The Graph is a decentralized data marketplace for the web3 ecosystem launched in 2018. It offers a standardized way to index and access blockchain data through “subgraphs.” It has become a crucial tool for developers building decentralized applications (dApps) across more than 50 blockchains, including Ethereum, Polygon, and Avalanche but they are not stopping there; the Graph is expanding its services to support new data services and query languages and adds a broader range of use cases daily. The Graph Network is overseen by The Graph Foundation and its Technical Council, with contributions from multiple organizations within its ecosystem.
Key highlights:
- The Graph Network now hosts over 9,000 subgraphs, a 361% increase from Q1 2024.
- The project has fully transitioned to decentralization under Edge & Node CEO Tegan Kline.
- The free hosted service for subgraphs was officially deprecated on June 12, 2024.
The Graph experiences rapid growth after full decentralization
The Graph Network has reached a new milestone with 1.95 billion monthly queries in July 2024, marking an 11x increase compared to the same period in 2023. This growth accompanies a significant rise in subgraphs on the decentralized network, now totaling over 9,000 — a 361% jump from the end of Q1 2024.
This surge follows The Graph’s transition to a decentralized model, part of the “Sunrise of Decentralized Data” initiative launched in late 2023. Spearheaded by Tegan Kline, Edge & Node’s CEO, this initiative aimed to shift the network from a hosted service to a fully decentralized structure. The process culminated with the deprecation of the free hosted service for subgraphs on June 12, 2024, empowering developers to decentralize their data infrastructures.
“One of the most rewarding journeys in the past year has been empowering the Edge & Node team to fully upgrade The Graph’s hosted service to the decentralized network. It’s been incredible to watch each individual teammate rise to the occasion, setting in motion the worldwide data autonomy movement. The surge in growth of queries on the decentralized network indicates that developers and consumers of blockchain demand data that is secure, reliable and censorship-resistant from a decentralized source.”—Tegan Kline, the CEO of Edge & Node
Tegan Kline, the CEO of Edge & Node
The decentralized network now supports over 60 blockchains, offering developers lower costs and faster syncing times. As The Graph continues to evolve, subgraphs will benefit from further improvements, including increased efficiency and new file data sources.
What are subgraphs?
Subgraphs are open APIs that allow developers to index, query, and organize data from blockchain networks in a more efficient and structured way. In the context of The Graph, subgraphs act as the building blocks for accessing blockchain data, simplifying the process for decentralized applications to retrieve the information they need from various blockchains. This organized data can then be queried which makes it easy for dApps to access real-time information without directly interacting with the blockchain. This way developers can build more responsive and feature-rich applications.
Looking ahead
The Graph aims to go beyond subgraphs, working towards a unified Knowledge Graph that will serve as a global, decentralized data resource for both humans and AI systems. This expansion aligns with the project’s broader vision of supporting the next generation of decentralized applications (dApps) and the wider Web3 community.
The Graph’s transition to a decentralized model has positioned it as a key player in the Web3 space, reflecting the broader shift towards decentralized data services. With the network’s rapid growth and ongoing innovations, The Graph is set to play a big role in providing secure, verifiable, and accessible data for decentralized applications across multiple blockchains.
Source: https://coincodex.com/article/46632/the-graph-hits-195-billion-monthly-queries-following-decentralization-shift/