Indexing Protocol The Graph’s GRT Token Soars Back Past $1B Market Cap

The token has risen 55% over the past week amid significant growth of The Graph ecosystem.

AccessTimeIconFeb 7, 2023 at 12:26 a.m. UTC
Updated Feb 7, 2023 at 3:09 p.m. UTC

Indexing protocol The Graph’s GRT token surpassed a $1 billion market capitalization again on Sunday, according to data from CoinMarketCap. The spike reflects the platform’s significant ecosystem growth in 2022, particularly during the fourth quarter.

The token began to climb at the beginning of 2023 after plummeting in the second half of 2022, and is now trading at around 13 cents, up 55% over the last seven days. GRT had risen above $5 billion in market value before spiraling as the wider crypto market started tumbling in late 2021.


The Graph removes the need for data consumers like app developers to expand complex infrastructure for gathering on-chain data. It currently supports indexing data from 26 different blockchain networks, including Ethereum, Near, Arbitrium, Optimism, Polygon, Avalanche, Celo, Fantom, Moonbeam and IPFS.

The two main sources of revenue for the project are inflationary indexing rewards and query fees paid by data consumers, according to a Messari February report on the protocol.

Data from the report showed that in the fourth quarter of 2022, The Graph witnessed a 66% quarter-over-quarter increase in GRT revenue from query fees (In USD terms this amounts to a 5% QoQ increase and a 265% year-over-year rise.) The report also noted that query fees “should continue to increase as more subgraphs are migrated to mainnet in the coming quarters.”

Some analysts also attributed GRT’s rally to its link to Artificial Intelligence (AI) related tokens, which have been surging recently due to the ChatGPT effect. CoinMarketCap’s rankings of the “most valuable AI and big data crypto projects and tokens” currently has The Graph as the leading platform in market capitalization. According to Pablo Jodar, a crypto analyst at GenTwo, “I think it is linked to the rally on AI stocks, due to the ChatGPT effect.”

The platform raised $50 million in a funding round that was led by Tiger Global Management in January 2022.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.