Web3 saw a significant surge in sub-graph usage during Q1, with The Graph leading the way in records for consultations.
In the ever-evolving landscape of Web3, The Graph continues to make significant strides as a decentralized indexing protocol on Ethereum. With over 100,000 subgraphs supported and serving 1.5 trillion queries, The Graph has become an essential component for efficient blockchain data querying [2].
The Graph's robust staking model, which involves Indexers, Curators, and Delegators, is a key factor in its success. Indexers stake $GRT tokens to index subgraphs, earning fees and rewards, while Curators and Delegators contribute by staking $GRT to maintain data integrity and network security [2].
Strategic partnerships have been a cornerstone of The Graph's growth. One notable alliance is with TRON, integrating real-time data indexing that supports TRON’s AI-blockchain synergy efforts and institutional staking programs [3]. These collaborations enhance retail accessibility and institutional incentives, positioning The Graph as a key data infrastructure layer within expanding cross-chain and AI-driven blockchain networks.
The Graph has experienced several key milestones recently. The Sunrise of Decentralized Data program was completed in June 2024, allowing for the full migration of subgraphs to a distributed model of independent indexers [4]. The beta launch of the token API in the first quarter of 2025 facilitates integration with AI tools and automated assistants [5].
Substreams have been implemented as a streaming-first indexing layer, enabling parallel processing and real-time processing [6]. The growth of subgraphs, technical improvements, and new cross-chain integrations are transforming the ecosystem, with layer 1 and layer 2 projects like ZKSync Era, Polygon zkEVM, Sonic, and Berachain successfully integrating with The Graph [7].
However, The Graph's growth and success are not without challenges. Despite a 4.1% increase in indexed token GRT rewards, their dollar value fell by 40.2% due to crypto market volatility and the reduction in the price per million queries [4]. The number of active indexers decreased by 23%, although the network maintains its capacity and robustness [4].
Despite these challenges, The Graph's growth reflects its scalability, the vitality of its ecosystem, and the economic model that incentivizes participation and decentralization. With the adoption of GIP-0061 to streamline the proposal process in governance and the incorporation of Wonderland as a core development team, The Graph is poised to continue its role as a pioneer in Web3's data infrastructure [8].
In the first quarter of 2025, developers deployed 1,143 new subgraphs, and The Graph's infrastructure has enabled thousands of applications and services to securely and efficiently access real-time information [9]. The Graph has reached a historical record of queries, processing 6.140 billion queries in the first quarter, a 3.2% increase from the previous period [10].
In conclusion, The Graph's ongoing commitment to innovation and ecosystem collaboration is empowering Web3's data infrastructure. With its scalable decentralized indexing, strategic partnerships, and a dedicated community, The Graph is shaping the future of Web3 data accessibility.
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