As a seasoned analyst with over two decades of experience in the tech industry, I must say that The Graph Network’s achievement of serving 1.95 billion queries in July 2024 is nothing short of extraordinary. The impressive growth, especially when compared to the same month last year, underscores the potential and resilience of decentralized technologies.
In July 2024, The Graph Network reached an unprecedented achievement, handling an astonishing 1.95 billion queries – a remarkable 11-fold increase from the same period the previous year. This remarkable growth follows The Graph’s successful shift to a decentralized structure, signaling a significant turning point in the realm of Web3 and decentralized data retrieval.
In simple terms, The Graph’s developers, Edge & Node, revealed that the count of subgraphs on their decentralized network surged past 9,000 – a massive 361% growth from the initial quarter of 2024.
This growth is associated with the “Sunrise of Decentralized Data” project, spearheaded by Tegan Kline, who became CEO of Edge & Node in 2023. This initiative transformed The Graph from a centralized service into a completely decentralized model, empowering developers and dApps to handle their data independently.
Starting on June 12, 2024, The Graph moved forward with an official change, as it ended its free hosted service, eliminating the final element of centralized support. Now, developers have direct access to secure, dependable, and censorship-resistant data via The Graph’s decentralized network.
As a crypto investor and follower of the developments at Edge & Node, I can’t help but share my exhilaration. The past year has seen me on an incredibly rewarding journey, supporting the Edge & Node team as they transformed The Graph’s hosted service into a decentralized network. Witnessing each team member rise to the challenge and contribute to this global data autonomy movement has been nothing short of amazing.
In a period when crypto ventures are under growing examination, The Graph’s choice to completely decentralize emphasizes the significance of adhering to the principles of Web3. By shifting towards a decentralized framework, The Graph has shown that data autonomy and decentralization aren’t simply aspirations—they can be realized realities.
The decentralized network of The Graph currently accommodates more than 60 different blockchains, providing developers with reduced costs and quicker synchronization times. As the network expands, The Graph intends to upgrade subgraphs for improved querying efficiency and investigate additional data sources, preparing for future growth and development.
Edge & Node envisions The Graph serving a more significant part in shaping a “universal mind” of distributed data, establishing the framework for a Knowledge Graph that is trustworthy for both humans and artificial intelligence to utilize as a source of accurate information.
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2024-09-17 16:20