Demand for The Graph Network data surges 84%

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Demand for The Graph Network data surges 84%
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Demand for data on The Graph Network grew by 84% in the second quarter of 2024, compared to the previous quarter, according to a report by Messari.

This significant increase is mainly related to the expansion in the number of subgraphs and the introduction of a free query plan that allows up to 100,000 queries per month.

The Graph network has established itself as a key player in providing decentralized data. The network attracts blockchain developers and consumers looking for secure, censorship-resistant information.

According to the report, The Graph Network Mainnet accounted for nearly 48% of queries made in Q2. Meanwhile, Arbitrum and Polygon accounted for 16% and 14%, respectively. The increase in demand reflects the growing interest in decentralized blockchain data as more developers and enterprises integrate their applications onto the network.

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The Graph

Furthermore, the number of subgraphs published on the network has also seen a significant increase. The total number of subgraphs has reached 9,000, a growth of 361% compared to Q1 2024. Subgraphs are essential components in processing blockchain data queries. Therefore, the growth of this infrastructure is a direct indication of the expansion of the network.

Tegan Kline, CEO of Edge & Node, the company responsible for developing The Graph, highlighted the importance of the recent migration of the hosted service to a fully decentralized network.

“The sudden growth in queries to the decentralized network demonstrates that blockchain developers and consumers are increasingly demanding reliable, censorship-resistant data,” Kline commented.

Kline also highlighted that the transition to the decentralized network was one of the most rewarding journeys of the last year.

Despite the significant increase in query volume, indexing rewards in Q2 totaled $18 million. This is a 7% decrease from the previous quarter, when rewards reached $19 million. This decline is related to the devaluation of the GRT token against the US dollar.

However, when analyzed in terms of GRT, rewards only dropped by 1%, from 74 million GRT in Q1 2024 to 73.4 million GRT in Q2.