The Graph | Covalent | Chainlink

• The Graph has consistently powered web3 dapps with essential data infrastructure, witnessing rapid growth on its decentralized network. Query volume has had another sharp increase following the recent full transition to a decentralized network, reflecting heightened adoption across the ecosystem. In Q3, The Graph processed over 5.3B queries, marking a 79% increase from the previous quarter. The chart below illustrates the continued rise in query volume each quarter.

• Although demand-driven increases led to a temporary peak in Q2 2024, The Graph quickly optimized performance, reducing p50 latency to 166.9ms in Q3, reflecting their commitment to performance and a resilient network infrastructure that delivers consistently fast access to web3 data as usage expands.

• The Graph's cumulative active subgraphs count continues to grow, surpassing 10k total subgraphs in August 2024. With over 10,680 subgraphs as of Oct. 26, this steady increase highlights The Graph’s expanding role in supporting decentralized applications at scale.

• Covalent transitioned its CQT, its main token, to CXT in July this year. The CXT Price has stayed flat since, fluctuating between $0.1 and $0.07. Decentralized exchange (DEX) volumes largely followed the price trend, floating between $500k-$700k until end of September and around $300k since.

The total holder has grown by 20% since July to around 10k — the smallest holder category, defined as holding less than %0.0001 of total CXT supply, holds 55% of the supply in aggregate. Interestingly, the whale count —an address which holds +0.1% of the total supply— grew by 10% during October.

• Covalent's Ethereum Wayback Machine (EWM), a proposed solution to solve Ethereum data availability program, is set to leave testnet this month with 569 Light Clients. These are small nodes which can run on commodity hardware. The nodes have already made 3.8M validations in October.

• Currently 274M CXT —32% of the circulating supply— are staked. Reward redemptions had an all-time high (ATH) in the last week of September with +600k — roughly twice of the previous ATH in the last week of August. The amount of CXT delegated is at 99.7% of the allowed cap.

• Chainlink Cross-Chain Interoperability Protocol (CCIP), which facilitates cross-chain transfers, has taken off in 2024 as cumulative transfers value hit $287M. Chainlink Labs also reported 40+ new integrations at SmartCon Hong Kong, suggesting little reason for CCIP growth to slow.

• October has been a record month for CCIP as users have transferred $125.7M of value across blockchains using the protocol. That accounts for over 43% of the all-time value transferred via CCIP.

• Here's a single transaction which bridged $13M using CCIP via Solv Protocol, a leading Bitcoin staking platform. Users continue to push high-value transactions across chains using CCIP —visible on the CCIP Explorer— this transaction's size especially raised eyebrows.