The team behind the protocol, Edge & Node, relinquished their power to the community so The Graph’s governance is already decentralized. Those who curate the subgraphs that are the most useful to the indexers earn GRT for their work. A subgraph is a slice of the blockchain that contains a specific set of data, perhaps Uniswap’s pools or The Art Blocks galleries. Individuals and applications can also earn GRT by “curating” subgraphs. These fees are split with delegators, who attribute their tokens to whomever they believe provides the most value. Individuals can earn GRT tokens from applications by providing them with query results. As with any system that hopes to provide a decentralized good, there must be clear and enticing incentives for the community. The Graph is powered by a governance token, GRT, which doubles as the currency for making decentralized queries. And then I think with the launch of the Graph Network, that's really when people started to see the value of The Graph.” They thought it was basically just like an Infura or an Alchemy, kind of like a centralized node or an API. “Early days, no one believed in The Graph. So instead of building an application and using bits and pieces that are centralized, actually went to build this core piece of the stack.” “It was just Ethereum back then and they realized this very core piece of the stack was missing. The team behind The Graph protocol realized this core infrastructure was necessary for decentralized applications to become a reality long before the rest of the industry. Relying on Etherscan for such a task means if Etherscan goes down, or introduces a new paywall, the “decentralized” application is unusable.
All decentralized applications need to search the blockchain to find their user’s data. This is great for most users, but it doesn’t scale to the application level. Etherscan allows users to query the blockchain for wallet addresses, transaction hashes, DeFi functions, or even NFT collections. The most user-focused Ethereum indexing tool is Etherscan, a centralized platform.
The Graph is not the only team working on a solution.
The Graph does this with the data on the blockchain.”īlockchain indexing is an important public good and lucrative product to serve the market. So that way when you come in, you can find the book you're looking for. Kline explained The Graph with an analogy, “Ethereum without The Graph is like walking into a library where all the books are all over the floor and The Graph picks those books up and puts them in alphabetical order. So, similar to what Google does for Web2, The Graph does for Web3, and it makes it easy to access data from the blockchain.” The Graph is “extremely important for building within the blockchain space. That transparency that the graph brought through subgraphs really allowed the innovation to happen with DeFi.” This is where a crucial but little-known protocol called “The Graph” comes into play.Īccording to The Graph Co-founder Tegan Kline, “the DeFi movement wouldn't have happened without The Graph. Sorting through a public blockchain’s data is one of the most difficult challenges keeping decentralized applications from scaling into the mainstream.
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