What The Graph does

The Graph is a decentralized indexing and query protocol for Web3, founded in 2018 and operated by The Graph Foundation, a non-profit foundation domiciled in Singapore with operating presence in San Francisco. The protocol addresses a foundational gap in the blockchain stack: blockchains are optimized for writing transactions, not for reading or analyzing them, so applications cannot natively query relational data. The Graph solves this through three product pillars — Subgraphs (open GraphQL APIs that index smart contract events into queryable entities), Substreams (a parallel streaming framework for high-performance, real-time data pipelines), and Amp (a blockchain-native enterprise database offering SQL, REST, or GraphQL access with built-in compliance and verifiability, benchmarked at 5.9x faster than Google BigQuery). Supporting infrastructure includes Graph Node (open-source Rust indexer), Firehose (flat-file data extraction), Token API (pre-indexed token balances and transfers across multiple chains), Tycho (real-time DeFi liquidity), GraphTally (x402 micropayments), and Graph Horizon (a December 2025 protocol upgrade enabling permissionless multi-service infrastructure). The Graph serves three primary customer segments: Web3/blockchain developers building decentralized applications, data engineers and AI agents requiring structured multi-chain data, and enterprises/financial institutions needing compliant, auditable onchain data access.

The protocol operates as a decentralized data marketplace coordinated through the GRT utility token, with four participant roles — Indexers, Curators, Delegators, and Subgraph Developers — earning query fees and indexing rewards. Revenue mechanics flow through query-fee rebates (usage-based, with 10% routed to Curators), 3% annual protocol-wide indexing-reward inflation, and Amp enterprise subscriptions priced annually. Distribution is hybrid: a self-serve product-led growth motion via Subgraph Studio and Graph Explorer (free tier with 100,000 queries per month, Growth Plan for usage above that) for developers, paired with a direct enterprise sales motion for Amp. As of early 2026, the network serves over 1.27 trillion cumulative queries to 75,000+ projects across 60+ blockchain networks, backed by 100+ independent Indexer nodes globally.

The company has raised approximately $69.6 million across disclosed funding rounds, the largest being a $50 million round led by Tiger Global Management in January 2022. Core development is distributed across six independent teams — Edge & Node (the founding team, also building Amp), StreamingFast (Firehose and Substreams), Semiotic Labs (AI and protocol economics), The Guild (GraphQL tooling), Messari (subgraph-as-public-good), and GraphOps (network operations) — supplemented by a community of Graph Advocates, Graphtronauts, and Subgraph DAO participants. Recent strategic emphasis has shifted toward AI-agent integration via MCP/A2A and Agent0 Subgraphs (2026) and enterprise expansion via Amp (2025), positioning the protocol as both the default onchain data plane for AI agents and a regulated-grade database option for institutional finance.

Name

The Graph

Legal name

The Graph Foundation

Website

https://thegraph.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

The Graph is a decentralized indexing and query protocol for Web3 that serves blockchain developers, AI agents, and enterprises with structured onchain data via Subgraphs (GraphQL APIs), Substreams (real-time streams), and Amp (blockchain-native enterprise database) across 60+ networks.

Ownership category

akta.pro rank

Product category

Blockchain Data Infrastructure

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182), Web Search Portals and All Other Information Services (519290)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Computer Programming Services (7371)

akta.pro primary industry

Indexing & Data Query (subgraphs, ETL, on-chain analytics APIs) (FSAPABAD)

akta.pro secondary industries

Smart Contract Developer Platforms & Tooling (SDKs, APIs, frameworks, indexing) (FSAPAAAH), Blockchain Data & Indexing Infrastructure for Finance (Nodes, Indexers, Oracles) (FSAGAMAL), Indexing Nodes & Subgraph Operators (FSADAKAI)

Keywords

• Blockchain data indexing
• Decentralized query protocol
• Web3 infrastructure
• Graphql blockchain apis
• Smart contract indexing

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Query Fee Rebates: Payments for serving queries on The Graph Network. Consumers pay for data queries using GRT, with Indexers earning rebates distributed according to an exponential rebate function. 10% of all query fees go to Curators pro-rata to their curation shares.
2. Indexing Rewards: Generated via 3% annual protocol-wide inflation, distributed to Indexers who are indexing Subgraph deployments for the network. Rewards are distributed proportionally based on curation signal and GRT allocated to each subgraph deployment.
3. Curation Shares: Curators mint curation shares by signaling GRT on subgraphs, entitling them to a portion of future query fees generated by those subgraphs. 10% of all query fees go to Curators.
4. Delegation Revenue Share: Delegators earn a portion of Indexer query fees and indexing rewards by delegating GRT to Indexers. Indexers set query fee cut and indexing reward cut parameters to distribute rewards between themselves and delegators.
5. Amp Enterprise: Enterprise deployment options for Amp blockchain-native database with compliance, audit trails, and verifiability. Offered via request-a-demo sales motion targeting financial institutions and regulated enterprises.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels14 records

