The Graph Network data demand surges 84% in Q2

The demand for data on The Graph Network (CRYPTO:GRT) saw a significant rise of 84% in Q2 2024, driven by an increased number of subgraphs and the introduction of a free query plan. 

According to a report by Messari, the network reached an all-time high of 2.9 billion successful queries during this period. 

The Graph Network Mainnet contributed nearly half of these queries (48%), while Arbitrum and Polygon accounted for 16% and 14%, respectively. 

Messari's report highlights that the rise in query volume was fueled in part by a free query plan offering up to 100,000 queries per month. 

Additionally, the rapid growth of subgraphs published on the decentralised network contributed to the increased activity. 

Edge & Node, the team behind The Graph, released a statement revealing that queries in July reached another milestone with 1.95 billion, marking an 11-fold increase compared to July 2023. 

The total number of subgraphs on the decentralised network has grown to over 9,000, a remarkable 361% jump from the end of Q1 2024. 

Tegan Kline, CEO of Edge & Node, emphasised the importance of the network's performance. 

Commenting on the year-long effort to upgrade The Graph’s hosted service to the decentralised network, Kline said, "The surge in growth of queries on the decentralised network indicates that developers and consumers of blockchain demand data that is secure, reliable, and censorship-resistant from a decentralised source." 

Despite the impressive growth in data demand, the report also noted a slight decline in Q2 indexing rewards, which fell by 7% in USD terms to $18 million, attributed to the depreciation of the GRT token. 

However, when measured in GRT terms, indexing rewards dropped only 1% from 74 million GRT in Q1 to 73.4 million GRT in Q2. 

Revenue from query fees showed a substantial increase of 160% quarter-over-quarter, reaching an all-time high of $113,000, driven by the rising query volume and the growth of subgraphs on the network. 

At the time of reporting, The Graph (GRT) price was $0.1505.