Blockchains store data in a structure optimized for security and consensus — not for querying. Finding all transactions for an address, or all swaps in a Uniswap pool, requires scanning thousands of blocks. The Graph solves this: developers deploy 'subgraphs' that define exactly which blockchain events to index and how, and The Graph's decentralized network of Indexers maintains those indices. Anyone can query the data via GraphQL — no blockchain node required.
How Subgraphs Work
A subgraph is a set of instructions that tells The Graph what blockchain data to index. It consists of three files: a manifest (which contract addresses and events to watch), a schema (the data structure for queries), and mappings (AssemblyScript code that transforms blockchain events into the schema). When deployed, Indexer nodes process the blockchain, extract the relevant events, and store structured data for fast querying.
For example: the Uniswap V3 subgraph indexes all pool creation events, all swap events (recording price, volume, fees), all liquidity change events, and aggregates daily/hourly statistics. A DeFi front-end can query 'show me all ETH/USDC swaps in the last 24 hours with volume over $100K' via a single GraphQL query — results in milliseconds. Without The Graph, the same query would require scanning thousands of Ethereum blocks.
The Graph currently indexes Ethereum, Arbitrum, Optimism, Polygon, Gnosis, Avalanche, Celo, and more chains. Over 100,000 subgraphs have been deployed, covering major DeFi protocols (Uniswap, Aave, Compound, Balancer), NFT platforms, and DAOs. Almost every major Web3 application uses The Graph's hosted service or decentralized network.
- ✓Subgraph: defines which blockchain events to index and how to structure the data
- ✓Manifest + Schema + Mappings: three files define a complete subgraph
- ✓GraphQL API: standardized query language — same as used in traditional web APIs
- ✓Multi-chain: Ethereum, Arbitrum, Optimism, Polygon, Avalanche, and more indexed
- ✓100,000+ subgraphs: covering virtually all major DeFi and Web3 protocols
- ✓Query speed: milliseconds for complex queries that would take minutes on raw blockchain
GRT Tokenomics: Indexers, Curators, and Delegators
GRT is the utility token that powers The Graph's economic model. Three participant types: Indexers stake GRT to run indexing nodes — they earn query fees and indexing rewards. Curators signal GRT on specific subgraphs to indicate quality — Indexers prioritize subgraphs with more Curator signal; Curators earn a share of query fees from signaled subgraphs. Delegators stake GRT to Indexers without running nodes — earning a share of Indexer rewards.
Query fees: when a dApp queries The Graph, it pays GRT (or stablecoin equivalent). Fees distribute to: Indexers who answered the query, Curators who signaled the subgraph, and a small network tax burned (deflationary).
Indexing rewards: new GRT is minted per epoch (every ~24 hours) and distributed to active Indexers proportional to their allocation to subgraphs. This inflation provides baseline incentive for indexing even low-query subgraphs. The inflation rate has been gradually reduced over time as query fee revenue grows.
- ✓Indexers: run nodes, stake GRT, earn query fees + indexing rewards
- ✓Curators: signal GRT on quality subgraphs, earn query fee share
- ✓Delegators: stake GRT to Indexers without running nodes — earn passive yield
- ✓Query fee revenue: real demand from dApp queries — not just token inflation
- ✓Slashing: Indexers can be slashed (GRT burned) for dishonest query responses
- ✓Delegation APY: typically 5-15% for delegating GRT to well-performing Indexers
Frequently Asked Questions About The Graph
Web3 Infrastructure Powers Crypto Earning
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