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The Graph, Arweave, Pyth & Covalent.

• The Graph has provided critical web3 data infrastructure for dapps via its subsidized hosted service since January 2019 and has now fully transitioned to its decentralized network. The transition has been underway for months, but traffic surged around the start of hosted service rate limiting. This led to an 85.9% increase in June query volume (1.36B) compared to May, which was up 23.4% from April. This chart shows the acceleration in the query volume leading to the deadline.

• The transition away from the hosted service is evident not only in overall query volume but also in the rising number of users doing at least 1M queries a week. This increase, sustained for 9 weeks, shows more customers moving production volume to the decentralized network around the deadlines.

• This growth can be observed in both the query volume demand, as well as the number of subgraphs published to the network. Active subgraphs surged from 3,942 in early June to 7,170 by June 30th. Compared to the query volume increases, the subgraphs migration saw its strongest growth 1-2 weeks before.

• 💦🔬 Tx-Level Alpha: StreamingFast, a core developer, used the smart contract to bill for their substreams data service using GRT. The Graph is starting to expand its offerings to include new data services. This transaction was the first time value was transacted on the network for a data service outside of the core subgraph offering. The creation of new data services by core developers and third parties could lead to The Graph serving more developer use cases for accessing blockchain data.

• AO is a parallel computer native to Arweave, capable of executing arbitrary processes, each up to 16GB in memory size. This advancement is paramount in the evolution of Web3, because for the first time we can run LLMs in a fully decentralized manner, enabling autonomous agents to *natively* leverage AI. Processes spin up as needed, and can self-instantiate. AO is being distributed 100% to the community, to holders of AR and depositors of liquid staking tokens, accounting for $447M of assets.

• So far, over 100K processes have been spawned on the AO testnet. All can execute in parallel, without shared memory limitations. The only limit (16GB memory per process) is imposed due to the WASM64 VM processes must currently run within, which will eventually be lifted as well.

• Since the launch of the AO testnet, data stored on Arweave (the crypto-native permanent data storage protocol) has doubled weekly on average, increasing from roughly 1TB to 2TB per week.

• 💦🔬 Tx-Level Alpha: The first public-facing LLM deployed on AO, in the form of a silly game, demonstrates the beginning of the next era of compute: Autonomous agents are now able to self-instantiate LLMs to make decisions, generate revenue, and sustain themselves perpetually.

• Covalent currently has 32 operators, which include 18 Block Specimen Producers, 14 Block Result Producers, and 1 Query Node Operator. The total network stake stands at 188,931,763.89 CXT out of a total supply of 1,000,000,000 CXT — 22.06% of the current circulating CQT supply is staked. On the delegation front, there is currently only 6.5562 CXT available for delegation, with the delegation space being fully utilized at nearly 100%

• The top validators hold 12.25M CXT each with ~13% APY. StakeWithUs and Allnodes have the lowest 5% commission, while 11(k9) has the highest at 20%. Delegation slots are scarce, indicating high demand. The top staker holds 13.08M CXT, and top redeemer has redeemed 50,615.7 CXT.

• Both weekly trades and volume of CQT peaked in late 2021 at +2k transactions with 10.5M CQT traded on DEXs before trading volume dropped. The overall volume stayed low until early 2024, when both started to rise again- with the most recent spike coinciding with the announcement of the transition of CQT to CXT. 

• 💦🔬 Tx-Level Alpha: Covalent migrated its native token from CQT to CXT on the July 10. This transition includes staking and governance migrations to Ethereum, ensuring token security and liquidity improvements. The migration will be automatic for current CQT holders, stakers, and exchanges.

• Pyth Network has recently added support for more price feeds and now has exposure to over 500+ real-time price feeds, covering a diverse range of asset classes including cryptocurrencies, equities, foreign exchange (FX), rates, and metals. Here you can dive deeper into the diverse feeds Pyth offers. Pyth has 650+ upcoming price feeds across multiple chains.

• The price of the Pyth Network token (PYTH) dropped primarily due to a significant token unlock in May 2024, which increased the amount of PYTH in circulation by 140%. This increase in supply likely led to selling pressure, contributing to the decline in price. Additionally, the overall market conditions and a slump in the broader cryptocurrency market also played a role in the decrease in PYTH's value. Currently there is $351.84M in PYTH staked with a market cap of $1.08B. Staked amount has shrunk ~14.48% over the past 30 days. Price has also fallen 23.08% to $0.30 from $0.39 in that same period.

• There has been a reduction of about 30k PYTH stakers since April 9, 2024 and now sits at 133.69k net stakers & 248.77k total unique stakers since January 2024. The average staked amount per user is $2,631.76. Stakers have dropped since May but over the last few weeks it seems to be flattening out.

• 💦🔬 Tx-Level Alpha: There have also been numerous 6-figure $PYTH stakers in July which reflects the recent sentiment that PYTH is leveling out and seems to be on the upswing with strong belief surrounding the Pyth Network and token. For example this account staked $75,586.84 of PYTH on July 4, 2024.

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