The Graph

The Graph is a decentralized indexing protocol that makes blockchain data accessible and queryable without developers needing to run their own data servers. Founded in 2018, it organizes raw on-chain data into structured datasets that applications can query using standard GraphQL, turning what was previously a tedious infrastructure problem into a simple API call.

The Problem It Solves

Every decentralized application that displays live on-chain data — a DEX showing trade history, a lending protocol showing position health, an NFT marketplace showing ownership — needs to read and process blockchain events continuously. Doing this directly from a node is slow, expensive, and complex to maintain. The Graph handles that indexing work at the protocol level, exposing the results through fast, developer-friendly APIs.

Core Products

Subgraphs are the primary unit of the protocol. A subgraph defines which smart contract events to watch and how to transform and store them. Developers create or reuse existing subgraphs, then query the indexed data using GraphQL. As of mid-2026, over 15,000 subgraphs already index protocol data across supported chains.

Substreams offer a complementary approach designed for higher throughput and more custom pipelines. They use parallel execution to stream blockchain data — historical or real-time — into custom destinations such as Postgres, ClickHouse, or other data sinks. Where subgraphs are optimized for standardized, reusable APIs, Substreams give teams full control over extraction and delivery.

Firehose operates at the verification layer, providing a low-level instrumented data stream from the blockchain node itself. Together with Amp — described as a blockchain-first database — Firehose and Substreams form the foundation of verifiable data pipelines that can make cryptographic guarantees about the authenticity of the data they serve.

Decentralized Network and GRT

The Graph decentralized network is sustained by three participant roles, all incentivized through the GRT token:

• Indexers run Graph Nodes that index subgraphs and serve queries, earning GRT query fees and indexing rewards in return.
• Curators stake GRT to signal which subgraphs are valuable, directing indexer attention toward high-quality data.
• Delegators stake GRT to indexers they trust, participating in network security and sharing in rewards without running node infrastructure themselves.

This market structure means that popular, well-maintained subgraphs attract more indexing resources, while low-quality or unused subgraphs are naturally deprioritized.

Scale and Network Metrics

As of 2026, The Graph has served over 1.27 trillion queries to more than 75,000 projects, across 60-plus supported networks. The network runs more than 100 independent Indexer nodes and reports 99.99% uptime. The protocol claims developers using The Graph can eliminate dedicated data server infrastructure entirely and reduce monthly data costs by 60 to 98 percent compared to running proprietary indexing.

Protocol Evolution: Horizon and AI Integration

The Graph Horizon upgrade, introduced in late 2025, restructured the protocol core to support multiple data services — Subgraphs, Substreams, and the Token API — on unified infrastructure. This architectural shift positions The Graph to serve not just traditional web3 applications but AI agents and institutional data consumers as well.

In 2026, The Graph extended its AI focus further. MCP (Model Context Protocol) servers and AI agent skills now allow AI models to query on-chain data in plain language without writing GraphQL or Rust. GraphTally, the protocol micropayment layer, enables per-query payments between machines using the x402 standard over HTTP, with USDC accepted directly. This makes it practical for AI agents to purchase blockchain data on demand rather than through subscription agreements.

Substreams v1.20.0, released in July 2026, delivered engineering improvements including faster backfill performance, lower memory usage, and cleaner error handling for reorgs.

Solana Integration

The Graph supports Solana as one of its 60-plus indexed networks. Developers building on Solana can use Substreams to extract program data and events, with Substreams Skills — open-source prompt packages compatible with Claude Code, Cursor, and VS Code — covering Solana-specific decoding and pipeline deployment.

Beyond data indexing, The Graph announced the adoption of Chainlink Cross-Chain Interoperability Protocol (CCIP) to bridge GRT tokens across Arbitrum, Base, and Solana. The initial phase focuses on bridging infrastructure; future milestones are expected to include cross-chain staking, delegation, and on-chain query fee payments in GRT on Solana. This move opens GRT utility to the Solana developer community and signals a commitment to deeper integration beyond data access alone.

Ecosystem Position

The Graph occupies infrastructure-layer territory in the web3 stack: it sits between raw blockchain data and the application frontends that display or act on it. Its reach across 60-plus networks — including EVM chains, Solana, and others — makes it one of the most broadly deployed blockchain data solutions in production. For Solana developers who need structured, queryable protocol data without building and maintaining custom pipelines, the Substreams tooling provides a direct path from on-chain events to application-ready data.