The Graph

The Graph is an indexing protocol that organizes data stored on blockchains and makes it retrievable through a standardized query language called GraphQL. It addresses the problem that raw blockchain data is difficult and slow for developers to search directly, acting as a kind of search and data layer for decentralized applications. The primary users are developers building Web3 and DeFi applications who need reliable, structured access to on-chain information.

The network relies on four participant roles: Indexers, who stake GRT tokens and run nodes to process data queries in exchange for fees and rewards; Delegators, who assign their GRT to Indexers and share in rewards; Curators, who signal GRT on specific data sets called subgraphs to indicate which ones are worth indexing; and developers who query the network. GRT is an ERC-20 token, meaning it lives on Ethereum, and it serves as the coordination mechanism — staking, signaling, and payment all flow through it. The site classifies the project as a Layer 1 blockchain, though its operational profile is that of an application-layer indexing network that spans multiple ecosystems including Avalanche, Polygon, Near, and Harmony.

Fees are generated when developers pay to query subgraphs on the network, and those fees flow primarily to Indexers who processed the queries, with Delegators and Curators receiving portions according to their roles. Over the trailing 30 days, the protocol collected 17,408.29 USD in fees, and annualizing that figure produces 211,800.86 USD. The trailing 12-month fee total was 448,878.73 USD, while 12-month revenue was 1,607.01 USD, reflecting what the protocol itself retained after participant payouts. Fee volume fell 74.67 percent over the most recent 30-day period, and the ratio of fully diluted valuation to annualized fees stands at 1,393.4.