The Graph

A decentralized protocol for indexing and querying blockchain data, operating through open GraphQL subgraphs. It serves as critical infrastructure for Web3, enabling developers to retrieve complex on-chain data without running their own servers. The network consists of four roles: Indexers (nodes processing data), Curators (signaling quality subgraphs), Delegators (providing security through staking), and Consumers (paying for queries). The GRT token functions as a medium of payment and reward, creating an internal economy based on real consumption.

The project was founded in 2017-2018 by Yaniv Tal, Brandon Ramirez, and Jannis Pohlmann. The mainnet launched on December 17, 2020. Initially, the protocol allowed creating subgraphs for Ethereum, then expanded to dozens of other networks, including Polygon, Arbitrum, Optimism, Base, Solana, Avalanche, NEAR, Celo, Fantom, TRON, Stellar, Lens Chain, and others. With the Horizon upgrade (December 2025), The Graph evolved from a subgraph protocol into a modular multi-service platform, where Substreams, Token API, and other services share a common staking and micropayment layer.

Unlike competitors (SubQuery, Covalent, Pocket Network), The Graph stands out with its Proof-of-Indexing (POI) verification mechanisms, market signaling through Curators, and a mature subgraph ecosystem used by leading dApps: Uniswap, Aave, Synthetix, PoolTogether, Decentraland, and others. As of Aug 3, 2026, the network processes hundreds of millions of queries per day.

Features of The Graph

Technical Information

The main token was issued as an ERC-20 on Ethereum. In 2024, the network's economic activity was migrated to Arbitrum One (L2) to reduce fees. Contract addresses: Ethereum mainnet - 0xc944e90c64b2c07662a292be6244bdf05cda44a7, Arbitrum One L2GraphToken (proxy) - 0x9623063377AD1B27544C965cCd7342f7EA7e88C7. A bridge exists on Polygon (0x5Fe2b58c013d7601147DCcDD68C143A77499f5531), but this is not the primary settlement layer. The protocol inherits consensus and finality from Ethereum (PoS, 12-second slots, finality ~12.8 minutes) and Arbitrum (fast sequencer confirmation, economic finality via L1). The technology stack includes Graph Node, Firehose, Substreams (parallel streaming data processing). The Horizon upgrade introduced the Data Service Framework, allowing any service to leverage the economic security of GRT staking.

Tokenomics

Initial supply: 10 billion GRT (fixed). There is no maximum supply; issuance for indexer rewards was initially targeted at ~3% annually but can be adjusted by governance. Built-in burn mechanisms: 0.5% tax on delegation (burned), 1% tax on curation (burned), 1% of query fees (burned), and a portion of penalties are also burned. Thus, net supply is partially offset by burning.

Initial supply distribution (based on synthesized data): Community - 35% (of which Graph Foundation 58%, public sale 12% (420 million GRT), curator program 9%, testnet indexers 9%, strategic sale 6%, educational programs 6%, bug bounty 1%); Team and advisors - 23%; Early backers - 17%; Backers - 17%; Edge & Node - 8%. Vesting: team/advisors - 4 years; Foundation - 4.6% at launch, remainder ~10 years; public sale - 4% at launch, 2% after one year; early backers - 6-24 months. Key unlock milestones: December 17, 2020, June 17, 2021, July 24, 2021. Long-term unlocking continues over a decade; periodic small unlocks are scheduled for mid-2026 (monitor on-chain trackers).

Participants: Indexers stake GRT and receive issuance rewards plus a share of query fees. Delegators stake by delegating to Indexers, with a 28-day unstaking period and a delegation limit (16× the Indexer's own stake). Curators signal on subgraphs, earning a share of future fees. Penalties (slashing) - 2.5% of the Indexer's own stake; 50% of the penalty amount goes to the Fisher (challenger), and a portion is burned.

Security of GRT

The protocol has undergone audits by OpenZeppelin: "Staking Bugfix #2" (April 2021) - fixed an edge case (POI=0x0); "Timeline Aggregation" (August 2023) - one identified issue was resolved. Audits of governance components and the Arbitrum bridge were also conducted. A bug bounty program is active on Immunefi with a maximum payout of up to $2.5 million (launched in 2021, still active). No publicly known exploits of the core staking/indexing contracts resulting in loss of funds have been recorded. Security is ensured by slashing mechanisms, Fisher, and the Arbitrator.

Exchanges Where It Is Traded

List of trading platforms:

CEX exchanges: Binance, Gate, OKX, Coinbase Exchange, Kraken.

All-time high - $2.84 (Feb 11, 2021), drawdown from ATH -99.49%. All-time low - $0.014088 (Aug 1, 2026).

