What is The Graph?

The Graph (GRT) is a decentralized indexing and querying protocol for blockchain data, often described as "the Google of blockchain" because it allows developers to query on-chain data through standardized GraphQL APIs called subgraphs, rather than running their own full nodes and writing custom data pipelines. Indexers stake GRT to process and serve data, Curators signal with GRT on which subgraphs are valuable, and Delegators stake GRT behind Indexers to earn a share of query fees — creating a three-sided marketplace that aligns economic incentives around useful data indexing. The Graph began on Ethereum and has expanded indexing support to over 40 blockchains.

Before The Graph, Web3 applications faced a fundamental data access problem: smart contracts emit events and store state, but reading historical data or complex aggregations from a full node is slow, expensive, and technically demanding. Applications like Uniswap, Aave, and Compound all rely on The Graph subgraphs to display TVL, price history, user positions, and transaction history in their interfaces — without it, those dashboards would require centralized databases that undermine the decentralization premise. A subgraph defines which contract events to index, how to transform them, and how they can be queried. Subgraphs are published to the network, and Indexers compete to serve queries with fast, accurate responses, earning GRT query fees from developers who consume the data.

The Graph faces a nuanced challenge around actual decentralization in practice. For years after launch, most production traffic ran through The Graph's hosted service — a centralized infrastructure maintained by The Graph Foundation — rather than through the decentralized network of Indexers. The migration from hosted service to the decentralized network has been gradual, with the hosted service officially being sunset in stages beginning 2023-2024. Query fees on the decentralized network are paid in GRT, but the fee volume must be substantial enough to make Indexer economics viable without relying on inflationary indexing rewards indefinitely. As query fee revenue grows, inflation-based rewards can decrease — but until that transition is complete, GRT inflation from rewards represents a dilutive overhang for holders who do not stake.

Reviewed by the 2Bitcoins Editorial Team · Updated June 2026. Not financial advice.