图表：选择索引器

The Graph 是一种索引协议，提供来自各种来源的链上数据，例如 DeFi 交易和流动性池数据。该图消除了数据消费者（例如应用程序开发人员）构建复杂的基础设施来获取链上数据的需要。

The Graph is a decentralized protocol that provides onchain data — such as DeFi transactions and liquidity pool data — from various sources. The Graph removes the need for data consumers (e.g., app developers) to build complicated infrastructure to get onchain data. Instead, data consumers pay to query custom APIs — called “subgraphs” — of onchain data via the GraphQL API. Subgraphs define a data schema to be indexed, making that data queryable. Subgraphs can be developed and queried by anyone.

The Graph 是一种去中心化协议，提供来自各种来源的链上数据，例如 DeFi 交易和流动性池数据。该图消除了数据消费者（例如应用程序开发人员）构建复杂的基础设施来获取链上数据的需要。相反，数据消费者付费通过 GraphQL API 查询链上数据的自定义 API（称为“子图”）。子图定义要索引的数据模式，使该数据可查询。任何人都可以开发和查询子图。

To ensure the protocol runs correctly and efficiently, The Graph Network incentivizes several key roles within its ecosystem of both technical and non-technical participants:

为了确保协议正确高效地运行，图网络在其技术和非技术参与者的生态系统中激励了几个关键角色：

The Sunrise of Decentralized Data is The Graph’s initiative to upgrade all subgraphs to its distributed network of over 100 independent Indexers. As of the end of Q3’24, over 10,000 subgraphs had successfully transitioned from the hosted service to the decentralized network. This transition corresponded to an all-time high in query fees due to the increasing demand for data indexed by The Graph Network.

去中心化数据的日出是 The Graph 的举措，旨在将所有子图升级到由 100 多个独立索引器组成的分布式网络。截至 24 年第三季度末，超过 10,000 个子图已成功从托管服务过渡到去中心化网络。由于对 The Graph Network 索引数据的需求不断增加，这一转变对应着查询费用的历史最高水平。

Website / X (Twitter) / Discord

网站 / X (Twitter) / Discord

Key Metrics

关键指标

Performance Analysis

绩效分析

The Graph Network is used by developers and data consumers who pay to query data. The network's performance can be measured by the growth of the volume of queries serviced, the active subgraphs serving queries, and the accrual of query fees.

图网络由付费查询数据的开发人员和数据消费者使用。网络的性能可以通过服务查询量的增长、服务查询的活动子图以及查询费用的增加来衡量。

Network Overview

网络概况

Query Volume

查询量

Demand for data organized by The Graph reached an all-time high of over 5.3 billion queries in Q3’24, up 79% from 2.9 billion queries in Q2’24. The Ethereum Mainnet led the way with 1.7 billion successful queries (32% of the total of 5.3 billion queries) in Q3’24, followed by Polygon with 1.0 billion queries (19%) and Arbitrum One with 780 million queries (15%).

对 The Graph 组织的数据的需求在 2024 年第三季度达到了超过 53 亿次查询的历史最高水平，比 2024 年第二季度的 29 亿次查询增长了 79%。以太坊主网在 2024 年第 3 季度以 17 亿次成功查询（占 53 亿次查询总数的 32%）领先，其次是 Polygon，有 10 亿次查询（19%），Arbitrum One 有 7.8 亿次查询（15%）。

In terms of subgraphs with the largest query volume, Quickswap V3 (9% of total queries) led the way, followed by Uniswap V3 (7%) and ENS (6%). Notably, query volumes have seen an upward trend over the past six quarters. While the initial growth in query volumes was likely driven by a recovery of crypto activity throughout 2023, there were other recent contributing factors to the increase in query volume, including:

就查询量最大的子图而言，Quickswap V3（占总查询量的 9%）领先，其次是 Uniswap V3（7%）和 ENS（6%）。值得注意的是，过去六个季度的查询量呈上升趋势。虽然查询量的最初增长可能是由 2023 年加密货币活动的恢复推动的，但最近还有其他因素导致查询量的增加，包括：

Subgraphs

子图

To bootstrap The Graph, a hosted service was initially created. This service hosted subgraphs as the protocol gradually transitioned to its decentralized network. The hosted service was free (subsidized by The Graph ecosystem) and offered indexing infrastructure run by Edge & Node, the initial team behind The Graph.

