Google for blockchains. The Graph indexes blockchain data and makes it searchable through APIs (called subgraphs). Without it, every dApp developer would have to build their own data indexing infrastructure from scratch. Over 900 dApps use The Graph, including Uniswap, Aave, and Synthetix. The GRT token has a $2 billion+ market cap. It's the boring, essential infrastructure that makes DeFi actually work. Nobody thinks about it until it breaks.
Founded
2018
HQ
San Francisco, USA
Total Raised
$69 million
Founder
Yaniv Tal, Jannis Pohlmann, Brandon Ramirez
Status
Active (Decentralized)
Website
thegraph.comTHE ORIGIN STORY
Yaniv Tal was a developer building on Ethereum who realized that querying blockchain data was a nightmare. Ethereum stores data in a structure optimized for verification, not for reading.
Every dApp needed the same data — token prices, transaction histories, smart contract states — but each team had to build its own indexing solution. In 2018, Tal co-founded The Graph to create a shared indexing protocol.
Developers create "subgraphs" — open APIs that index specific smart contract data. Anyone can query these subgraphs.
The protocol launched its decentralized mainnet in 2020.
WHAT THEY ACTUALLY DO
The Graph is a decentralized indexing protocol. Indexers stake GRT tokens and earn fees for indexing blockchain data.
Curators signal which subgraphs are valuable by staking GRT. Consumers (dApp developers) pay query fees in GRT to access indexed data.
It's a three-sided marketplace: indexers provide the service, curators guide quality, and consumers pay for queries.
THE PRODUCTS
Subgraphs — open APIs for indexing blockchain data. Graph Explorer — discover and query existing subgraphs.
Graph Studio — tools for building and deploying subgraphs. Substreams — high-performance data streaming for blockchain analytics.
HOW THEY GREW
Becoming essential infrastructure. The Graph positioned itself as a must-have rather than a nice-to-have.
When Uniswap, Aave, and other top DeFi protocols built on The Graph, it became the default data layer. The hosted service (free, centralized) onboarded developers before transitioning them to the decentralized network.
THE HARD PART
The transition from hosted (free, centralized) to decentralized (paid, token-based) has been slow. Many developers prefer the free hosted service.
Convincing them to pay GRT for a decentralized version is The Graph's core business challenge. Competition from centralized alternatives like Alchemy and Moralis is real.
MONEY TRAIL
Seed
2019 · Led by Multicoin Capital
$5M raised
Series A
2020 · Led by Framework Ventures
$12M raised
Token Sale
2020 · Led by Public
$52M raised
WHO BACKED THEM
Framework Ventures, ParaFi Capital, and Coinbase Ventures participated. The GRT token launched in December 2020 and reached a $2B+ market cap.
The token sale raised significant capital for the protocol treasury.
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