth.
  • Substreams and Firehose may lower Indexer costs—potentially reducing query prices.

Tip: Use Graph Explorer to review query cost estimates before deploying subgraphs.

What Are the Tokenomics of GRT?

GRT is designed to create a self-sustaining, incentivized network economy that aligns the interests of Indexers, Curators, Delegators, and Developers.

Key Tokenomics

  • Initial Supply: 10 billion GRT (launched December 2020)
  • Inflation Rate: ~3% per year (subject to governance)
  • Burn Mechanisms:
    • 1% of all query fees are burned
    • Slashing penalties for Indexer misbehavior
  • Delegation Ratio: Delegators can earn rewards without running infrastructure
Where Can I Find Official Updates and Technical Support for The Graph?

Official updates and technical support for The Graph are available through several reliable, community-led and foundation-backed channels:

 

 Official Website: https://thegraph.com

  • Access announcements, blog posts, documentation, and protocol dashboards.
  • Includes links to all official resources for developers, token holders, and Indexers.

 

The Graph Network Documentation

  • https://thegraph.com/docs/
  • The authoritative technical documentation for:
    • Subgraph creation and deployment
    • Indexer and Delegator guides
    • GRT token economics
    • Firehose/Substreams support

 

The Graph Forum

  • https://forum.thegraph.com/
  • Official governance discussions and GIPs (Graph Improvement Proposals)
  • Announcements, upgrades, and Indexer coordination

 

Discord Community (The Graph Discord)

  • https://thegraph.com/discord
    • The primary space for real-time technical support from core devs and Indexers
    • Channels for:
      • Delegators
      • Indexers
      • Curators
      • Subgraph developers

 

GitHub Repositories

  • https://github.com/graphprotocol
    • Source code for Graph Node, CLI, Indexer Agent, Subgraph Studio, and more
    • Technical issues, bug reporting, and tracking ongoing development

Social Media

Follow these for network updates, community calls, and educational content.

The Graph Help Desk (Email Support)

  • support@thegraph.foundation
    • Direct support channel for more complex or private technical issues

Tip: If you’re stuck with a technical issue—like a subgraph indexing error, delegation confusion, or token staking problem—the Discord is the most responsive and moderated by official team members and The Graph Advocates.

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