What Is The Graph (GRT)? Powering Web3 Data Indexing and Querying

As decentralized applications expand across multiple chains, developers and users need a reliable way to read blockchain data quickly and consistently. The Graph is a decentralized indexing protocol that makes public blockchain data easily queryable via subgraphs and standard GraphQL endpoints. By aligning incentives among node operators and data curators, it provides a resilient backbone for Web3 data access while keeping performance, cost, and openness in focus. This guide explains what The Graph is, how it works, why GRT matters, and what’s new as the ecosystem evolves in 2025.

The Graph in a Nutshell

The Graph Network is a decentralized marketplace for indexing and querying on-chain data. Developers define how data should be extracted, transformed, and served through “subgraphs,” which are deployed across network participants rather than a central server. Clients then query that data using GraphQL, a widely adopted query language for APIs.

• Learn the fundamentals in the official docs: The Graph Docs
• Explore the protocol’s site: The Graph Network
• See the open-source indexing engine: Graph Node on GitHub
• GraphQL standard: GraphQL.org

How It Works: Subgraphs, Indexers, and Queries

• Subgraphs: A subgraph defines which events, contracts, and entities to index and how to map raw blockchain data into queryable entities. It’s essentially a data model plus extraction logic that turns on-chain logs into structured API responses. Subgraphs can be reused across apps, fostering composability. Reference: The Graph Docs
• Indexers: Independent node operators stake GRT to run infrastructure, index subgraphs, and serve queries. Their performance and reliability directly influence the network’s quality.
• Curators: Curators signal on high-quality subgraphs by depositing GRT. This helps guide Indexers and consumers toward trustworthy data sources.
• Delegators: Holders who don’t operate infrastructure can delegate GRT to Indexers to share in query fee revenue.
• Consumers: Apps, analytics dashboards, protocols, and end users that query subgraphs through the Gateway or directly from Indexers.

Developers interact with the network via the Gateway and tooling described in the docs, and query using GraphQL endpoints exposed by Indexers or routing services. Because each subgraph is open, projects can fork, audit, or improve data pipelines without building everything from scratch.

Why GRT Matters

GRT is the native token of The Graph Network and coordinates incentives among all participants:

• Staking and Delegation: Indexers stake GRT to secure the network and earn query fees; Delegators stake indirectly by delegating to preferred Indexers.
• Curator Signaling: Curators deposit GRT to signal valuable subgraphs, influencing resource allocation.
• Query Fees: Consumers pay for queries, which get distributed among Indexers, Delegators, and Curators depending on activity and network parameters.

GRT is an ERC‑20 token on Ethereum (contract: Etherscan GRT). As The Graph has expanded to layer‑2 networks to reduce costs, users will find tooling and settlement increasingly aligned with L2 ecosystems. For a data and token overview, see Messari: The Graph (GRT).

2025: What’s New and What to Watch

The Graph has been moving beyond its early “Hosted Service” into a fully decentralized network with an improved query routing stack and support for modern data pipelines:

• Migration and Gateway Evolution: The network has continued to transition away from centralized services toward decentralized query routing on lower‑cost environments, notably Arbitrum for protocol operations. See ecosystem updates via the The Graph Blog and network announcements on the The Graph Forum.
• Layer‑2 Focus: With lower fees and faster finality, L2s like Arbitrum make it cheaper for Indexers and consumers to interact with the protocol while maintaining Ethereum‑level security. Learn more about L2 mechanics: Arbitrum Docs.
• Performance with Substreams: The Graph supports Substreams, a high‑throughput streaming approach to extract and process on-chain data in parallel. This helps developers scale analytics and complex data transformations without reinventing the wheel. Reference architecture and concepts are captured in the The Graph Docs.

Developers and Indexers should monitor network governance proposals, query fee mechanics, and improvements to Proofs of Indexing and allocation strategies via the The Graph Forum. Users should watch for new subgraphs supporting emerging primitives (restaking, intent-based architectures, modular rollups) and cross‑chain data coverage.

Key Use Cases

• DeFi APIs and dashboards: Pull normalized positions, pool states, and historical event data across DEXs, lending protocols, and derivatives.
• NFT analytics: Query mint events, token metadata mappings, transfers, and marketplace activities.
• DAO and governance: Index proposals, votes, and on-chain execution steps to power analytics or community apps.
• Cross‑chain analytics: Run subgraphs that stitch together data from multiple chains to power portfolio tools or on-chain research.

Building on The Graph: Practical Guidance

1. Model your data: Decide which contracts, events, and entities you need. Keep schemas modular to reuse across subgraphs.
2. Choose Subgraphs or Substreams: Subgraphs are straightforward and great for many apps. Substreams shine when you need fast, parallel processing of large data sets or multi‑contract pipelines.
3. Deploy and test: Use the tooling described in the The Graph Docs and measure query performance on your target chains.
4. Signal and iterate: Work with Curators or your community to signal quality subgraphs, improve performance, and reduce costs.
5. Production query routing: Integrate with the Gateway for reliable routing and cost management, especially if your app serves many users.

Risks and Considerations

• Data correctness: Subgraphs are code. Review mappings, schemas, and transformation logic. Open sourcing helps community auditing.
• Economic incentives: Indexer reliability and query pricing vary. Align with reputable Indexers and monitor allocation strategies via the The Graph Forum.
• Multi‑chain complexity: Cross‑chain apps may require multiple subgraphs or Substreams pipelines; carefully plan data consistency and latency.
• Cost and latency trade‑offs: L2 execution helps, but data finality and cross‑chain reads can introduce complexity.

Storing and Using GRT Securely

If you plan to delegate or participate in network governance, you will sign on‑chain transactions with your wallet. A hardware wallet helps protect private keys from malware and phishing:

• OneKey hardware wallet offers open-source firmware, secure element protection, and seamless support for EVM networks, including Ethereum and Arbitrum. This makes it straightforward to hold, delegate, and manage GRT while interacting with The Graph’s L2‑optimized workflows. For multi‑chain users and developers, OneKey’s desktop and mobile apps streamline asset management alongside development tools.

The Bottom Line

The Graph is an essential piece of Web3 infrastructure that turns raw blockchain data into fast, composable APIs. Its decentralized network of Indexers, Curators, and Delegators—coordinated by GRT—offers a robust marketplace for queryable data. As the ecosystem doubles down on layer‑2 scalability and advanced pipelines like Substreams, developers gain better performance and predictable costs, while users benefit from richer, more reliable apps. Keep an eye on protocol updates, governance discussions, and new subgraphs, and secure your GRT with a hardware wallet like OneKey as you participate in the network’s data economy.