The Graph 的索引基础设施已成熟，但低 fee capture 与 reward 依赖限制经济成熟度。
Investment View
关键考验是 Horizon 与 Substreams 能否把大规模 query 需求转化为经常性收入和 Indexer 经济性。
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Report Type
Project Maturity Analysis
Version
v1
Analysis Date
2026年6月9日
Language
zh
Disclaimer: This report is generated through AI-powered analysis and market data. This is not investment advice. All investment decisions should be made at your own risk.