The Graph Business Model Canvas: Complete BMC Analysis

Free preview

Key Partnerships

1,000+ dApps (Uniswap, Aave, Compound, etc.)
70+ blockchain networks (multi-chain indexing)
Indexer node operators (decentralized queries)
Subgraph developers (API creators)
Edge & Node (core development team)
Audit and security partners
Cloud infrastructure providers (Indexers)

Key Activities

Decentralized blockchain data indexing
Subgraph hosting and serving (query processing)
GRT token economy management (staking, curation)
Multi-chain expansion (70+ networks)
Indexer network coordination
Subgraph Studio development tools
Protocol upgrades and scaling

Key Resources

Decentralized indexing network
Subgraph ecosystem (1,000+ subgraphs)
GRT token economy (Indexers, Curators, Delegators)
70+ supported blockchains
Billions of monthly queries processed
Edge & Node development team
Subgraph Studio (developer tools)
Multi-chain infrastructure

Free preview

Value Propositions

Decentralized blockchain data indexing (Google of blockchain)
Subgraph API model (developer-friendly)
70+ chain support (widest indexing coverage)
Billions of monthly queries processed
GRT token economy (stake, curate, delegate)
1,000+ dApp integrations
Eliminates centralized indexing servers
Open-source and permissionless

Customer Relationships

Developer documentation (thegraph.com/docs)
Subgraph Studio (self-service tools)
GRT staking rewards (Indexers, Delegators)
The Graph community (Forum, Discord)
Grants program (ecosystem funding)
Graph Day events
Core developer support

Channels

thegraph.com (protocol portal)
Subgraph Studio (developer IDE)
Graph Explorer (subgraph discovery)
Direct dApp integration (API endpoints)
Developer documentation
Discord and governance forum
Blockchain developer conferences

Free preview

Customer Segments

dApp developers (query blockchain data — primary)
DeFi protocol frontends (Uniswap, Aave, etc.)
Indexers (earn GRT by serving queries)
Curators (signal valuable subgraphs)
Delegators (delegate GRT for passive income)
Analytics and data platforms
Multi-chain dApp developers

Cost Structure

GRT indexing rewards (Indexer incentives)
Protocol development (Edge & Node)
Multi-chain infrastructure costs
Grants program distributions
Security audits
Community management
Developer tools (Subgraph Studio)
Governance infrastructure

Revenue Streams

Query fees (GRT paid by dApps per query)
GRT indexing rewards (protocol emissions)
Curation signal fees (bonding curve)
Protocol treasury returns
GRT token appreciation
Future premium services
Enterprise indexing solutions
Subgraph migration fees

Frequently asked questions about The Graph

How does The Graph make money?

The Graph makes money primarily through Query fees (GRT paid by dApps per query), GRT indexing rewards (protocol emissions), Curation signal fees (bonding curve), Protocol treasury returns, GRT token appreciation and Future premium services. These revenue streams are the foundation of The Graph's business model and show how the company monetizes the value it creates for its customers.

What is The Graph's business model?

The Graph's business model is built on delivering Decentralized blockchain data indexing (Google of blockchain), Subgraph API model (developer-friendly), 70+ chain support (widest indexing coverage), Billions of monthly queries processed, GRT token economy (stake, curate, delegate) and 1,000+ dApp integrations. It targets dApp developers (query blockchain data — primary), DeFi protocol frontends (Uniswap, Aave, etc.), Indexers (earn GRT by serving queries), Curators (signal valuable subgraphs), Delegators (delegate GRT for passive income) and Analytics and data platforms and generates revenue from Query fees (GRT paid by dApps per query), GRT indexing rewards (protocol emissions), Curation signal fees (bonding curve), Protocol treasury returns, GRT token appreciation and Future premium services, mapped across the nine building blocks of the Business Model Canvas.

Who are The Graph's target customers?

The Graph primarily serves dApp developers (query blockchain data — primary), DeFi protocol frontends (Uniswap, Aave, etc.), Indexers (earn GRT by serving queries), Curators (signal valuable subgraphs), Delegators (delegate GRT for passive income) and Analytics and data platforms. Understanding these customer segments is key to how The Graph designs its products, pricing and go-to-market strategy.

What is The Graph's value proposition?

The Graph's core value propositions are Decentralized blockchain data indexing (Google of blockchain), Subgraph API model (developer-friendly), 70+ chain support (widest indexing coverage), Billions of monthly queries processed, GRT token economy (stake, curate, delegate) and 1,000+ dApp integrations. These are the main reasons customers choose The Graph over the alternatives.

Who are The Graph's key partners?

The Graph works with key partners such as 1,000+ dApps (Uniswap, Aave, Compound, etc.), 70+ blockchain networks (multi-chain indexing), Indexer node operators (decentralized queries), Subgraph developers (API creators), Edge & Node (core development team) and Audit and security partners. These partnerships help The Graph reduce risk, access resources and scale its business model.

What are The Graph's main costs?

The Graph's cost structure is driven mainly by GRT indexing rewards (Indexer incentives), Protocol development (Edge & Node), Multi-chain infrastructure costs, Grants program distributions, Security audits and Community management. Managing these costs efficiently is central to The Graph's profitability and long-term sustainability.

The Graph Business Model Canvas: Complete BMC Analysis

Key Partnerships

Key Activities

Key Resources

Value Propositions

Customer Relationships

Channels

Customer Segments

Cost Structure

Revenue Streams