The economic design of The Graph is a structure where a “data requester” queries the necessary on-chain data, an “indexer” indexes and serves it, a “curator” provides signals about which subgraphs are valuable, and a “delegator” delegates GRT to the indexer to expand the security and capital base. The key to this structure is that data provision is organized as a token-based marketplace rather than simple server hosting. 1. Subgraph on-chain state mapping: Existence. Expressed as Subgraph ID, Deployment ID, Subgraph NFT, curation signal, etc. Definition: Subgraph is a custom API that extracts, processes, and stores blockchain data and can...
The Graph has mature indexing infrastructure, but low fee capture and reward dependence constrain economic maturity.
Investment View
The key test is whether Horizon and Substreams convert large query demand into recurring revenue and Indexer economics.