GRT Price Prediction: What’s Next for The Graph?

The Graph is quietly powering most of Web3. It serves as the backbone of onchain data infrastructure, indexing, organizing, and distributing blockchain data across more than 90 networks. If you’ve used a dapp that loads token balances, pool metrics, or DAO votes, there’s a good chance The Graph was behind it.

Its scale is easy to overlook. Over 1.27 trillion queries have already been served through its decentralized network. Tens of thousands of projects, from Uniswap and Lido to Juicebox and Decentraland, rely on Subgraphs to pull structured data into their applications. And while most users don’t know it, the network runs on GRT, a work utility token that ties everything together.

This article looks beneath the surface. We’ll break down how The Graph actually works, how its incentives are structured, and what makes it cheaper, faster, and more resilient than self-hosted alternatives. We’ll also cover the tokenomics behind GRT, the evolving role of Delegators, Indexers, and Curators, and what the long-term price trajectory could look like based on usage, burn mechanics, and network saturation.

For a protocol that rarely makes headlines, The Graph is deeply embedded.

What Is The Graph?

The Graph is a decentralized protocol that organizes and delivers blockchain data. It solves a fundamental problem in Web3: most blockchains aren’t designed to be queried. That makes retrieving even simple data (like wallet balances or token transfers) painfully slow, resource-intensive, and expensive.

The Graph changes that by indexing blockchain data and making it instantly accessible through public APIs. Developers don’t need to spin up custom infrastructure or parse smart contract logs manually. Instead, they query clean data through Subgraphs, stream it in real-time using Substreams, or access token metrics through the Token API.

Today, The Graph supports over 90 networks, from Ethereum and Arbitrum to Solana, Optimism, and Base. It sits underneath many of the apps people use every day, like Uniswap, Aave, Lido, Snapshot, and dozens more. Most users never see it, but without it, dapps wouldn’t be responsive, analytics wouldn’t load, and real-time data wouldn’t exist.

The protocol has become the standard for blockchain data access, not just because it’s decentralized, but because it works.

Ecosystem Adoption & Real-World Usage

The Graph is already baked into the infrastructure of Web3. More than 75,000 projects rely on it to pull data in real time, from token prices and governance votes to NFT metadata and lending markets. Over 172,000 participants, Indexers, Delegators, Curators, and Developers, keep the network running and aligned.

Since launch, The Graph has served over 1.27 trillion queries (6.1 billion in Q1 2025 alone). Those are live data powering production apps across DeFi, NFTs, DAOs, gaming, and analytics. Uniswap pulls liquidity data through Subgraphs. Aave tracks lending metrics. Lido displays staking rewards. Snapshot loads governance proposals. It’s hard to find a serious protocol that doesn’t touch The Graph somewhere in its stack.

State of @graphprotocol Q1

Key Update: The Graph launches Token API beta, filling the void left by SimpleHash’s shutdown and expanding its decentralized data offerings.

QoQ Metrics 📊
• Query volume ⬆️ 3.2% to 6.14B (all-time high)
• Active Subgraphs ⬆️ 9.8% to 12,402
•… https://t.co/zNUaKZ59Bf

— Messari (@MessariCrypto) May 6, 2025

At the core are 100+ active Indexer nodes distributed across the globe. They process queries, serve results, and compete for rewards by keeping uptime high and latency low. The result is a system that works like a decentralized backend for Web3, stable, composable, and already integrated.

How The Graph Works

At its core, The Graph turns messy blockchain data into usable information. It does that through a decentralized system built around three core components: Subgraphs, Substreams, and GRT.

Subgraphs are the entry point. They’re open APIs that define how to extract and structure data from on-chain smart contracts. Developers build or reuse them to retrieve things like vault balances, NFT ownership, or governance proposals, without needing to set up their own indexers or parse raw data. If a dapp loads real-time information from Ethereum or Arbitrum, odds are it’s querying a Subgraph.

