The Graph (GRT) 投資分析與回顧

在《比特幣市場雜誌》，我們像投資股票一樣投資加密代幣。雖然兩者之間存在重要差異，但我們像傳統公司一樣分析加密“公司”，並透過兩者的組合來實現投資多元化。

The Graph (GRT) is a decentralized indexing protocol that provides developers with a query language to easily retrieve and analyze blockchain data. It operates on several major networks, including Ethereum, Polygon, and Avalanche. The Graph is used by developers building decentralized applications on blockchain platforms to efficiently access and query blockchain data for various purposes.

The Graph (GRT) 是一種去中心化索引協議，為開發人員提供查詢語言來輕鬆檢索和分析區塊鏈資料。它在幾個主要網路上運行，包括以太坊、Polygon 和 Avalanche。開發人員使用該圖在區塊鏈平台上建立去中心化應用程序，以出於各種目的有效存取和查詢區塊鏈資料。

Key Fundamental Data

關鍵基本數據

Daily Active Users (DAU): The Graph currently records roughly 600 daily active users, a significant decline from earlier in the year when DAU figures were around or above 10,000. However, despite this drop in DAU, The Graph’s overall engagement remains strong. According to Messari’s Q2 ‘24 report, The Graph handled over 2.9 billion queries—an 84% increase from 1.6 billion in Q1 ‘24. This substantial jump in query volume suggests a growing level of user engagement across the network.

每日活躍用戶 (DAU)：該圖表目前記錄了大約 600 名每日活躍用戶，與今年早些時候的 DAU 數字在 10,000 左右或以上相比大幅下降。然而，儘管 DAU 有所下降，The Graph 的整體參與度仍然強勁。根據 Messari 的 2024 年第 2 季報告，The Graph 處理了超過 29 億次查詢，比 24 年第 1 季的 16 億次成長了 84%。查詢量的大幅成長顯示整個網路的用戶參與度不斷提高。

Fees and Revenues: The Graph generates revenue primarily through two streams: indexing rewards (supply-side) and query fees (demand-side) paid by users who query data from the protocol. According to Messari, supply-side revenue decreased by 7% from the previous quarter, totaling nearly $17.6 million in Q2 2024. On the other hand, demand-side revenue saw a significant increase of 160%, reaching an all-time high of $113,000 in the same quarter.

費用和收入：The Graph 主要透過兩個串流產生收入：索引獎勵（供應方）和由從協議查詢資料的使用者支付的查詢費用（需求方）。 Messari表示，2024年第二季供應方營收季減7%，總計近1,760萬美元。

Market Cap: GRT currently has a market cap of $1.3 billion, reflecting a 40% increase from a year ago. However, since March 2024, its market cap has seen a significant decline of 69%. Despite this drop, GRT remains far ahead of competitors like Covalent, which has a market cap of $68 million.

市值：GRT 目前市值為 13 億美元，較去年同期成長 40%。然而，自2024年3月以來，其市值已大幅下跌69%。儘管有所下降，GRT 仍然遠遠領先 Covalent 等競爭對手，後者的市值為 6,800 萬美元。

Market Analysis

市場分析

Who are they targeting? Is this market large and growing?

他們的目標是誰？這個市場很大而且正在成長嗎？

The Graph is targeting developers and teams building decentralized applications on blockchain platforms. These developers need efficient access to blockchain data for various purposes, such as creating dapps, monitoring smart contracts, and analyzing on-chain activity.

The Graph 面向在區塊鏈平台上建立去中心化應用程式的開發人員和團隊。這些開發人員需要出於各種目的有效存取區塊鏈數據，例如創建 dapp、監控智慧合約和分析鏈上活動。

The market for decentralized indexing and querying solutions is relatively new and emerging, but it is expected to grow significantly as more projects and applications are built on blockchains. The Graph is currently the leading protocol in this space, with a first-mover advantage and a large network of projects utilizing its services.

