The Graph
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The Graph in numbers
The Graph (GRT) ranks #118 by market capitalization, at $292.76M. It belongs to the DePIN sector (Indexing). It has traded since Dec 17, 2020, across 274 markets on 49 exchanges, with $26.09M of volume in the last 24 hours. Its all-time high of $2.77 was reached on Feb 12, 2021; the current price is 99.3% below that peak. Its cycle low of $0.0130448 came on Aug 19, 2026.
10.94B GRT are in circulation. 93.7% of the token allocation has been unlocked. 18 investors are recorded as backers, including Coinbase Ventures, Digital Currency Group, Fenbushi Capital. 3 team members are listed. Development data lists 24 core developers and 25,716 code commits. On Ethereum, 173,733 addresses hold GRT. It is available on 7 networks.
About The Graph
The Graph is a protocol for indexing and querying data from blockchains, removing the need for developer teams to run nodes that store historical blockchain data. The protocol allows users to read and retrieve complex blockchain data via a standard JSON file called a Subgraph Manifest. Developers can then utilize an open API (called a “subgraph”) that maps smart contract event data to provide standard definitions and descriptions of the required data. Subsequently, developers can retrieve indexed data by querying the subgraphs built for specific applications using the GraphQL language.
Background
The Graph was conceived in July 2017 by Yaniv Tal, Tegan Kline, Jannis Pohlmann, and Brandon Ramirez to address the “lack of tooling and mature protocols on Ethereum.” The trio sought to create a robust, scalable, and open data infrastructure to support and provide data to all types of decentralized applications. Thus, The Graph was built to develop and manage standard APIs for blockchain data. The project team launched the protocol as a hosted indexing and subgraph service in 2018, supporting decentralized applications on Ethereum. The goal was to position itself as a core primitive in the Web3 stack for decentralized applications and networks. In August 2018, the project team open-sourced the protocol’s node infrastructure.
The project team launched an incentivized testnet program on July 27, 2020, and a Curators program on Sept. 17, 2020, before an eventual mainnet release. Both programs enabled third parties to run indexer nodes and provide curation on the protocol’s testnet.
In October 2020, the project team established The Graph Foundation, an independent entity tasked “to develop and grow The Graph’s ecosystem to ensure the long-term sustainability of The Graph Network.” In the same month, the project team formed The Graph Council, an entity comprised of “indexers, active tokenholders, the initial team, users, and technical domain experts” in charge of governing the network.
On Dec. 17, 2020, The Graph went live on the mainnet, marking the beginning of the protocol’s transition from a hosted service to a subgraph marketplace. In July 2021, support tools (e.g., The Graph Explorer and Subgraph Studio) were launched to improve the network’s user experience.
The project team plans to gradually phase out the hosted service as subgraphs are gradually being migrated to the decentralized service. Initially scheduled for a Q1 2023 phase-out, the project team has since released a three-phase rollout plan led by one of The Graph’s core development teams (Edge & Node). These phases include:
On Dec. 18, 2023, The Graph announced the launch of the Upgrade Indexer, marking the beginning of Phase One. As of April 2024, the second phase of the migration (Sunbeam) is ongoing.
On Jan. 18, 2024, GraphOps (core developer of The Graph) released Subgraph Radio, a tool that aims to boost data and information exchange between indexers and subgraph developers. On the same day, Edge & Node unveiled Graph Horizon, a vision that would see The Graph evolve into a “more flexible, efficient and censorship-resistant protocol.” Based on a commercially reasonable search, no definite rollout plans for the Graph Horizon have been announced.
On Feb. 20, 2024, The Graph Council introduced the Technical Advisory Board, consisting of six inaugural members tasked with facilitating the protocol’s governance, research, and development initiatives.
As of April 2024, The Graph’s hosted service supports indexing data from over 30 networks (excluding testnets), while the decentralized network supports eight networks, including Ethereum, Arbitrum, Optimism Polygon, Avalanche, Fantom, Gnosis Chain, and Celo. Community members can suggest blockchain integrations via the protocol’s Chain Integration Process introduced in August 2023.
To make transacting on the network more affordable, The Graph is scaling with Arbitrum One. By April 2024, the protocol’s billing contract was solely deployed on Arbitrum, and indexer rewards have also been enabled on Arbitrum.
Of note, the project team plans to discontinue the use of ERC-20 GRT for distributing indexing rewards. Per the project’s documentation, ArbERC-20 GRT will be solely used for this purpose in the future. Additionally, per the project’s FAQ, both networks will continue to operate until the protocol’s subgraph infrastructure is fully deployed on Arbitrum. As such, ERC-20 GRT may not feature any of the above functions in the future; however, a commercially reasonable search found no disclosure(s) from the project team regarding such changes.
In January 2025, Sebastian Lorenz has joined Edge & Node, a core developer team working on The Graph, as the new Chief Technology Officer (CTO). Throughout 2025, The Graph streamlined support for new blockchain integrations, expanding coverage and reliability, with an ongoing Chain Integration Process Strategic Focus.
In March 2025, launched the Graph’s Token API Beta, which provides reliable access to token balances, transaction histories, pricing, and more - starting with Ethereum, Arbitrum, BSC, Polygon, Optimism and Base chains.
A significant development was the May 2025 announcement of Chainlink CCIP integration, enabling secure cross-chain GRT transfers, further expanding GRT’s reach across Arbitrum, Base, and Solana.
By October 2025, Substreams Foundational Stores was launched, giving developers preprocessed, fork-aware blockchain data for faster analytics, cheaper infrastructure, and streamlined development.