The Graph (GRT) - Blockchain Guide

Introduction to The Graph

The Graph solves a fundamental problem in blockchain development: efficiently querying blockchain data. While blockchains excel at storing and validating data, they’re not designed for complex queries. The Graph provides a decentralized indexing protocol that organizes blockchain data and makes it easily accessible through GraphQL APIs.

Often called “the Google of blockchains,” The Graph has become essential infrastructure for DeFi, NFTs, and Web3 applications. Major protocols including Uniswap, Aave, and Synthetix rely on The Graph for their data needs.

The Indexing Problem

Why Indexing Matters

Without indexing:

Apps must scan entire blockchain
Complex queries impossible
Performance unacceptable
User experience suffers

Traditional Solutions

Centralized alternatives:

Run your own indexer
Use centralized APIs
Single points of failure
Trust required

The Graph’s Approach

Decentralized indexing:

Open protocol
Cryptoeconomic incentives
No single point of failure
Permissionless participation

How The Graph Works

Subgraphs

Data definitions:

Developers define what to index
Schema specifies data structure
Mappings transform blockchain events
Open source and composable

Network Roles

Participants:

Indexers: Run graph nodes, serve queries
Curators: Signal quality subgraphs
Delegators: Stake to indexers
Consumers: Query data, pay fees

Query Flow

How data reaches apps:

Developer deploys subgraph
Curators signal quality
Indexers index the data
Apps query via GraphQL
Fees flow to participants

Technical Architecture

Graph Node

Core software:

Processes blockchain data
Applies subgraph mappings
Stores in PostgreSQL
Serves GraphQL queries

Supported Networks

Multi-chain indexing:

Ethereum (primary)
Polygon
Arbitrum
Optimism
Many more chains

Performance

Query handling:

Sub-second responses typical
Caching optimization
Load balancing
High availability

Technical Specifications

Component	Description
Query Language	GraphQL
Token	GRT (ERC-20)
Indexers	Hundreds
Subgraphs	50,000+
Queries	Billions served
Chains	40+ supported

The GRT Token

Utility

GRT serves the network:

Staking: Indexers stake to participate
Delegation: Token holders back indexers
Curation: Signal valuable subgraphs
Query Fees: Pay for data access

Tokenomics

Initial Supply: 10 billion GRT
Inflation: Indexer rewards
Burns: Query fee burns
Distribution: Various stakeholders

Economic Model

Incentive alignment:

Indexers earn for quality service
Curators rewarded for good signals
Delegators earn passive yield
Consumers pay for value

Adoption and Usage

Major Users

Top protocols using The Graph:

Uniswap
Aave
Compound
Synthetix
Lido
Many more

Query Volume

Massive scale:

Billions of queries monthly
Growing usage
Essential infrastructure
Widening adoption

Subgraph Ecosystem

Developer activity:

50,000+ subgraphs deployed
Active development
Community contributions
Open source

Competition and Alternatives

vs. Centralized APIs

Aspect	The Graph	Centralized
Trust	Trustless	Required
Uptime	Distributed	Single point
Censorship	Resistant	Possible
Cost	Market-based	Fixed

vs. Other Indexers

Service	Model	Focus
The Graph	Decentralized	General
Covalent	Centralized	Multi-chain
Dune	Analytics	Dashboards
Subsquid	Decentralizing	Performance

The Graph’s Moat

Advantages:

First mover in decentralized indexing
Largest network effects
Most subgraphs deployed
Deepest integrations

Network Participants

Indexers

Running infrastructure:

Stake GRT to participate
Run Graph nodes
Serve queries
Earn fees and rewards

Curators

Quality signaling:

Stake GRT on subgraphs
Earn portion of query fees
Guide indexer resources
Surface valuable data

Delegators

Passive participation:

Delegate GRT to indexers
Share in indexer rewards
No technical requirements
Support network security

Challenges and Risks

Decentralization Progress

Ongoing transition:

Still partially centralized
Hosted service sunsetting
Full decentralization in progress
Migration challenges

Query Costs

Economic considerations:

Costs vs. centralized alternatives
Price volatility impact
Economic model refinement
Consumer adoption

Competition

Market dynamics:

New indexing solutions
Chain-native options
Centralized alternatives
Technology evolution

Recent Developments

Multi-Chain Expansion

Growing support:

More chains added
Consistent experience
Cross-chain queries
Unified infrastructure

Sunrise Program

Decentralization push:

Hosted service deprecation
Network migration
Subgraph transfers
Full decentralization

Future Roadmap

Development priorities:

Full Decentralization: Complete migration
Performance: Query optimization
Chains: More network support
Features: Advanced capabilities
Ecosystem: Developer tools

Conclusion

The Graph has established itself as essential blockchain infrastructure, providing the data layer that applications need to function. The protocol’s decentralized approach offers advantages in reliability and censorship resistance that centralized alternatives cannot match.

The ongoing transition to full decentralization represents both opportunity and challenge. Successfully completing this migration while maintaining performance will validate The Graph’s model and position it for long-term success.

For developers building blockchain applications, The Graph provides infrastructure that would otherwise require significant investment to build and maintain. Its role as the “indexing layer” of Web3 appears increasingly secure.

Technology Stack