The Graph
GRT
Decentralized protocol for indexing and querying blockchain data
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| 0.17% | 1.41% | 36.84% | 63.91% | 81.22% | 8.02% |
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About The Graph
The Graph is a decentralized protocol for indexing and querying blockchain data. Its core business is to organize raw on-chain data into structured, queryable formats called subgraphs, which developers can access via a GraphQL API. This eliminates the need for teams to build and maintain their own indexing servers.
The main pain point it addresses is that blockchain data is stored in a way that is difficult to query directly. Without a service like The Graph, developers would have to write custom code to scan blocks and parse events, which is time-consuming and expensive. The Graph provides a marketplace where indexers stake GRT tokens to provide indexing services, while curators signal which subgraphs are valuable, and delegators support indexers. This creates a self-sustaining network that offers reliable and fast data access.
In the past six months (2026-02-28 to 2026-08-29), The Graph has continued to evolve. The Horizon upgrade, deployed in December 2025, transformed it from a subgraph-only protocol into a modular multi-service data platform. This allows the same staking and payment mechanisms to support new services like Substreams and Token API. In Q2 2026, the network processed a record 6.49 billion queries, and notably, 37% of new Token API users were AI agents rather than human developers. The protocol also introduced AI-related services, including an Inference Service for GPU-based model running and an Agent Service for autonomous AI interactions with blockchain data.
However, there are concerns. Query fee revenue remains very low compared to token-based indexer rewards, covering only about 1.2% in Q1 2025. In August 2026, third-party reports indicated that the Quality-of-Service Oracle data updates had been interrupted for over a month, potentially affecting delegated analysis, though the impact on query services was unclear. This was not officially confirmed.
The Graph, a decentralized indexing protocol for blockchain data, has evolved through several pivotal milestones. Launched on mainnet in December 2020, it initially focused on subgraphs, enabling developers to query on-chain data efficiently. A major turning point came in 2024 with the completion of its transition to a fully decentralized data layer, moving away from the hosted service and empowering a network of independent indexers. In 2025, the protocol expanded beyond subgraphs with the Horizon upgrade, introducing a modular framework for multiple data services. This laid the groundwork for Amp, the first blockchain-native database designed for enterprise-scale analytics, which received recognition from DTCC. Another significant development was the integration of x402 payment functionality, allowing developers and AI agents to pay for individual queries using USDC, fostering machine-to-machine commerce. These milestones—decentralization, modular expansion, enterprise-grade data tools, and crypto-native payments—mark The Graph's evolution from a niche indexing tool into a comprehensive, open data infrastructure for the decentralized web.
Brandon Ramirez: Co-founder, Research & Product Lead. Previously at Microsoft, MuleSoft, and co-founded TapSavvy. LinkedIn: linkedin.com/in/1stramirez, Twitter: @rezbrandon.
Jannis Pohlmann: Co-founder, CTO & Head of Engineering. Background in functional programming and decentralized systems. LinkedIn: linkedin.com/in/jannispohlmann, Twitter: @jannispohlmann.
Yaniv Tal: Co-founder, Project Lead. Former firmware engineer at HP, founded Workflo and TapSavvy. LinkedIn: linkedin.com/in/yanivtal9, Twitter: @yanivgraph.