为了引导 The Graph，最初创建了一个托管服务。随着协议逐渐过渡到去中心化网络，该服务托管了子图。托管服务是免费的（由 The Graph 生态系统补贴），并提供由 Edge & Node（The Graph 背后的初始团队）运行的索引基础设施。

The first decentralized subgraph launched on the decentralized network in Q1'21. Since then, the Sunrise of Decentralized Data has been on a course to upgrade all subgraphs to its distributed network of independent Indexers in three phases: Sunray, Sunbeam, and Sunrise.

第一个去中心化子图于 21 年第一季度在去中心化网络上推出。从那时起，去中心化数据的日出一直在分三个阶段将所有子图升级到其分布式独立索引器网络：Sunray、Sunbeam 和 Sunrise。

The first phase of the upgrade — Sunray — was completed in March 2024. Sunray brought more chains, free queries, and improved billing, including a free query plan of 100,000 queries per month. This helped developers get started on the network and scale their development.

第一阶段的升级——Sunray——于 2024 年 3 月完成。Sunray 带来了更多的链、免费查询和改进的计费，包括每月 100,000 次查询的免费查询计划。这帮助开发人员开始使用网络并扩展他们的开发。

The second phase — Sunbeam — was concluded in June 2024. Sunbeam focused on upgrading hosted service subgraphs to The Graph Network. The third phase of the upgrade — Sunrise — retired hosted service endpoints and was completed in June 2024.

第二阶段——Sunbeam——于 2024 年 6 月结束。Sunbeam 专注于将托管服务子图升级为 The Graph 网络。升级的第三阶段 — Sunrise — 停用了托管服务端点，并于 2024 年 6 月完成。

As a consequence, the number of deployed subgraphs on The Graph’s Network has steadily increased.

因此，The Graph 网络上部署的子图数量稳步增加。

Over 10,400 active subgraphs successfully transitioned from hosting services to The Graph’s distributed network of independent data indexers as of the end of Q3’24. This translates into a 42% QoQ.

截至 24 年第 3 季度末，超过 10,400 个活动子图成功从托管服务过渡到 The Graph 的独立数据索引器分布式网络。这相当于环比增长 42%。

To improve performance and reduce costs, The Graph transitioned from Ethereum Layer-1 to Arbitrum Layer-2. As a result, approximately 80% of the active subgraphs (8,000 of the total of over 10,000 active subgraphs) were created on Arbitrum over the past two quarters.

为了提高性能并降低成本，The Graph 从以太坊 Layer-1 过渡到 Arbitrum Layer-2。因此，过去两个季度大约 80% 的活跃子图（超过 10,000 个活跃子图总数中的 8,000 个）是在 Arbitrum 上创建的。

Ecosystem Participation

生态系统参与

Subgraphs provide an arena for both technical and non-technical ecosystem participants to interact symbiotically:

子图为技术和非技术生态系统参与者提供了共生互动的舞台：

Staked GRT is required for indexing subgraphs. As Indexers get more GRT delegated, they increase their capacity to index more subgraphs on The Graph Network. Indexers monetize their indexing and query processing services on The Graph's query market by staking GRT.

索引子图需要抵押 GRT。随着索引器获得更多的 GRT 委托，他们会增加在图网络上索引更多子图的能力。索引器通过抵押 GRT 在 The Graph 查询市场上将其索引和查询处理服务货币化。

The minimum stake for an Indexer is currently set at 100,000 GRT (approximately $19,000 as of September 30, 2024). In addition to this minimum, Indexers can also receive delegated stake from other ecosystem participants

索引器的最低股权目前设置为 100,000 GRT（截至 2024 年 9 月 30 日约为 19,000 美元）。除了这个最低限度之外，索引器还可以从其他生态系统参与者那里获得委托权益