Data Protocol Special: The Graph query volume reaches 5.3 billion times, Chainlink's total cross-chain transfer value exceeds 287 million USD.

Chainlink's Cross-Chain Interoperability Protocol (CCIP) has rapidly developed since 2024, with a total transfer value reaching $287 million.

Author: OurNetwork

Translated by: ShenChao TechFlow

Data Protocols

The Graph | Covalent | Chainlink

Christina | Website | Dashboard

The Graph has consistently provided essential data infrastructure for Web3 applications, with its decentralized network growing rapidly. Following a recent full transition to a decentralized network, query volume has significantly increased, reflecting widespread adoption of the ecosystem. In the third quarter, The Graph processed over 5.3 billion queries, a 79% increase from the previous quarter, as shown in the chart below, which illustrates the continuous growth in query volume each quarter.

The Graph

Although there was a temporary peak in query volume in the second quarter of 2024 due to increased demand, The Graph quickly optimized its performance, reducing the median latency in the third quarter to 166.9 milliseconds. This reflects their commitment to performance and the provision of reliable network infrastructure for fast access to Web3 data amid increasing usage.

The Graph

The number of active subgraphs on The Graph continues to rise, exceeding 10,000 as of August 2024. As of October 26, this number has increased to over 10,680. This steady growth indicates the increasingly important role The Graph plays in supporting decentralized applications at scale.

Transaction Highlights: The Graph network successfully processed its first custodial GRT payment using the timeline aggregation protocol (TAP) developed by core developer Semiotic, marking a significant achievement in The Graph's New Era roadmap. As an alternative to the Scalar system, TAP efficiently handles small payments by integrating on-chain transactions and fees. This enables indexers to manage receipts and payments, ensuring query payments and achieving decentralized, trust-minimized gateways along with performance enhancements.

Maus | Website | Dashboard

Covalent rebranded its main token CQT to CXT in July this year. Since then, the price of CXT has remained stable, fluctuating between $0.1 and $0.07. The trading volume on decentralized exchanges (DEX) has generally aligned with the price trend, fluctuating between $500k and $700k before the end of September, and around $300k thereafter.

Since July, the total number of CXT holders has increased by 20%, reaching approximately 10,000. Among them, the smallest holder category (those holding less than 0.0001% of the total supply) collectively holds 55% of the supply. Interestingly, the number of whales holding more than 0.1% of the total supply increased by 10% in October.

Covalent's Ethereum Time Machine (EWM) is a solution aimed at addressing Ethereum data availability issues, planning to transition from testnet to mainnet this month, currently having 569 light clients. These light clients are small nodes that can run on ordinary hardware, having completed 3.8 million validations in October.

Currently, 274 million CXT are staked, accounting for 32% of the circulating supply. Reward redemptions reached a historical high in the last week of September, exceeding 600,000, approximately double the historical peak set in the last week of August. The amount of delegated CXT has reached 99.7% of the allowed maximum.

Matias Herrán | Website | Dashboard

Chainlink's Cross-Chain Interoperability Protocol (CCIP) has rapidly developed since 2024, with a total transfer value reaching $287 million. At the SmartCon conference in Hong Kong, Chainlink Labs also announced over 40 new integrations, demonstrating strong growth momentum for CCIP, with almost no signs of slowing down.

October was a record month for CCIP, with users transferring a value of $125.7 million across blockchains through the protocol, accounting for over 43% of the total historical transfer value of CCIP.

Among them, one transaction bridged $13 million using CCIP through Solv Protocol, a leading Bitcoin staking platform. Users continue to conduct high-value cross-chain transactions via CCIP, which are visible on the CCIP Explorer, with this particular transaction being especially noteworthy.

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