Core offering

The Graph operates a decentralized indexing and query protocol that allows developers to build and consume open APIs (Subgraphs) for blockchain data via GraphQL. It also provides Substreams for high-performance parallel indexing, Amp as a blockchain-native enterprise database, and supporting developer tooling (Graph Node, Firehose, Subgraph Studio, Graph Explorer). The platform serves over 75,000 projects across 60+ blockchain networks with usage-based and subscription pricing.

Product overview

The Graph is a suite of blockchain data infrastructure products organized as a platform-plus-modules architecture. Core products include Subgraphs for decentralized API indexing via GraphQL, Substreams for high-performance real-time streaming, and Amp as the enterprise blockchain-native database with SQL/REST/GraphQL access. Supporting infrastructure includes Graph Node (local indexing), Firehose (data extraction), Graph Horizon (protocol governance), and GraphTally (micropayments). Developer portals include Subgraph Studio and Graph Explorer. Data products include Token API (pre-indexed token data) and Tycho (DeFi liquidity). The ecosystem supports 60+ blockchain networks and enables developers, AI agents, and enterprises to access structured, real-time blockchain data through decentralized infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• Amp: A blockchain-native database designed to transform onchain activity into enterprise-ready datasets with built-in compliance, auditability, and verifiability.
• Subgraphs
• Substreams
• Graph Node
• Firehose

Products and services

• Subgraphs Custom GraphQL-based APIs that extract data from blockchains, process it, and serve it to application front-ends; the most widely used indexing service on The Graph for DeFi, NFTs, DAOs, gaming, and analytics dapps.
• Amp The first blockchain-native database designed to transform smart contract activity into enterprise-ready datasets with built-in compliance, auditability, and verifiability. Offers SQL, REST, or GraphQL access with 100x faster backfills than traditional RPC endpoints. Available via enterprise subscription and direct sales for regulated enterprises and financial institutions.
• Substreams Parallel blockchain indexing technology for high-performance, real-time data streams across chains. Built for live liquidity and price feeds, trading events, analytics pipelines, and large-scale backfills. A Rust-based API for streaming blockchain data into custom sinks.
• Token API Pre-indexed, production-ready API providing access to common token data (balances, prices, transfers, swaps, NFT metadata) across 10+ chains without requiring custom indexing development. Built on Substreams infrastructure.
• Tycho Real-time DeFi liquidity data service that tracks liquidity changes across decentralized exchanges and delivers live updates through a streaming interface. Provides consistent prices and quotes across many DEXs, built on Substreams for accurate data during blockchain reorganizations.
• Graph Node Open-source Rust implementation that indexes blockchain networks and serves data via GraphQL. Developers can run Graph Node locally to index EVM-compatible networks and other protocols via Firehose integration.
• Firehose Blockchain data extraction technology that writes data to flat files to speed sync times for indexing operations. Firehose integrations exist for NEAR and Arweave.
• Subgraph Studio Self-serve developer platform for creating, testing, and deploying subgraphs. Provides API key management, deployment staging, and publishing to The Graph Network. Includes a Free Plan with 100,000 queries/month and a Growth Plan with usage-based pricing.
• Graph Explorer Web interface for discovering, querying, and managing subgraphs on The Graph Network. Provides subgraph details, query URLs, network statistics, and a public marketplace for data consumers.
• Graph Horizon Protocol upgrade introducing multi-service infrastructure enabling multiple specialized data services within a unified economic and security model, including core staking, unified payments, and a permissionless data service development framework.
• GraphTally Micropayment infrastructure enabling pay-per-request payments for blockchain data queries. Uses x402 protocol for trust-minimized payments between consumers, gateways, and Indexers.

Quantifiable outcome

• 60-98% cost reduction compared to running own infrastructure
• +6 more outcomes

Named customers17 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability5 records

Feature8 records

Partnerships

Ten partnerships are on record, tiered core and major.

