• Active Subgraphs reached a new all-time high of 15.5K, up 3.0% QoQ, indicating continued developer engagement despite a sharp slowdown in new Subgraph creation. • Layer 2 networks continued to drive usage, with Base leading all chains at 1.23 billion queries, up 11.0% QoQ, and Arbitrum posting the strongest growth among major networks, increasing 31.0% QoQ. • Substreams revenue hit a record high, rising more than 4x QoQ to 6.08 million GRT, marking a breakout quarter and signaling growing adoption of streaming-first, high-performance data pipelines. • Staked GRT increased for the first time in three quarters, as both Indexer self-stake and delegated stake recovered, suggesting renewed confidence among core network participants. • The rollout of Graph Horizon repositioned The Graph as a modular, multi-service data protocol, laying the foundation for broader data services and more diversified fee generation beyond Subgraph queries. • Primer The Graph (GRT) is an indexing protocol that provides onchain data, such as DeFi transactions and liquidity pool data, from various sources.
Article Summaries:
- State of The Graph Q4 2025
In Q4 2025, The Graph reported continued developer engagement with active Subgraphs rising to 15.5 k, a 3 % QoQ increase, despite a slowdown in new Subgraph creation. Layer‑2 usage grew, led by Base with 1.23 billion queries (+11 % QoQ) and Arbitrum posting the strongest quarterly growth at 31 %. Substreams revenue hit a record 6.08 M GRT, up more than fourfold QoQ, indicating wider adoption of streaming data pipelines. Staked GRT increased for the first time in three quarters, reflecting renewed confidence among Indexers and Delegators. The launch of Graph Horizon repositioned the network as a modular, multi‑service data platform, setting the stage for diversified fee generation.
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