Graphs Network today launched its mainnet, the first easily searchable global data index from blockchains. It allows developers to search, find, publish and use the public data they need to build decentralized applications. The Graph Network expands the accessibility of decentralized applications through public and open APIs, called subparagraphs.
The Graphs Network is a network of open, global APIs that are free from the hands of high technology, to help evolve the web from a central beast to a platform where anyone can contribute and be rewarded for its work.
It has taken three years of hard work and technical ability to develop The Graph Network and build the developer community. Since June, usage of the hosted service has increased by 10x, from 1 billion monthly inquiries to over 10 billion in November, on average over 350 million daily inquiries. The growth of The Graph has helped power the growth of the blockchain industry – more decentralized applications are being built now than ever before.
This is part of The Graph Foundation’s vision for a decentralized Internet and a thriving crypto economy. Edge & Node has closed $ 27.5 million to date and is supported by people like Coinbase Ventures, Framework, ParaFi Capital, DTC Capital, Reciprocal Ventures, and DCG.
“It feels surreal that after years of hard work, our vision for global decentralized indexing and API tier for Web3 has become a reality. We really believe in devolution and the launch of The Graph Network is an important milestone for enabling human beings to co-operate and organize in a decentralized way. The Graph is already being used by so many great projects in DeFi and Web3 and with this new network, the crypto community can work with powerful incentives to take on the traditional technology and financial sectors and create better systems for allocating resources and creating economic opportunity. . ”
– Project Leader and Co-Founder of The Graph, Yaniv Tal
APIs or standardizing how applications speak to each other were a huge reason for Web 2.0’s growth. In order for the new decentralized web to really grow, developers needed a way to collaborate and work on Web 3.0. That time has now come. Using The Graph Network, developers can easily find the data and APIs published by co-builders to build new applications in a truly decentralized environment.
Prior to The Graph Network, developers had to build complex and expensive IT infrastructure if they wanted to access the useful data they needed. It hindered the growth of the decentralized internet by adding huge cost and time to development, and was central to servers run by giant cloud giants. Now, for the first time, developers can use an open API, called a subroutine, to query important data. For example, the DeFi project can use a sub-paragraph to interrogate trading volume data, allowing developers to keep their focus on a great user experience instead of laborious processes.
“The funny thing about blockchain data is that while everything is theoretical and accessible, in practice it has historically been very opaque. The Graph has done a great job so far in making smart contract data easy to monitor and use. Subparagraphs power some of the most widely used analytics tools in space – https://info.uniswap.org/ is one of them. The design of the new system will attract more developers to build their own sub-paragraphs, leading to better access to information. Once we know more, we can build better. ”
– Hayden Adams, Founder of Uniswap
Some of the largest and most exciting blockchain projects utilize The Graph’s current service including Uniswap, AAVE, Decentraland, Synthetix, Coin Market Cap, Aragon, Chainlink, and CoinGecko. All applications and projects on the current service will now be able to migrate to the decentralized network.
Developers can find subparagraphs for 21 of the top 25 DeFi dApps using the Graph Explorer.
At the beginning of 2020, only 1,000 subparagraphs were used, now there are over 3,800. The Graph is also truly global: individuals and projects from more than 100 countries contribute to The Graph Network. The Graph empowers people around the world to help developers pave the way for all future applications of the internet.
As part of the go live Mainnet, the GRT token is now live and usable on the network. GRT users will help in indexing and curating data and protecting the network. GRT is a necessary part of how the network operates.
The Graphs Network is made up of Indexers, Curators, Representatives and Users.
The Indexers are node executives at The Graph Network who participate in Graph Tokens (GRT) in order to provide indexing and query processing services, they earn inquiry fees for their service in GRT.
Curators are sub-paragraph developers, data users, or members of the community who indicate to the Indexers what to index. Curators earn a portion of the inquiry fees when asked for a sub-paragraph they chose to index.
Delegates contribute to the Network by giving GRTs to Indices, they earn a portion of the inquiry fees in return. Delegates select the best Indexers to give them the best chance of receiving fees in GRT.
Users are the end users of The Graph who query sub-paragraphs and pay inquiry fees to the Indexers, Curators and Delegates.
The Graph will allow for truly decentralized applications since central infrastructure will not be required. There will be a phased approach to moving sub-paragraphs from the hosted service to the decentralized network. Currently, only subparagraphs on the Ethereum mainnet are supported on the decentralized network.