The Graph is a protocol for indexing and querying data from blockchains, removing the need for developer teams to run nodes that store historical blockchain data. The protocol allows users to read and retrieve complex blockchain data via a standard JSON file called a Subgraph Manifest. Developers can then utilize an open API (called a “subgraph”) that maps smart contract event data to provide standard definitions and descriptions of the required data. Subsequently, developers can retrieve indexed data by querying the subgraphs built for specific applications using the GraphQL language.

The indexing protocol was initially released as a hosted service, in which developers relied on centralized node infrastructure provided by the project team to build and deploy subgraphs for decentralized applications. While the hosted service continues to operate to date, the protocol also exists as a decentralized network. On the decentralized network, developers can deploy subgraphs to a registry hosted on Ethereum, Arbitrum, or other supported networks rather than deploying subgraphs to a local or hosted Graph node. As the decentralized network matures, the hosted service will eventually be discontinued. As of April 2024, the hosted service continues to provide subgraph support for several applications and networks (for free). Although the hosted service is being discontinued in three phases, the second phase is ongoing.