Data Protocol Special: The Graph query volume reaches 5.3 billion, Chainlink cross-chain total transfer value exceeds $287 million
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Data Protocol Special: The Graph query volume reaches 5.3 billion, Chainlink cross-chain total transfer value exceeds $287 million
Chainlink's Cross-Chain Interoperability Protocol (CCIP) has rapidly developed since 2024, with cumulative transferred value reaching $287 million.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Compilation: TechFlow
Data Protocols
The Graph | Covalent | Chainlink
The Graph
Christina | Website | Dashboard
The Graph's query volume exceeded 5.3 billion in Q3, a 79% increase quarter-over-quarter
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The Graph has long served as critical data infrastructure for Web3 applications, and its decentralized network is growing rapidly. Following its full transition to decentralization, query volume has surged, reflecting broad ecosystem adoption. In Q3, The Graph processed over 5.3 billion queries—up 79% from the previous quarter—with steady quarterly growth shown in the chart below.
The Graph
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Although demand spikes caused a temporary surge in query volume during Q2 2024, The Graph quickly optimized performance, reducing median latency to 166.9 milliseconds in Q3. This demonstrates their commitment to performance and the reliability of their network infrastructure in delivering fast access to Web3 data amid rising usage.
The Graph
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The number of active subgraphs on The Graph continues to rise, surpassing 10,000 by August 2024 and reaching over 10,680 by October 26. This consistent growth highlights The Graph’s increasingly vital role in supporting decentralized applications at scale.
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Transaction Highlight: The Graph successfully executed its first custodial GRT payment using the Timeline Aggregation Protocol (TAP), developed by core developer Semiotic, marking a key milestone in The Graph’s New Era roadmap. As an alternative to the Scalar system, TAP efficiently handles micropayments by consolidating on-chain transactions and fees. This enables indexers to manage receipts and payments, secure query compensation, and enhance decentralization, trust minimization, and performance.
Covalent
Covalent whale count rises 10% this month ahead of EWM mainnet launch
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Covalent rebranded its primary token from CQT to CXT in July this year. Since then, CXT’s price has remained stable, fluctuating between $0.10 and $0.07. DEX trading volume has largely mirrored price trends, ranging from $500k to $700k before the end of September and settling around $300k thereafter.
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Since July, the total number of CXT holders has increased by 20%, reaching approximately 10,000. The smallest holder category—those holding less than 0.0001% of total supply—collectively hold 55% of the circulating supply. Notably, the number of whales (holders with more than 0.1% of total supply) grew by 10% in October.
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Covalent’s Ethereum Warp Machine (EWM)—a solution designed to address Ethereum data availability—is set to launch on mainnet this month after testing. It currently hosts 569 light clients—small nodes capable of running on standard hardware—which completed 3.8 million validations in October alone.
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Currently, 274 million CXT are staked, representing 32% of circulating supply. Reward redemptions hit an all-time high in the final week of September, exceeding 600,000 tokens—roughly double the previous peak set in late August. Delegated CXT has reached 99.7% of the allowed cap.
Chainlink
Matias Herrán | Website | Dashboard
Chainlink’s Cross-Chain Interoperability Protocol surpasses $287 million in total transferred value
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Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has grown rapidly since 2024, accumulating over $287 million in total transferred value. At SmartCon in Hong Kong, Chainlink Labs also announced over 40 new integrations, signaling strong momentum with no signs of slowing down.
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October marked a record month for CCIP, with users transferring $125.7 million in value across blockchains—accounting for over 43% of CCIP’s historical total transfer volume.
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One notable transaction involved $13 million bridged via Solv Protocol using CCIP. Solv Protocol is a leading Bitcoin staking platform. Users continue to execute high-value cross-chain transactions through CCIP, visible on the CCIP Explorer, with this transaction standing out due to its size.
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