• ArbitrumcoreTechnology or IntegrationThe Graph is a key infrastructure project in the Arbitrum ecosystem, providing blockchain indexing and data services. Arbitrum holds over 46% L2 market share and $18B in TVL.
• ChainlinkcoreTechnology or IntegrationThe Graph and Chainlink are both major Web3 infrastructure providers. The Graph integrates with Chainlink's CCIP protocol for cross-chain interoperability, and GRT is bridged via CCIP to Arbitrum, Base, and Avalanche.
• Edge & NodecoreStrategic or Co-development PartnerOriginal team that launched The Graph. Edge & Node continues improving the protocol and is building Amp enterprise database. Rodrigo Coelho is CEO of Edge & Node.
• StreamingFastcoreStrategic or Co-development PartnerCore developer team focusing on building scalable, multichain infrastructure including Firehose and Substreams to make indexing speeds magnitudes faster.
• Semiotic LabscoreStrategic or Co-development PartnerAI and cryptography experts contributing to economic design of The Graph Network through reinforcement learning, Snark Force, protocol economics, and improving Indexer Experience.
• The GuildcoreStrategic or Co-development PartnerOpen source developers seasoned in GraphQL contributing subgraph tooling and GraphQL API improvements to The Graph ecosystem.
• MessaricoreStrategic or Co-development PartnerData experts building tools for blockchain transparency. Core subgraph developer standardizing subgraph development while building subgraphs as public goods.
• GraphOpscoreStrategic or Co-development PartnerBlockchain data infrastructure company building new features on The Graph. Team working on protocol & network operations and improving Indexer experience.
• TRONmajorTechnology or IntegrationThe Graph announced expansion of support for TRON network with Token API launch and enhanced Substreams support, enabling developers to access pre-indexed blockchain data for TRON applications.
• AlchemycoreTechnology or IntegrationMajor Web3 infrastructure provider. The Graph is recognized alongside Alchemy, Infura, and Chainlink as scaling to meet Web3 infrastructure demand.

Scale indicators11 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Infura (Consensys): Infura is a major RPC node and API provider for Ethereum and other networks, part of Consensys. It serves the same Web3 developer segment as The Graph and offers competing infrastructure for dapp backends, often used together with or instead of The Graph subgraphs.
• Covalent: Covalent provides a unified blockchain data API indexing multiple chains, offering historical and real-time token/transaction data. It directly competes with The Graph's Token API and subgraph services for developers needing pre-indexed cross-chain data without building custom indexers.
• Moralis: Moralis is a Web3 development platform offering APIs, authentication, and indexed blockchain data across multiple chains. It competes with The Graph by bundling indexing with broader dapp backend services, targeting the same SMB and enterprise developer customer base.
• Alchemy: Alchemy is a leading centralized Web3 developer platform providing node infrastructure, APIs, and indexing services across blockchains. It competes directly with The Graph for Web3 developers needing reliable blockchain data access, with comparable enterprise sales motion and developer tooling.
• Dune Analytics: Dune Analytics is a leading blockchain data analytics platform with SQL-based query access to decoded on-chain data. It overlaps with The Graph's data consumer segment (analysts, dashboards) and competes for query-driven workloads on EVM and non-EVM chains.
• QuickNode: QuickNode provides RPC endpoints, dedicated nodes, and developer tooling across 30+ blockchains. It competes with The Graph's hosted services and Graph Node for performance-sensitive Web3 applications needing reliable node access and add-on data services.
• Chainstack: Chainstack provides managed blockchain node infrastructure and API services across 30+ protocols. It competes with The Graph for developers and enterprises needing reliable multi-chain data access, particularly in regulated and institutional settings.
• SubQuery: SubQuery is a decentralized data indexing protocol that lets developers build custom APIs for chain data and serve them via GraphQL. It mirrors The Graph's core subgraph model and is one of the closest architectural competitors in the Web3 indexing market.

Emerging players

• Goldsky: Goldsky offers real-time subgraph hosting, APIs, and data pipelines for Web3 applications, built on The Graph technology but adding enterprise-grade reliability and mirrored datasets. It is an adjacent competitor targeting production-grade dapp deployments.
• Envio HyperIndex: Envio is a fast-growing multi-chain blockchain indexer benchmarked as the fastest in 2026 comparisons (1 min vs 2h23m for The Graph). It focuses on hyper-speed indexing and is an emerging performance-focused threat to The Graph's core developer offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/graphprotocol
• GitHubgithub.com/graphprotocol
• YouTubeyoutube.com/@GraphProtocol
• LinkedInlinkedin.com/company/thegraph
• Instagraminstagram.com/graphprotocol

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds6 records

Investors33 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Graph