Substreams go further. Built for speed and scale, they provide modular data pipelines that stream blockchain activity as it happens. Use cases include live trading dashboards, high-frequency analytics, or real-time alerts. Substreams break data into reusable components so developers don’t have to build the same logic over and over.

All of this is queried using GraphQL. That means developers can request exactly the data they want (no more, no less) while keeping frontend integrations clean and responsive.

Behind the scenes, GRT fuels the network. It’s the unit of exchange between developers (who pay query fees), Indexers (who serve data), Curators (who signal valuable Subgraphs), and Delegators (who back Indexers with stake). Every interaction flows through GRT, aligning incentives across the stack.

This is decentralization of labor, capital, and trust. Instead of a centralized provider controlling the pipeline, The Graph distributes it. That model has already scaled across dozens of networks. And it’s still expanding.

Tokenomics, Roles, Incentives, and Burn Mechanisms

GRT Utility

GRT sits at the heart of every action in The Graph Network. Developers use it to pay for queries. Indexers and Delegators earn it for providing infrastructure. Curators signal value with it. The token simultaneously drives usage, secures data integrity, and coordinates incentives across the stack.

When a developer queries a Subgraph or Substream, GRT is used to cover those fees. That demand flows through the network, compensating the participants who made the data accessible. The same token that pays for access also reinforces protocol security by rewarding Indexers and Curators for quality and accuracy. GRT powers both sides of the equation: consumption and contribution.

The Graph functions because thousands of independent actors keep it running. Each role interacts with GRT differently, creating a layered economy around data access.

Network Participants

The Graph functions because thousands of independent actors keep it running. Each role interacts with GRT differently, creating a layered economy around data access.

Burning & Issuance

The Graph’s economy balances inflation and deflation through a mix of rewards and burn mechanics.

The protocol issues new GRT at a target rate of 3% annually. Most of that goes to Indexers as indexing rewards to secure the network and cover infrastructure costs. But at the same time, over 1% of GRT is burned each year through protocol-level taxes:

• 0.5% of all delegated GRT is burned at entry
• 1% of all curation actions is burned
• 1% of all query fees is burned

These burns actively offset inflation, tying GRT supply to actual network usage.

Indexers also face slashing risk. If they submit invalid data or fail to maintain uptime, they lose a portion of their stake, part of which is burned, and part redistributed to protocol enforcers (like Fishermen). That threat enforces discipline and ensures GRT is only earned through valid, reliable behavior.

Together, these mechanics create a closed loop: value comes in through GRT payments, flows to participants based on merit, and leaks out through burns and penalties. This is all about aligning the incentives that keep a decentralized data network alive.

Cost Efficiency vs Self-Hosting

For developers and teams dealing with blockchain data, self-hosting used to be the only option. That meant managing servers, optimizing uptime, and burning engineering hours on data pipelines. The Graph replaces all of that with a decentralized query layer, and it’s significantly cheaper.

The savings are pragmatic. Self-hosting involves:

• Hardware provisioning and backups
• Redundant nodes for failover
• Engineering time for deployment and maintenance
• DevOps response when something breaks

The Graph eliminates all of that. It has no setup costs, no contracts, and no infrastructure overhead. Queries run on a globally distributed network of Indexers with 99.99% uptime built in. And the pay-as-you-go pricing model means you only pay for what you use, at ~$0.00004 per query.

This model frees up engineering time, speeds up deployment, and scales without friction.

Recent Developments and Roadmap

The Graph is actively expanding the scope and speed of its data services. Several updates over the past year show a clear shift toward broader accessibility, faster performance, and deeper multichain integration.

One of the most user-facing upgrades is the launch of the Token API in beta. It offers instant access to standardized token data (balances, prices, and transfer events) without having to build a custom Subgraph. For wallets, explorers, and DeFi apps, this dramatically cuts integration time and removes setup overhead.

Substreams have seen growing adoption across real-time data use cases. Built with modular components, they offer higher throughput than Subgraphs and are especially useful for high-frequency trading dashboards, live analytics, or complex indexing tasks that would strain traditional methods.

