The Graph Network has achieved a new record in July 2024 by handling 1.95 billion queries, reflecting an 11-fold increase from July 2023. The number of subgraphs on the decentralized network has also surged to over 9,000, up 361% from early 2024. Messari has also published Q2 report for The Graph which states that the demand for data on The Graph has crossed 2.9B queries as of July 2024.
The Graph Embraces Web3 Principles with Major Decentralization Shift
The Graph became fully decentralized on June 12, 2024. The Graph officially ended its free hosted service, allowing decentralized applications (dApps) to manage their data independently, removing reliance on a centralized infrastructure. After this, The Graph was able to grow rapidly and transform from a hosted service to a fully decentralized network.
This change was a part of the “Sunrise of Decentralized Data” campaign that was announced in Oct 2023 with the appointment of Tegan Kline, the new CEO of Edge & Node which is the original team behind The Graph. It was done on June 12, 2024, after which the free hosted service was no more and dapps got the ability to handle their data by themselves.
Decentralization has played a crucial role in enhancing data sovereignty and adopting Web3 concepts. From the aspect of decentralization, it has empowered developers and provided full control over the required streams of data instead of putting developers in a state where they are fully reliant on centralized systems. This move can be attributed to the broader goal of achieving real decentralization in the crypto market.
Tegan Kline stressed on such a shift, pointing out that the sharp upward trend for queries clearly indicates the need for secure, trustworthy, and censorship-resistance data from the decentralized sources. The successful transformation of a decentralized model is considered a major achievement in data sovereignty and Web3.
The Graph Hosts 60 Blockchains, Enhances Data Access and Syncing Speed
Taking into consideration the current approach to the regulation of cryptocurrencies and blockchain projects as the majority of them are experiencing pressure at the moment, The Graph’s success story proves that decentralization is possible, effective, and sustainable. This means the network has over 60 blockchains hosted as well as offering developers cheap data rates and faster syncing.
Moreover, at the moment, The Graph is considering expanding on the possibilities of operating with more than subgraphs. The project is establishing the global Knowledge Graph through Edge & Node to share the data that is distributed and checkable by both people and devices. This is a huge step for the attempts to improve the data availability and integration toward the Web3 ecosystem.
