ON–319: Data Protocols 📊
Coverage on The Graph, Celestia, Arweave, RedStone, & Covalent
📝 Editor’s Note: Setting the Scene
This issue of OurNetwork is covering Data Protocols, defined as blockchain-based projects which either store or transmit data as their primary value proposition.
Oracles, which provide off-chain data to smart contracts, are a key subcategory in the data protocols space. The technology is also crucially important — oracles' secure over $60B in value, according to DeFi Llama.
In this issue, OurNetwork will cover a key oracle, which made waves this week when it release a token. Contributors to this issue also covered data protocols at the forefront of data availability, data storage, and data indexing.
Let's get into it.
– ON Editorial Team
ON–319: Data Protocols 📊
The Graph | Celestia | Arweave | RedStone | Covalent
The Graph 🧑🚀
👥 Christina Mills | Website | Dashboard
📈 The Graph Continues to Scale Efficiently, with Query Volume Surging Almost 10x Year-over-Year to 5.95B in Q4 2024
Query volume on The Graph, the powerhouse of decentralized data indexing, experienced explosive growth in 2024, reaching 5.95B queries in Q4 2024, a more than 980% increase from Q4 2023, which had 958M. The Q4 2024 figure is also a 8,000%+ surge from Q1 2022, which had 73M queries. Each quarter in 2024 had record-breaking usage, with queries nearly doubling each quarter. This sustained momentum highlights The Graph’s expanding adoption and its role as essential data infrastructure, consistently powering web3 dapps through its decentralized network.
The Graph's median latency remains efficient as query volume surges. In Q4 2024, latency improved to 140 milliseconds from 188.9 milliseconds in Q2 2024, a 26% reduction in two quarters. Despite an almost 10x year-over-year query increase, performance remains strong, reinforcing The Graph’s scalability and commitment to efficiency.
