The Graph

The Graph is a decentralized protocol for indexing and querying blockchain data, enabling applications to efficiently retrieve information from networks like Ethereum, Polygon, and Arbitrum. It organizes data into open APIs called subgraphs, which developers can query using GraphQL. This solves the "data availability" problem in Web3, where directly querying a blockchain for specific data is slow and resource-intensive. By providing a reliable, decentralized data layer, The Graph allows dApps to function with the speed and user experience expected of modern web applications.

The protocol's architecture relies on a network of participants with distinct roles. Indexers operate nodes that index subgraph data and serve queries, staking the native GRT token. Curators signal on high-quality subgraphs by depositing GRT, directing indexers to valuable data sources. Delegators stake GRT with indexers to secure the network without running a node themselves. This incentivized ecosystem ensures data integrity and availability, with participants earning query fees and indexing rewards for their services.

A subgraph is the core data unit, defining which smart contracts to index, the relevant events to track, and how to transform that blockchain data into a queryable format. For example, a Uniswap subgraph would index data on liquidity pools, swaps, and token pairs. Developers query these subgraphs using the flexible GraphQL language, requesting specific datasets like "the last 24 hours of trades for a particular token." This eliminates the need for applications to run their own centralized indexing servers.

The Graph is foundational infrastructure for DeFi, NFTs, and DAO platforms. Major protocols like Uniswap, Aave, and Decentraland use it to power their front-ends and analytics. By providing standardized, decentralized access to blockchain data, The Graph reduces development overhead and centralization risks, fostering a more robust and interoperable Web3 ecosystem. Its network serves billions of queries monthly, making it a critical piece of the decentralized internet's data layer.

The Graph operates through a decentralized network of participants, each performing a specific role to make blockchain data queryable. Indexers are node operators who stake the native GRT token to run indexing nodes, which process and store subgraph data. Curators signal on high-quality subgraphs by depositing GRT, directing indexing resources. Delegators stake GRT with indexers to secure the network without running a node themselves. Consumers are the end-users, typically dApp developers, who pay query fees to access the indexed data. This ecosystem is coordinated by a Gateway that routes queries to the appropriate indexers.

The core technical unit is the subgraph, an open API specification that defines which blockchain data to index and how to transform it. A subgraph manifest specifies the smart contracts of interest, the relevant events to capture, and the mapping logic written in AssemblyScript that translates raw on-chain data into a structured GraphQL schema. Once deployed, the subgraph is processed by indexers who continuously scan the blockchain, execute the mapping handlers, and store the resulting entities in a queryable database. This process creates a real-time, indexed data layer that is orders of magnitude faster than querying a blockchain node directly.

Query execution is a paid service secured by micropayments. When a consumer application sends a GraphQL query, it is routed through the gateway. Indexers who have indexed the relevant subgraph compete to serve the query. Payment is typically handled via a system like Billing on The Graph Network, where consumers purchase query credits. Each query response includes a cryptographic proof of the indexer's work, and payment is settled on-chain. This model ensures data integrity and creates a sustainable, decentralized marketplace for web3 data infrastructure.

A subgraph is a manifest that defines how to index and transform blockchain data from a specific smart contract or protocol, such as Uniswap or Aave, into a structured, queryable API. It consists of three core components: a subgraph manifest (subgraph.yaml) that maps data sources, a GraphQL schema that defines the shape of the queryable data, and AssemblyScript mappings that translate raw blockchain events into the entities in the schema. This architecture allows developers to query complex, aggregated on-chain data without running their own indexing infrastructure.

The process begins when a developer deploys a subgraph to The Graph's decentralized network. Indexers then operate nodes that scan the relevant blockchain for events specified in the manifest, run the mapping logic to process these events, and store the resulting data in a queryable database. Delegators and curators participate in the ecosystem by staking GRT tokens to signal on high-quality subgraphs, guiding indexers to the most useful data sets. This creates a market for reliable data indexing.

For developers, using a subgraph means replacing complex, slow direct node calls with fast, single-query GraphQL requests. Instead of filtering thousands of blocks for events, an application can simply query { swaps(first: 10, orderBy: timestamp, orderDirection: desc) { id, amount } } to get the latest swaps from a DEX. This abstraction is fundamental to the user experience of most decentralized applications, powering everything from portfolio dashboards and analytics sites to the core logic of DeFi protocols.

Subgraphs can index data from multiple EVM-compatible networks like Ethereum, Polygon, and Arbitrum, as well as other chains via The Graph's multi-chain support. While The Graph Network offers a decentralized hosting service, developers can also run a subgraph locally using Graph Node or use The Graph's hosted service for prototyping. The choice between decentralized and hosted service involves trade-offs between cost, decentralization, and uptime guarantees.

The ultimate role of a subgraph is to act as the foundational data layer for Web3. By providing a standardized, open method to publish and query blockchain data, it enables composability and interoperability between applications. A well-built subgraph becomes a public good, allowing any developer to build on top of a protocol's indexed data, which accelerates innovation and reduces redundant development effort across the ecosystem.