The Graph has continued refining its developer experience, particularly around Subgraph migration. Tools that streamline version control, auto-migrate curator signals, and improve testing environments have made it easier for teams to update Subgraphs without breaking production apps or losing fees.

Changes to the protocol flow through The Graph Council, a governance body responsible for vetting proposals, upgrades, and economic adjustments. That includes ongoing work around reward distribution, curation incentives, and indexing parameters. Network participants are encouraged to contribute via The Graph Forum, which serves as the main governance hub.

Behind the scenes, core contributors continue to extend indexing support across more L1s and L2s. The protocol now supports over 90 chains, including Ethereum, Arbitrum, Solana, Optimism, Base, Polygon zkEVM, and emerging networks like Berachain and Blast. This expansion is about maintaining low-latency indexing across an increasingly fragmented ecosystem.

ICYMI: $GRT is going cross-chain ⚡

The Graph to adopt @chainlink CCIP to make GRT accessible across @Arbitrum, @Base, and @Solana.

Here’s what it unlocks 👇

• Secure GRT transfer across chains.
• Easier delegation with lower fees.
• Simpler dev access to GRT for dapps.
•… https://t.co/sMdS7xMimL

— The Graph (@graphprotocol) May 23, 2025

More detail can be found in the R&D Roadmap and the quarterly Graph Network updates, which highlight protocol-level goals and track progress from the contributor community.

Market Performance

The Graph’s token, GRT, is currently trading at around $0.11 according to CoinMarketCap. That puts it well above its all-time low of $0.052 (November 2022), but still far from its peak of $2.88 (February 2021), reached during the last bull market.

Back then, GRT’s surge came on the back of early narrative momentum. Indexing blockchain data was a novel use case, and The Graph was among the first to do it at scale. But usage was still thin, and most of the price movement was speculative.

The market today looks different. GRT’s value now tracks closer to actual protocol usage, measured in queries served, subgraphs deployed, and tokens staked. 

GRT is listed across major centralized and decentralized exchanges, including Binance, Coinbase, OKX, Bybit, and Arbitrum-native DEXs like Uniswap and Sushiswap. Trading pairs like GRT/USDT, GRT/ETH, and GRT/ARB now make up the bulk of volume, especially after the rollout of Arbitrum-based staking and liquidity pools.

The Arbitrum migration has helped improve transaction costs and accessibility. Delegators can now stake directly on Arbitrum, reducing gas fees and lowering the barrier to participate in the network. That shift has gradually moved liquidity away from Ethereum mainnet toward more active L2 environments.

The Graph (GRT) Price Prediction 2025

The short-term trajectory of GRT depends on whether The Graph can convert its infrastructure into broader protocol-level dominance. Usage is rising, but the market will expect more than Subgraph growth. Substreams and Token API adoption will need to pick up, especially across L2s and real-world asset (RWA) platforms.

The base case assumes The Graph continues to scale across new chains, but without a breakout product or vertical. The bull case sees Substreams powering on-chain analytics and RWAs, driving demand from enterprise and protocol users. In the bear case, usage stalls and newer indexing models chip away at The Graph’s share, especially if the token utility isn’t reinforced through growth in queries or fees.

The Graph (GRT) Price Prediction 2030

Long-term, GRT’s value will be shaped by whether The Graph can become the default layer for structured blockchain data. By 2030, the key question is  entrenchment. Is The Graph embedded into dapps and wallets as the go-to query layer? Or has the model fragmented?

The bull case is about The Graph becoming infrastructure that no one thinks twice about using. The bear case assumes an erosion of that status, either through faster alternatives or protocol fatigue. The base case sits in between: sustained relevance, strong network effects, and a clear role in the stack, but without absolute dominance.

Industry Context: Indexing, AI, and Data Infrastructure

As demand grows for structured, verifiable, and real-time data across blockchains, GRT is increasingly positioned as a base layer for more than just Web3 apps.

