The @graphprotocol Q4 2025: While $GRT pulled back, the network quietly strengthened across usage, revenue diversification, and long-term positioning. Full report below 👇

Active Subgraphs hit a new all-time high: 15.5K (+3% QoQ). Developer engagement remains durable, even as new Subgraph creation slowed.

Substreams had a breakout quarter. Revenue surged 4x QoQ to 6.08M GRT, the highest on record. Streaming-first, high-performance data pipelines are gaining real traction.

And the biggest shift: Graph Horizon. A major architectural upgrade that transforms The Graph into a modular, multi-service data protocol, expanding beyond Subgraphs toward broader data services.