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What is The Graph (GRT)?
Quick Facts
- Founded: 2018; GRT token launched December 2020
- Type: Decentralized blockchain data indexing protocol
- Native token: GRT (ERC-20 on Ethereum)
- Key mechanism: Open APIs called subgraphs, queried via GraphQL
- Participants: Indexers, Curators, Delegators, and Consumers
- Governance: The Graph Council and The Graph Foundation
- Supported networks: 30+ blockchains including Ethereum, Polygon, Arbitrum, and Avalanche
Introduction
The Graph is an open-source, decentralized protocol that organizes and serves blockchain data for developers. It is often described as the 'Google of Web3' — providing a reliable way to search and retrieve on-chain information without relying on centralized infrastructure.
At the heart of the protocol is GRT, the native utility token that powers staking, query fees, and governance across the network.
History & Background
The project was conceived in 2018 by co-founders Yaniv Tal (project lead), Brandon Ramirez (research lead), and Jannis Pohlmann (tech lead). All three had engineering backgrounds and previously worked together at MuleSoft, an API developer tools company.
The Graph launched its mainnet and GRT token in December 2020. Shortly after, The Graph Foundation was established as an independent entity to steward the ecosystem, with Eva Beylin appointed as Director.
How The Graph Works
Developers deploy subgraphs — open APIs that define how to ingest and index data from a specific smart contract or blockchain. Applications then query these subgraphs using GraphQL to retrieve structured, real-time blockchain data.
Four key roles keep the network running:
- Indexers — node operators who stake GRT to process queries and earn fees and rewards.
- Curators — signal which subgraphs are high-quality by staking GRT on them.
- Delegators — stake GRT with Indexers to share in rewards without running a node.
- Consumers — developers or applications that pay query fees in GRT to access data.
Tokenomics
GRT serves as the economic backbone of the protocol. Indexers stake GRT to participate, and can be slashed (penalized) for serving incorrect data. Query fees are paid in GRT, and a portion is burned with each query, introducing deflationary pressure. Indexing rewards are generated through annual protocol-wide inflation and distributed to active Indexers.
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Circulating supply
| 10.85 billion GRT |
|---|---|
| |
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Total supply
| 11.56 billion GRT |
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Max supply
| 0 GRT |
Ecosystem & Use Cases
The Graph powers data access for a wide range of DeFi protocols, NFT platforms, and dApps. Any Web3 project can create a subgraph to handle user data requests efficiently. The protocol supports over 30 networks, making it a cross-chain data backbone for the broader ecosystem.
Team, Governance & Community
The Graph Council, a multi-sig body representing Indexers, token holders, researchers, users, and the initial team, oversees core protocol decisions. The Graph Foundation distributes grants and coordinates technical governance. The protocol follows a path of progressive decentralization, with community governance expected to expand over time.
Advantages
- Decentralized data access — eliminates reliance on centralized APIs or node providers.
- Developer-friendly — GraphQL-based subgraphs simplify complex data retrieval.
- Multi-chain support — indexes data from 30+ blockchains.
- Economic incentives — staking and query fees align participant behavior with network health.
Risks & Challenges
- Competition — other data middleware and RPC providers compete for developer adoption.
- Complexity — setting up and maintaining subgraphs can be technically demanding.
- Token inflation — annual indexing reward issuance could dilute GRT value over time.
- Protocol maturity — ongoing upgrades like Graph Horizon introduce transition risks.
Long-Term Vision
The Graph aims to become the universal data layer for Web3, evolving beyond blockchain indexing into a full-stack, multi-service data infrastructure. The Graph Horizon upgrade, launched in late 2025, introduced a modular architecture designed to support diverse data services — including AI agent queries and institutional-grade data access — within a unified economic framework.
Frequently Asked Questions
- What is The Graph (GRT)?
The Graph is a decentralized protocol for indexing and querying blockchain data. Developers use it to build open APIs called subgraphs, which applications query to retrieve on-chain information quickly and reliably.
- What is GRT used for?
GRT is the native utility token of The Graph. It is used for staking by Indexers and Curators, paying query fees, and participating in network governance.
- Who are Indexers, Curators, and Delegators?
Indexers are node operators who stake GRT to process data queries and earn fees. Curators signal high-quality subgraphs by staking GRT on them. Delegators stake GRT with Indexers to earn a share of rewards without running their own node.
- What is a subgraph?
A subgraph is an open API deployed on The Graph that defines how to index and serve data from a specific blockchain or smart contract. Developers query subgraphs using GraphQL to access structured blockchain data.
- Which blockchains does The Graph support?
The Graph supports over 30 blockchains, including Ethereum, Polygon, Arbitrum, Avalanche, Optimism, and Gnosis Chain, making it a cross-chain data infrastructure layer.
- Who governs The Graph?
The protocol is governed by The Graph Council, a multi-sig body representing key stakeholder groups, and supported by The Graph Foundation, which distributes grants and coordinates technical development.
- When was The Graph founded and when did GRT launch?
The Graph was founded in 2018 by Yaniv Tal, Brandon Ramirez, and Jannis Pohlmann. The GRT token and mainnet launched in December 2020.
- What is Graph Horizon?
Graph Horizon is a major protocol upgrade that introduced a modular architecture for The Graph. It extends the network beyond subgraph indexing to support a broader range of data services within a unified staking and payments framework.