State of The Graph Q2 2024

Key Insights

Performance Analysis

Demand for data organized by The Graph reached an all-time high of over 2.9 billion queries in Q2’24, up 84% from 1.6 billion queries in Q1’24. In terms of the chains that drove the most queries throughout Q2’24, The Graph Network Mainnet led the way with 1.4 billion successful queries (48% of the total of 2.9 billion queries in Q2’24), followed by Arbitrum One with 464 million queries (16%), and Polygon with 411 million queries (14%).

The second phase — Sunbeam

Indexers actively serving queries on The Graph Network decreased 9% to 116 at the end of Q2’24 from 127 at the end of Q1’24. This continues a downside trend in Indexers actively serving queries ever since Q1’23, explained by the end of The Graph’s Multi-Chain Incentivized Program

Source:

Indexing rewards decreased 7% QoQ to nearly $18 million in Q2’24, driven by the depreciation in the USD price of the GRT token. In GRT terms, indexing rewards stayed relatively stable (decreased 1% QoQ) from 74.0 million GRT in Q1’24 to 73.4 million GRT in Q2’24.

Total revenue from query fees increased 160% QoQ in USD terms to an all-time high of $113,000 in Q2’24. This increase in demand-side revenue in USD was primarily driven by the increase in query volume and in subgraphs on the decentralized network. In terms of the chains that drove the most revenue from query fees throughout Q2’24, The Graph Network Mainnet led the way with nearly $53,000 (48% of the total revenue from query fees in Q2’24), followed by Arbitrum One with nearly $19,000 (16%), and Polygon with nearly $16,000 (14%).

Demand for data on The Graph Network reached an all-time high of over 2.9 billion queries in Q2’24, up 84% from 1.6 billion in Q1’24. Driven by the query volume increase, demand-side revenue in USD grew 160% QoQ to an all-time high of $113,000.

The Graph is on a journey to upgrade all subgraphs to The Graph Network. As of the end of Q2’24, a total of 7,370 subgraphs have been published to the decentralized network, up 278% from 1,952 at the end of Q1’24. The number of deployed subgraphs on The Graph Network is expected to continue increasing, which would, in turn, increase query demand and revenue.

Semiotic Labs, a core development contributor to The Graph Protocol, introduced two AI-based services that leverage The Graph’s historical data and decentralized infrastructure for AI models and applications. This marks potential new use cases where The Graph could be further leveraged.

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