According to a Messari report, data demand for The Graph Network surged 84% from Q1 to Q2, reaching an all-time high of 2.9 billion successful queries. The Graph Network Mainnet accounted for nearly half (48%) of Q2 queries, followed by Arbitrum and Polygon with 16% and 14%, respectively.
Messari attributes the increase in query volume partly to the introduction of a free query plan of 100,000 queries per month. The report also cites the growth in subgraphs published on the decentralized network as a contributing factor.
A statement released on Sept. 17 by Edge & Node, the team behind The Graph, revealed that queries served hit another milestone in July, reaching 1.95 billion—an 11-fold increase from July 2023. In addition, the total number of subgraphs on the decentralized network has skyrocketed to over 9,000, up 361% from the end of Q1 2024.
Commenting on the protocol’s performance, Tegan Kline, the CEO of Edge & Node, described the year-long journey to fully upgrade The Graph’s hosted service to the decentralized network as one of the most rewarding. Regarding the increase in queries, Kline said:
The surge in growth of queries on the decentralized network indicates that developers and consumers of blockchain demand data that is secure, reliable and censorship-resistant from a decentralized source.
Messari data indicates that Q2 indexing rewards were nearly $18 million, down 7% from Q1’s total of $19 million. The report attributes this decline to the depreciation of the USD price of the GRT token. However, when measured in GRT terms, indexing rewards dropped only 1% from 74.0 million GRT in Q1 2024 to 73.4 million GRT in Q2 2024.
Total revenue from query fees increased 160% quarter-over-quarter in USD terms to an all-time high of $113,000 in Q2 2024. This increase was driven by rising query volume and subgraphs on the decentralized network.