The AI industry is also contributing to this demand. Developers working on autonomous agents, prediction markets, and decentralized compute need reliable inputs, data feeds that are transparent, tamper-resistant, and programmable. That’s what The Graph provides. Subgraphs and Substreams are already being explored for AI pipelines, and GRT is emerging as a standard payment layer for data retrieval in this context.

At the same time, onchain data is becoming its own economy. Whether it’s L2 rollup analytics, RWA asset tracking, or DeFi liquidity visualization, the need to surface and monetize blockchain data is pulling indexing protocols into the spotlight. The Graph’s open marketplace model gives it an edge, but not without competition. Covalent, Alethio (now folded), and custom RPC+API setups are all vying to handle query workloads in different ways.

What separates The Graph is its decentralization and its extensibility. Indexers compete to serve queries, Delegators secure the network, and Curators help prioritize what gets indexed. 

Looking ahead, GRT could become a core “data primitive” for AI-blockchain integrations because it fits the role: a network that turns raw data into programmable input, with a pricing mechanism that rewards transparency and uptime.

Conclusion

The Graph is powering applications. From DeFi dashboards to gaming analytics and DAO tooling, The Graph is the invisible layer that makes blockchain data usable.

Still, the upside hinges on more than adoption. Long-term value depends on whether developers and protocols keep choosing The Graph over building their own stacks or switching to competitors. That’s the real test.

But if Web3 continues to evolve toward transparency, automation, and composable data, The Graph is already positioned. It’s not trying to be everything. It’s focused on one critical job: making blockchain data accessible.

Frequently Asked Questions

What is The Graph (GRT)?

The Graph is a decentralized indexing protocol that lets developers access and organize blockchain data from over 90 networks. It powers applications across DeFi, gaming, DAOs, and analytics. GRT is the utility token used to pay for data queries and reward network participants.

How does The Graph work?

The Graph uses open APIs called Subgraphs to organize blockchain data. Indexers run nodes that serve this data, while Curators, Delegators, and Developers help optimize what gets indexed. Users query this data using GraphQL and pay with GRT.

What are Subgraphs and Substreams?

Subgraphs are APIs that structure blockchain data for querying. Substreams are real-time, high-performance data pipelines for processing large datasets. Both tools are designed to make blockchain data fast, cheap, and easy to use.

What is the GRT token used for?

GRT is used to pay for data queries, reward Indexers and Delegators, and signal quality Subgraphs through curation. It also plays a role in governance and incentivizing proper network behavior.

Where can I buy GRT?

GRT is listed on major exchanges like Binance, Coinbase, OKX, and Bybit. It’s also available on Arbitrum-based DEXs such as Uniswap and SushiSwap.

How do I earn GRT by delegating?

You can delegate GRT to an Indexer to earn a share of query and indexing rewards. Returns vary, with average APRs between 9% and 13%. Note: Delegation includes a 0.5% burn tax and a 28-day unbonding period.

What’s the difference between Delegators and Curators?

Delegators support the network passively by staking GRT to Indexers. Curators identify high-value Subgraphs and signal GRT to help Indexers prioritize indexing. Both roles earn a portion of GRT-based query fees.

How does The Graph compare to running your own node?

Running a self-hosted indexing node is expensive, time-consuming, and less reliable. The Graph offers decentralized redundancy, near-zero setup costs, and 99.99% uptime, at a fraction of the cost.

Is The Graph built on Ethereum?

Yes, The Graph originally launched on Ethereum but now supports multiple chains. GRT exists on Ethereum mainnet and Arbitrum, with a growing presence across Layer 2 and alt-L1 ecosystems.

Is The Graph network secure?

Security is enforced through economic incentives, slashing penalties for Indexers, and decentralized consensus on data accuracy. All participants are financially incentivized to keep data integrity high.

What is the future outlook for GRT?

GRT’s long-term value depends on continued network usage, not hype. If The Graph becomes the default data layer for onchain apps, GRT could play a foundational role in Web3 infrastructure.