The Crypto GuideStart learning
Menu
Prices: CoinGecko

The Graph

GRT · Field entry
Oracle & dataAIInfrastructure

An indexing network that turns raw blockchain data into queryable APIs for apps and agents

$0.03006.06%Snapshot · October 4, 2026 · updates live
Market cap
$328.34M
24h volume
$16.87M
Rank
#144
Circulating
10.94B GRT
Max supply
No fixed cap
All-time high
$2.84 February 11, 2021

GRT price chart

7-day snapshot. Chart data from CoinGecko.

What is The Graph?

The Graph is a protocol that organizes blockchain data so apps can look it up quickly, much as a search index does for websites. Independent operators called indexers stake GRT to serve these queries and are paid in query fees and new GRT. Its 2025 Horizon upgrade opened the network to more kinds of data services, including feeds used by AI agents.

Utility Lens

What The Graph actually does

Indexes blockchain data and serves it to apps, analytics tools and AI agents through APIs, paid for and secured with GRT.

Real-world usage
establishedMany major DeFi and Web3 apps have relied on subgraphs for years, and the network has served billions of queries.
Token necessity
integralIndexers must stake GRT and fees settle in GRT, though developers can pay with other methods through gateways and hosted alternatives exist.
Decentralization
moderateMany independent indexers serve data, but Edge & Node and the Graph Foundation lead development and a council governs key parameters.
Track record
provenThe decentralized network launched in December 2020 and has run for nearly six years without a major exploit of the core protocol.

How we rate

What it’s used for

Developers define subgraphs, recipes that tell indexers which on-chain data to organize, and query them from their apps. Indexers stake GRT and earn query fees plus indexing rewards, and delegators lend GRT to indexers for a share. Newer services include real-time streams and a Token API for balances, transfers and prices.

Role of the GRT token:

staking securitypaymentsgovernancebuyback burn

Evidence of real use

  • Horizon, launched in December 2025, turned The Graph into a modular platform for multiple data services secured by staked GRT. Source
  • GRT's initial supply was 10 billion, with a target of about 3% new issuance per year for indexing rewards and 1% of query fees burned. Source
  • The Token API provides pre-indexed token balances, transfers and prices across chains. Source

The AI angle

AI role
AI-themed (no direct AI function)
What actually happens
The Graph does not run AI models; it indexes and serves blockchain data. Its AI link is that agents and AI tools increasingly query that data through subgraphs and APIs such as the Token API. GRT secures and pays for that data service, which is real usage, but it is data infrastructure rather than AI compute.

AI crypto, explained

How The Graph works

Blockchains store data in a way that is slow to search. The Graph fixes this with subgraphs: a developer writes a small specification describing which contracts and events matter, and indexers process the chain to build a fast, queryable database. Apps then send queries, often through GraphQL, and get answers in milliseconds instead of scanning the chain themselves. Without an index, every app would need to run and maintain its own database of chain events.

Indexers run the infrastructure and must stake GRT, which can be partly slashed if they serve wrong data. Delegators assign GRT to indexers and share in their rewards, and curators signal which subgraphs are worth indexing. Query fees are paid in GRT, with 1% burned, while new GRT is issued as indexing rewards. This mix of stakeholders is meant to keep indexers honest and focus effort on the data people actually use.

The Horizon upgrade, live since December 2025, generalized this model. Staking and payments now work as shared building blocks, so new data services such as Substreams for real-time data, token and NFT APIs, and analytics engines can plug into the same economic security. Some of these services are pitched at AI agents that need reliable on-chain data. Fees from every service flow through the same GRT-based payment system.

Key moments

  1. 2020The decentralized network and GRT token launch in December.
  2. 2025Horizon mainnet launches in December, opening the protocol to multiple data services.
  3. 2026Token API and other pre-indexed data products expand as part of the post-Horizon roadmap.

Supply

GRT launched with 10 billion tokens and targets about 3% new issuance per year to reward indexers. Part of every query fee, plus taxes on delegation and curation, is burned, which partly offsets issuance. Governance can adjust issuance parameters.

Risks to understand

  • Centralized data providers and chains' own APIs compete directly with The Graph.
  • Annual issuance dilutes holders unless fee burns and demand keep pace.
  • Delegated GRT takes about 28 days to unbond and can lose value if an indexer is slashed or underperforms.
  • Product changes such as Horizon add complexity for indexers and developers.

The Graph FAQ

What is a subgraph?

A subgraph is a specification that tells indexers which blockchain data to organize so apps can query it quickly.

How do GRT holders earn rewards?

They can delegate GRT to an indexer and receive a share of its query fees and indexing rewards, minus the indexer's cut.

What was the Horizon upgrade?

Horizon, launched in December 2025, made The Graph a modular platform where many types of data services share staking and payments.

Sources

  1. Tokenomics of The Graph Network — The Graph Docs
  2. From Subgraphs to everything: The Graph's Horizon upgrade — The Graph
  3. The Graph technical roadmap — The Graph
  4. State of The Graph Q4 2025 — Messari

Last reviewed October 4, 2026 by The Crypto Guide editorial team. Utility Lens ratings are editorial judgments, not investment advice. Market data from CoinGecko. Spot an error? Request a correction.