The Graph is the indexing and query layer of the decentralized web. It solves the problem of reading data from blockchains like Ethereum, which are optimized for writing transactions but difficult to query. Developers build Subgraphs—open APIs that define how data is structured—which are then indexed by a decentralized network of node operators. The protocol ensures data availability and correctness through a system of cryptoeconomic incentives.

Read About the Evolution of Utility Tokens

The Graph has evolved from simple indexing to a comprehensive data layer for AI and enterprise:

Horizon Upgrade (October 2025): The protocol completed the Horizon upgrade, creating a unified framework where Subgraphs, Substreams (parallel indexing), and new data services can run on the same decentralized network. This architecture allows for faster syncing speeds and enables developers to build custom data pipelines.

GRC-20 Knowledge Graphs: In 2025, the ecosystem introduced the GRC-20 standard. This format structures decentralized data into "Knowledge Graphs," making it readable for AI Agents and Large Language Models (LLMs). This positions The Graph as a foundational layer for the "Agentic Web."

Cross-Chain Expansion (CCIP): In November 2025, GRT became a Cross-Chain Token (CCT) via Chainlink CCIP. This integration enables seamless, native transfers of GRT between Arbitrum, Base, and Avalanche, improving liquidity and accessibility for Indexers across different networks.

The GRT token is a work utility token that aligns the incentives of all network participants:

Indexers: Node operators must stake GRT to provide services. Malicious behavior or incorrect data can result in their stake being slashed.

Delegators: Token holders can delegate GRT to trusted Indexers to support network security. In return, they receive a portion of the query fees and indexing rewards generated by that Indexer.

Curators: Users signal GRT on specific subgraphs to indicate to Indexers which data is valuable and should be prioritized.

Query Payments: Developers and consumers pay for data queries using GRT (or fiat via a billing wrapper that converts to GRT).

Token Standard: ERC-20 (Ethereum), Native Arbitrum (L2)

Architecture: Decentralized Indexing Network

Key Components: Subgraphs, Substreams, Firehose

Consensus: Proof-of-Stake (for Indexer selection)

Total Supply: ~10.8 Billion (Inflationary issuance with fee burning)