Listings on Aggregators

Project ranking by market capitalization:

• CoinGecko rank: 190
• CoinMarketCap rank: 136
• Finkonkurs rank: 179

Investors and Funds

Main funding rounds:

• January 2019: $2.5 million seed round led by Multicoin Capital.
• June 2020: $5 million strategic round with participation from ParaFi Capital, Coinbase Ventures, Digital Currency Group.
• October 2020: public sale of 400 million GRT at $0.03 (non-US residents only, limit $1,000-$5,000 per participant) and community allocation of 200 million GRT at $0.026 with a 1-year lockup.
• January 2022: $50 million round from Tiger Global Management, also participated by Blockwall Digital, Fenbushi Capital, FinTech Collective, Reciprocal Ventures.

Other early investors include Framework Ventures. Major market makers collaborating with the foundation: Wintermute, GSR.

Key Partnerships and Ecosystem

The ecosystem includes integrations with dozens of blockchains (full list in the "Technical Information" section). Notable partnerships include:

• Collaboration with Chainlink (early 2025) to combine verifiable oracles with indexed historical data.
• Integration with TRON (2025) - Substreams for real-time indexing and AI-compatible endpoints.
• Integration with Stellar (April 2025) - support for Substreams and subgraphs.
• Full support for Lens Chain at launch.
• Partnership with StreamingFast for developing Substreams/Firehose.
• Institutional instruments: Grayscale The Graph Trust (February 2021), Bitwise 10 Crypto Index Fund, 21Shares Crypto Basket Index ETP (HODL). No spot ETFs, but included in thematic infrastructure funds.

Subgraphs are used by leading dApps: Uniswap, Aave, Synthetix, PoolTogether, Decentraland, Gnosis, Aragon, Moloch.

Potential

Growing demand for on-chain data from DeFi, RWA, AI agents, and multi-chain applications directly increases the number of queries and, consequently, fees and GRT burning. The modular Horizon architecture allows connecting new services (Substreams, Token API), expanding the market. The migration to Arbitrum reduced costs, while POI and curation mechanisms improve data quality. Institutional interest is confirmed by the participation of major funds and the creation of trusts. If the network maintains its leadership in data indexing, GRT could act as a fundamental infrastructure asset with growth potential as Web3 scales.

Risks [Identified by Finkonkurs AI Analytics System]

• Regulatory: In the SEC lawsuit against Coinbase (case 1:23‑cv‑04738, filed June 6, 2023), GRT was classified as a "crypto asset security" based on the Howey test. This creates uncertainty for US investors. Meanwhile, in the EU (MiCA), GRT's status as a utility token for decentralized data provides a clearer path. In Japan, GRT is included in the FSA "white list"; in South Korea, it is monitored but without specific measures.
• Tokenomic risks: High initial supply (10 billion) and ongoing inflation (up to ~3% annually) could create downward price pressure if burning does not offset issuance. A significant portion of the supply is locked with long vesting periods; periodic unlocks are a potential source of selling.
• Competitive pressure: SubQuery, Covalent, Pocket Network are developing alternative solutions, offering simpler interfaces or specialized APIs. The Graph maintains leadership due to the subgraph network effect, but competition in the data segment is growing.
• Operational complexity: The role-based model (28-day unstaking, 16× delegation limit, slashing thresholds) may deter small participants, reducing decentralization.

Related Individuals

• Yaniv Tal - co-founder and former CEO of Edge & Node. Previously a UI developer and React architect at MuleSoft (acquired by Salesforce). Vision and strategy of the protocol. Also founded Geo Protocol.
• Brandon Ramirez - co-founder and head of research and products at Edge & Node. Graduated from the University of Southern California (Magna Cum Laude), worked at Microsoft on multi-year release cycles. Developed token economics, query mechanisms, spoke at ETHDenver and Graph Day.
• Jannis Pohlmann - co-founder, tech lead of Graph Protocol (later CTO of Edge & Node). Education: diploma (equivalent to master's) in computer science and human-computer interaction from the University of Lübeck. Led the implementation of Graph Node and the protocol until 2021.

Other developers: teams from StreamingFast, Semiotic Labs, GraphOps, Pinax. Issuer: The Graph Foundation (manages treasury and grants), The Graph Council (protocol oversight). Edge & Node is the primary developer.

Contests, Activities, and Hackathons on Our Platform

No contests, hackathons or marketing activities for this token have been published on Finkonkurs yet. New activities will appear here automatically once the team or partners launch them.

WhitePaper

The whitepaper describes the architecture of the decentralized indexing protocol, participant roles, economic incentives through the GRT token, consensus mechanisms (Proof-of-Indexing), and future development. Link: not publicly available.