去中心化索引和查詢解決方案市場相對較新且新興，但隨著更多項目和應用程式建構在區塊鏈上，預計該市場將顯著成長。 The Graph 目前是該領域的領先協議，具有先發優勢和利用其服務的大型專案網絡。

Problem that it solves

它解決的問題

When building dapps on blockchains, it is often inefficient to access on-chain data. The Graph solves this problem by providing a decentralized indexing protocol that gives developers a powerful query language. This enables them to effortlessly retrieve and analyze blockchain data, reducing the time and resources spent on building and maintaining their own data servers and indexing infrastructure. Ultimately, this allows developers to ship products faster and focus on the core aspects of dapp development.

在區塊鏈上建立 dapp 時，存取鏈上資料通常效率低。 The Graph 透過提供去中心化索引協定來解決這個問題，該協定為開發人員提供了強大的查詢語言。這使他們能夠輕鬆檢索和分析區塊鏈數據，減少建立和維護自己的數據伺服器和索引基礎設施所花費的時間和資源。最終，這使得開發人員能夠更快地交付產品，並專注於 dapp 開發的核心方面。

Customers

顧客

The primary users of The Graph protocol are developers and teams building decentralized applications on blockchain platforms. They use The Graph to efficiently access and query blockchain data for various purposes.

The Graph 協議的主要用戶是在區塊鏈平台上建立去中心化應用程式的開發人員和團隊。他們使用 The Graph 來有效地存取和查詢區塊鏈資料以用於各種目的。

Value creation

價值創造

The Graph eliminates the need for developers to construct and manage their own data servers and indexing infrastructure, thereby reducing operational costs and allowing resources to be redirected toward core development tasks. (Ship products faster.)

Graph 消除了開發人員建置和管理自己的資料伺服器和索引基礎架構的需要，從而降低了營運成本並允許將資源重新導向到核心開發任務。 （更快地運送產品。）

Market structure

市場結構

While the market for decentralized indexing and querying solutions is relatively new, The Graph has established itself as the leader in this space. It has a first-mover advantage and a strong network of partners and projects utilizing its services.

雖然去中心化索引和查詢解決方案市場相對較新，但 The Graph 已成為該領域的領導者。它擁有先發優勢以及利用其服務的強大合作夥伴和專案網絡。

The Graph’s closest competitor is Covalent, which provides a similar service but on a smaller scale. Covalent has a market cap of $68 million, compared to The Graph’s $1.3 billion.

The Graph 最接近的競爭對手是 Covalent，它提供類似的服務，但規模較小。 Covalent 的市值為 6,800 萬美元，而 The Graph 的市值為 13 億美元。

Market size

市場規模

The potential market for The Graph is significant, particularly as it continues to expand its services to include more blockchain networks. The Graph currently reports serving over 75,000 projects and handling more than 1.2 trillion queries. (However, this number seems wildly overstated, compared to Daily Active Users above.) Still, the demand for data indexing and querying services like those provided by The Graph is expected to rise.

The Graph 的潛在市場非常巨大，特別是當它繼續擴展其服務以納入更多區塊鏈網路時。 The Graph 目前報告為超過 75,000 個項目提供服務並處理超過 1.2 兆個查詢。 （然而，與上面的每日活躍用戶數相比，這個數字似乎被嚴重誇大了。）儘管如此，對 The Graph 提供的數據索引和查詢服務的需求預計將會上升。

Regulatory risks

監理風險

As a pioneer and leader in its space, The Graph is highly susceptible to regulatory scrutiny. Being headquartered in the U.S. further adds to this risk, as the country is yet to establish a clear regulatory framework for cryptocurrencies and blockchain technologies.

作為該領域的先驅和領導者，The Graph 非常容易受到監管審查。總部位於美國進一步增加了這種風險，因為該國尚未為加密貨幣和區塊鏈技術建立明確的監管框架。

However, The Graph’s decentralized nature and focus on providing infrastructure for Web3 development may offer some protection against unfavorable regulations.

然而，The Graph 的去中心化性質和專注於為 Web3 開發提供基礎設施可能會提供一些針對不利法規的保護。