Introduction
The Graph Network hit a remarkable milestone in Q1 2025, processing over 6.14 billion queries—a 3.2% increase from Q4 2024—even as the GRT token experienced a significant price dip. Developers, investors, and blockchain analysts are keeping a close eye on the protocol as it continues to evolve with innovations like the Token API beta and the groundbreaking Substreams feature. In this in-depth report, we break down the performance, governance updates, financial implications, and ecosystem integrations that are shaping the future of decentralized data indexing.
Key Insights
Q1 2025 has been a busy quarter for The Graph. Here are the standout metrics and observations:
- 6.14 billion queries processed, a 3.2% increase QoQ.
- Active Subgraphs grew by 9.8% to reach 12,402.
- New Subgraphs deployed totaled 1,143, underlining sustained developer engagement.
- Indexing rewards in GRT terms increased by 4.1% but declined by 40.2% in USD due to a 55.8% drop in token price.
- Major enhancements including the Token API beta launch and the introduction of the Indexer Score provided more transparency and efficiency in governance and performance evaluation.
Performance Analysis
Query Volume and Subgraph Growth
The Graph Network has shown resilient performance with an aggregate query volume surpassing 6.14 billion in Q1 2025. Ethereum Mainnet continued to be the dominant source of traffic, handling 22.2% of total queries. Other chains such as Base recorded phenomenal growth with a surge of 89.3% QoQ, reflecting the protocol’s expanding appeal across multiple ecosystems.
Furthermore, the growth in active Subgraphs and the number of new deployments reflects an ever-expanding developer base. These trends highlight The Graph‘s potential to drive decentralized data indexing solutions without the need for complex proprietary setups. For more technical details on Subgraphs, refer to the Subgraph development guide.
Financial Overview: GRT Rewards & Pricing Dynamics
While GRT token performance in USD terms fell dramatically by 40.2% in Q1, the rewards structure in GRT terms still edged upward by 4.1%, indicating that the fundamentals of network participation remain robust. This divergence is partially attributable to a 50% reduction in Subgraph pricing—from $40 to $20 per million queries—as well as the operational efficiencies introduced by micropayment and batch settlement solutions like GraphTally. For further insights on GRT tokenomics, check out the detailed analysis on Messari.
Key Developments & Governance Updates
Token API Beta and the Indexer Score
One of the most exciting developments this quarter is the launch of the Token API beta. This product delivers token and price data for a broad range of chains including Ethereum, Arbitrum, and Polygon, making real-time data more accessible to developers and AI assistants alike. Additionally, the unveiling of the Indexer Score by Graphtronauts provides a data-driven metric to evaluate the performance of Indexers by combining Allocation Efficiency Ratio and Query Fee Ratio. This initiative helps delegators make informed decisions when staking their GRT.
Governance and GIP-0061 Improvements
The governance of The Graph saw significant improvements through the ratification of GIP-0061. This update streamlined proposal submissions by merging the Strawperson and Proposal stages and removing the redundant Graph Request for Proposal (GRP) step. These reforms are intended to boost throughput and transparency, aligning the governance process more closely with contributor needs. Follow further details on the governance update here.
Ecosystem & Chain Integrations
The Graph’s push for broader integrations continued into Q1 2025. New partnerships and network integrations spanned across emerging Layer-2 solutions and non-EVM chains. Key integrations include:
- Layer-2 Expansion: ZKsync Era and Polygon zkEVM demonstrated impressive capabilities in scaling query volumes with improved fee efficiency.
- New Chain Support: Chains such as Celo, Berachain, and Japan Open Chain have joined the network, significantly expanding the reach of decentralized data indexing.
- Substreams Adoption: The debut of Substreams for streaming-first data pipelines has accelerated data processing speeds. For a deeper dive into how Substreams revolutionizes data pipelines, visit the Substreams Introduction page.
Implications & Future Outlook
Despite the headwinds faced by the GRT token in market pricing, the core network metrics such as query volume, active Subgraphs, and novel revenue models continue to suggest strong underlying fundamentals. As The Graph evolves through continuous technical improvements—such as the Token API beta launch and governance streamlining with GIP-0061—the protocol is well-positioned to address evolving data needs in a decentralized ecosystem.
Developers and network participants are encouraged to keep abreast of these updates by exploring the official documentation on GraphQL Querying and joining the official community channels on Discord and Twitter.
Conclusion & Call-to-Action
In summary, Q1 2025 has been a transformative period for The Graph—a quarter marked by record query processing, significant infrastructure upgrades, and broad ecosystem expansion. Despite the challenging market conditions for GRT, the continuous growth in developer engagement and the rollout of innovative features like the Indexer Score and Substreams set a promising stage for future developments.
If you found these insights valuable, explore The Graph’s latest updates through their official website or join the lively discussions in their community forums on Discord and Twitter. Your feedback is essential—please consider sharing your thoughts on this report to help shape future updates.