Blockchain Data Protocols Experience Rapid Growth: OurNetwork Report
According to the latest report from blockchain data analytics firm OurNetwork, Web3 data protocols such as The Graph, Covalent, and Chainlink are experiencing rapid growth and increased attention. Below is an overview of how each protocol is supporting and expanding data-based decentralized applications, as covered by OurNetwork.
# The Graph Sees a 79% Increase in Query Volume in Q3
OurNetwork reports that The Graph has seen a significant increase in query volume following its full transition to a decentralized network, surpassing 5.3 billion queries processed in Q3 2024. This marks a 79% increase from the previous quarter.
The Graph has improved its p50 latency to 166.9 milliseconds (ms), significantly enhancing stability and speed. OurNetwork emphasized that this improvement could be a crucial factor in strengthening Web3 data accessibility. Additionally, the number of active subgraphs surpassed 10,000 as of August, with more than 10,680 subgraphs currently operational. OurNetwork analyzed this growth as indicative of The Graph’s establishment as a vital data infrastructure for decentralized applications.
Notably, the successful processing of the first GRT escrow payment through the Timeline Aggregation Protocol (TAP) developed by Semiotic is also highlighted as a major achievement.
# Covalent Sees Increase in Large Holders and Prepares for EWM Mainnet Launch
OurNetwork noted a significant rise in Covalent’s token holders following the rebranding from CQT to CXT. As of October, the number of large holders (owning more than 0.1% of the total supply) increased by 10%, with the total number exceeding 10,000. OurNetwork assessed that the ecosystem is highly active, with 274 million CXT, representing 32% of the total supply, staked.
Covalent’s Ethereum Wayback Machine (EWM) is being recognized as a solution to Ethereum’s data availability issues. EWM is a tool or service that stores historical data from the Ethereum blockchain, allowing for access to records at specific points in time. This enables users to view transaction details, smart contract states, and more within the Ethereum blockchain.
According to OurNetwork, EWM performed 3.8 million verifications through 569 light clients in October alone, ahead of its mainnet launch.
# Chainlink’s CCIP Records $287 Million in Transaction Volume
OurNetwork revealed explosive growth for Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which has surpassed $287 million in cumulative transaction volume. October alone saw transaction volume hit a record $125.7 million.
Chainlink’s announcement of over 40 new integrations at SmartCon in Hong Kong was identified as a driving force behind CCIP’s growth. OurNetwork also highlighted notable high-value transactions via CCIP, including a $13 million Bitcoin staking transaction on the Solv protocol.
The OurNetwork report suggests that these data protocols play a pivotal role in the Web3 ecosystem, with their growth closely linked to the advancement of Web3 applications.
