The Graph, as an innovative platform for data indexing and consumption, has recently shown strong network performance and development trends, as revealed in a Messari Research report. The report notes that the number of active subgraphs increased by 3.0% quarter-over-quarter to 15,500, reaching a new all-time high. It also emphasizes ongoing developer engagement; although the pace of new subgraph creation has slowed, the network continues to develop steadily.
In Q4 2025, Layer 2 networks demonstrated outstanding growth, especially Base and Arbitrum. Messari data shows that Base’s query volume reached 1.23 billion, an 11.0% increase quarter-over-quarter, ranking first among all chains. While Ethereum mainnet usage declined, it still maintains significant query demand. Arbitrum showed a 31.0% quarter-over-quarter growth rate, reflecting strong application activity migration and robust expansion.
Staking activities, a key component of The Graph’s economic model, experienced growth for the first time in three quarters. Indexers increased both staked and delegated staked tokens, indicating a recovery in network participant trust. Notably, substreams revenue reached 6.08 million GRT, more than quadrupling from the previous quarter, demonstrating expanding adoption of prioritized data pipelines.
To establish itself as a central hub for digital data services, The Graph is driving a transition toward a modular multi-service data protocol with the launch of Graph Horizon. This initiative offers a broad range of data services beyond subgraph queries, strengthening The Graph’s position as a data service protocol. It also clarifies the strategic direction to more efficiently coordinate data indexing and economic incentive systems. Messari Research believes this update lays a foundation for long-term growth and may accelerate The Graph’s transformation into a comprehensive blockchain data protocol.
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