Deep Dive
1. Horizon Mainnet Launch (December 2025)
Overview: This major protocol upgrade transforms The Graph from a single-service indexing network into a modular, multi-service data layer. It allows new products like real-time data streams and analytics tools to be built directly on the protocol.
The Horizon upgrade validates a new blockchain architecture where Subgraphs, Substreams, and the Token API can all operate on a single protocol secured by $GRT. This foundational shift is designed to support future data services without requiring separate deployments, making the network more scalable and efficient for developers building complex applications.
What this means: This is bullish for GRT because it significantly expands the protocol's utility and potential revenue streams. A more versatile platform can attract a wider range of developers and applications, which could increase demand for GRT to pay for these diversified services.
(The Graph)
2. Subgraph Dev Mode & New Features (October–November 2025)
Overview: A suite of four new features was released to make building subgraphs faster and more modular. The flagship addition is Subgraph Dev Mode, a local development environment that eliminates the need for IPFS and staging redeploys.
Developers can now instantly see code changes locally ("type → save → see"). Other features include Subgraph Composition for reusing data modules like Lego bricks, Aggregations for pre-computed hourly/daily trends, and Declarative eth_calls for parallelized contract reads that speed up data syncing.
What this means: This is bullish for GRT because it dramatically improves the developer experience. Faster iteration and easier building lower the barrier to entry, which can lead to more subgraphs being created and more query volume on the network, directly driving utility for the GRT token.
(The Graph)
3. Token API Expansion to Solana & Avalanche (July 2025)
Overview: The fourth beta release of the Token API significantly expanded its multi-chain coverage. It added support for Solana's SPL tokens—including transfers, swaps, and account balances—and full NFT and token data on Avalanche.
The update also integrated OHLC (Open-High-Low-Close) price data directly from Uniswap V4 and improved the output consistency for developers using the Managed Chain Provider (MCP) setup.
What this means: This is bullish for GRT because it makes The Graph's data infrastructure more valuable to developers across major blockchain ecosystems. By providing standardized, enterprise-grade token data for Solana and Avalanche, The Graph positions itself as a go-to provider, potentially increasing query fee revenue paid in GRT.
(The Graph)
Conclusion
The Graph's recent codebase advances reveal a clear trajectory: transitioning from a specialized indexing protocol to a foundational, multi-service data layer for all of Web3. The Horizon upgrade provides the architectural foundation, while enhanced developer tools and expanded API coverage drive immediate utility and adoption. How will The Graph's cross-chain data capabilities evolve with its planned Chainlink CCIP integration?