The decentralized ecosystem of The Graph ($GRT), “an indexing protocol for querying networks like Ethereum and IPFS,” is seeing substantial growth according to a recent research report by Messari.

This quarterly report, which is titled “State of The Graph Q4 2022“, was written by Dr. Mihai Grigore, who leads the Web3 protocol research team at Messari.

The report highlights that as of December 2022, there are 618 active subgraphs on The Graph mainnet (launched on 17 December 2020), representing a 25% increase quarter-over-quarter and a 151% year-over-year increase. This growth is largely due to The Graph’s focus on removing technical barriers for developers and making it easier for them to access on-chain data.

The report also mentions the expanding network of Indexers, Curators, and Delegators on The Graph, with a 33% increase in Indexers, 9% increase in Delegators, and 2% increase in Curators quarter-over-quarter. Indexers play a crucial role in the network, processing and storing on-chain data from subgraphs, while Curators “analyze and signal which subgraphs are valuable to index.” Delegators, on the other hand, delegate their $GRT to Indexers to “earn a portion of the query fees and indexing rewards without running nodes themselves.”

In terms of revenue, The Graph experienced a 66% quarter-over-quarter increase in $GRT revenue from query fees in Q4 2022 and a 6,228% year-over-year increase. This increase in query fees is expected to continue “as more subgraphs are migrated to the mainnet in the coming quarters.”

The report highlights that the migration of subgraphs from the hosted service to the decentralized network is a key focus for The Graph community, and this growth in subgraphs should drive growth among other key metrics of the protocol, from ecosystem participation to revenue generated from query fees.

According to a report by The Daily Hodl published earlier today, James Mullarney, the host of the very popular YouTube channel “InvestAnswers”, had this to say about The Graph in a video published on 9 February 2023:

“Now [The] Graph got my attention over two years ago because it is the Google of blockchain and Web3 needs transparency... I believe The Graph could go over $1 for the next bull run. And remember, that could start six months from now, 14 months from now, or a year and a half from now... But I do believe it will go over $1 which is a 7X from the current price, which is kind of crazy to think. It’s risky, but the rewards are there.