The Graph Network Achieves Record 1.95 Billion Queries in July 2024, Embraces Web3 Principles with Major Decentralization Shift

The Graph Network has achieved a new record in July 2024 by handling 1.95 billion queries, reflecting an 11-fold increase from July 2023.

The Graph Network (CRYPTO: GRT) achieved a new record in July 2024 by handling 1.95 billion queries, reflecting an 11-fold increase from July 2023.

Queries On The Graph Surged In July

The number of queries on The Graph has surged to over 2.9B queries as of July 2024, according to Messari's Q2 report for The Graph.

The decentralized nature of The Graph enables efficient data utilization, making it a preferred choice for several applications.

The Graph Embraces Web3 Principles In Latest Shift

In a significant development, The Graph became fully decentralized on June 12, 2024.

With this move, The Graph officially ended its free hosted service, allowing decentralized applications (dApps) to independently manage their data, removing reliance on a centralized infrastructure.

Following this change, The campaign to transform The Graph from a hosted service to a fully decentralized network rapidly gained momentum.

The shift to a decentralized model is part of the broader goal to achieve real decentralization in the crypto market.

Highlighting the importance of such a shift, Tegan Kline, new CEO of Edge & Node, the original team behind The Graph, stressed on the sharp upward trend for queries, indicating the need for secure, trustworthy, and censorship-resistance data from decentralized sources.

The successful transformation of a decentralized model is a major achievement in data sovereignty and Web3.

The Graph Hosts 60 Blockchains, Enhances Data Access And Syncing Speed

In a contrasting approach to the current regulation of cryptocurrencies and blockchain projects, where the majority are experiencing pressure at the moment, The Graph's success story proves that decentralization can be possible, effective, and sustainable.

This means the network has over 60 blockchains hosted, offering developers cheap data rates and faster syncing.

Moreover, at the moment, The Graph is considering expanding on the possibilities of operating with more than subgraphs.

The project is setting up the global Knowledge Graph through Edge & Node to share the data that is distributed and checkable by both people and devices. This is a huge step for the attempts to improve the data availability and integration toward the Web3 ecosystem.