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1 Billion Monthly Queries

For Ethereum, June was a record-breaking month.

1 Billion Monthly Queries iBase Trading.
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For Ethereum, June was a record-breaking month. Over the last six months, the average daily query volume on The Graph’s Hosted Service has been between 20 and 30 million.

But in June 2020, it increased to 40 to 60 million. The Graph processed over 1 billion requests over 1,600 subgraphs.


Ethereum’s One Billion Achievement

Hitting 1 billion monthly inquiries is a significant milestone, not only for the team constructing The Graph but for the entire Ethereum and Web3 communities. It indicates that the adoption of dApps is increasing and that it is getting more consistent. Month-over-month (MoM) query volume growth has increased by over 50% since January 2020. This has a 59 percent increase from May to June.

Over the last nine months, the rate of new users and subgraph creation has been stable, with a 7-12 percent monthly growth rate. It’s clear that the number of queries is outpacing the number of subgraphs created. In other words, Ethereum usage is expanding at a rate of 5 times that of Ethereum developer activity.

The Source

Currently, DeFi accounts for 76% of all overall query volume (all-time), although its use is becoming more diverse. Three months ago, entertainment applications such as arts and collectibles and gaming only made up 5% of overall volume, but now they make up 12% of total traffic. DAOs, marketplaces, and software computing platforms are also very popular.

Dominance of DeFi

Most DeFi programs, such as Synthetix, Uniswap, Gnosis, Balancer, Aave, Opyn, 1inch Exchange, Rainbow Wallet, and others, are powered by subgraphs! Even though DeFi accounts for only 76 percent of the current volume, it accounted for more than 85 percent of volume in June alone. Derivatives applications make up the majority of the Ethereum market, while decentralized exchanges and currency bridges are also popular.

In June, numerous new DeFi governance tokens were distributed, and several new dApps were launched. This has a double-edged effect:

  • The volume of queries to specific subgraphs can increase as dApp usage rises.
  • Liquidity, trade volume, and new token holders all impact other dApps, such as exchanges. The beauty of open and permissionless protocols is that they allow apps to build on the success of others.

Subgraphs are open APIs, which means that anyone can use them, not just smart contract developers. Data aggregators, financial app aggregators, wallets, registries, and marketplaces are some of the most interesting DeFi use cases for subgraphs.

A regression with Ethereum Market Cap as the dependent variable now demonstrates a correlation. With this, you can get to the front-end app. This is exciting news since it signifies that Ethereum is gradually becoming a fundamentals-driven platform.

Limitless and Beyond

With subgraphs, the possibilities are infinite. A subgraph can index and query any on-chain event or call data, including trade volumes, asset prices, and voting outcomes. This provides access to the front-end application. Even better, new developers won’t have to interface with a blockchain to query a subgraph, lowering the barrier to entry for them.

Although the Hosted Service is currently processing queries, applications must have faith in their capacity to stay up and serve their users. As a result of this, the team is working hard to make the decentralized Graph Network available to the public. Then server-less apps could be created. Additional incentives for data indexers are available to members of the community.

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Abby Hernandez is an independent crypto writer for iBaseTrading. She is passionate about NFT, decentralization and anything related to blockchain technology. She has worked in the financial sector for 7 years and loves yoga and dancing.