The Graph

The Graph is an indexing protocol that organizes data stored on blockchains and makes it queryable through GraphQL, a widely used API standard. It addresses the difficulty developers face when trying to retrieve structured, real-time data from blockchains, which do not store information in a form that applications can easily search or filter. The intended users are developers building decentralized applications who need reliable access to on-chain data without running their own indexing infrastructure.

Participants called Indexers stake GRT, the protocol's native ERC-20 token, to earn the right to process data queries and collect fees from those who submit them. Curators signal GRT on specific data sources called subgraphs to indicate which datasets are worth indexing, and Delegators can stake GRT with Indexers to share in rewards without running a node themselves. The token therefore coordinates economic incentives among these three roles rather than functioning as a simple payment coin.

Fees are paid by developers and applications that query data through the network, with the trailing 12-month fee total recorded at 499,177 USD and the trailing 30-day total at 22,794 USD. Protocol revenue over the trailing 12 months stands at 2,420 USD, meaning the vast majority of fees flow to Indexers, Curators, and Delegators rather than being retained by the protocol itself. Fee activity has declined over the most recent 30-day window, with fee growth recorded at negative 65.6 percent over that period. The annualized fee figure derived from the trailing 30 days is 277,327 USD, which places the market-cap-to-annualized-fees ratio at approximately 687.