The Graph vs Subsquid: Which Crypto Indexer Wins in 2026
// Quick answer
Pick The Graph. Decentralized indexer network with GRT-staked operators.
Should you pick The Graph or Subsquid? Depends on what you actually need. Not what marketing pages tell you you need.
The Graph wins on ecosystem scale, indexer decentralization and the established standard for blockchain indexing with thousands of subgraphs powering major DeFi and Web3 applications. Subsquid wins on indexing speed, custom data pipelines and the SQD Network architecture that produces materially faster historical syncs for new indexers. If you want the established indexing standard pick The Graph. If you want fastest historical sync and custom pipelines pick Subsquid. Built and tested with Crawlux by Crawlux.
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// TL;DR
Key takeaways
- →Pick The Graph. Decentralized indexer network with GRT-staked operators.
- →Pick Subsquid. Materially faster than The Graph for new chain indexing.
- →The Graph: Largest indexing protocol with thousands of production subgraphs.
- →Subsquid: Materially faster historical data sync.
The Graph vs Subsquid at a glance
Skip to the section you need. Or read the full breakdown below.
If you want decentralized indexing infrastructure
Pick The Graph. Decentralized indexer network with GRT-staked operators.
If you want fastest historical data sync
Pick Subsquid. Materially faster than The Graph for new chain indexing.
If you want the most established subgraph ecosystem
Pick The Graph. Thousands of production subgraphs across major dApps.
If you want custom data transformations
Pick Subsquid. More flexible pipeline architecture for non-standard indexing.
Why The Graph is better than Subsquid
The Graph wins on three specific axes that matter for most Indexing protocol users.
Largest indexing protocol with thousands of production subgraphs. The Graph powers indexing for thousands of dApps including Uniswap, Aave, Synthetix, Compound, ENS, MakerDAO and most major DeFi protocols. The ecosystem network effects are real: developers default to The Graph because indexers are already there; indexers serve The Graph because subgraphs are already there. For projects wanting battle-tested indexing infrastructure The Graph is the standard.
Decentralized indexer network creates real infrastructure resilience. The Graph network has 100+ active indexers staking GRT to provide indexing services. Multiple indexers serve each subgraph creating real redundancy. Subsquid has indexer network but materially smaller. For applications where infrastructure resilience matters The Graph's decentralized indexer set provides stronger guarantees.
Stronger token economics with GRT staking for indexer rewards. GRT holders can stake to indexers (delegating) earning a share of indexing query fees. The mechanism creates real revenue flow tied to subgraph usage. Subsquid has SQD staking but with shorter operational track record. For users wanting indexing-protocol token exposure The Graph has more mature economics.
Why Subsquid is better than The Graph
Subsquid wins on a different set of axes. Three points where it materially beats The Graph.
Materially faster historical data sync. Subsquid's SQD Network architecture pre-processes blockchain data into optimized formats that indexers can query much faster than re-running indexing logic from scratch. Historical sync for a new indexer can be 5-50x faster than The Graph subgraph indexing for the same data range. For projects deploying new dApps with substantial historical data Subsquid's speed advantage is materially better.
Custom data pipeline flexibility. Subsquid's architecture supports custom data transformation pipelines that can do more sophisticated data manipulation than The Graph's subgraph mappings. For projects with non-standard indexing requirements (complex aggregations, custom data joins, multi-protocol data combining) Subsquid is more flexible. The Graph is being extended with new features but Subsquid's core architecture is more pipeline-friendly.
Better chain support breadth including non-EVM. Subsquid supports 100+ chains including major EVM chains plus Solana, Substrate-based chains (Polkadot ecosystem), Bitcoin and others. The Graph has broad EVM support and growing non-EVM but Subsquid's chain coverage is faster to expand. For multi-chain applications including non-EVM Subsquid is materially better positioned.
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What each does well
The skimmable view: top strengths of each, in five bullets.
The Graph
What The Graph does well
- Thousands of production subgraphs
- Decentralized indexer network
- GRT token economics maturity
- Integration with major DeFi protocols
- Established subgraph ecosystem
Subsquid
What Subsquid does well
- 5-50x faster historical sync
- Custom data pipeline flexibility
- 100+ chain support
- Stronger non-EVM coverage
- SQD Network optimization
The Graph vs Subsquid scorecard
Public-data comparison across the metrics that matter.
Live · Updated 1m ago| Metric | The Graph | Subsquid |
|---|---|---|
| Launched | Dec 2020 (mainnet) | Jan 2022 |
| Native token | GRT | SQD |
| Token supply | 10B GRT max | 1.337B SQD max |
| Active indexers | 100+ | Smaller (growing) |
| Chains supported | 30+ EVM + some non-EVM | 100+ (EVM + Substrate + Solana) |
| Production subgraphs/indexers | Thousands | Hundreds |
| Indexing model | Subgraph (deterministic event-handler) | Pipeline (custom transformation) |
| Historical sync speed | Standard (re-runs handlers) | 5-50x faster (pre-processed) |
| Major dApp users | Uniswap, Aave, Synthetix, Compound, ENS | Various Substrate dApps, growing EVM |
| Auditors of record | Trail of Bits, OpenZeppelin | Halborn, Independent reviewers |
| Major exploit history | No protocol exploits | No protocol exploits |
// Sources
Verified using these public datasets
DefiLlama
Cross-chain bridge and oracle metrics
CoinGecko
Token economics and circulating supply
L2Beat
Bridge and DA security ratings
All numbers cross-referenced against the sources above.
How The Graph and Subsquid work
How The Graph works
The Graph operates as decentralized indexing protocol. Developers create 'subgraphs' which define how to index specific smart contracts: which events to listen for, how to transform event data into indexed entities, what queries to support. Indexers (entities staking GRT) run subgraph indexing nodes that listen to blockchain events and serve queries. Curators stake GRT to signal which subgraphs are valuable (helping indexers prioritize). Delegators stake GRT to specific indexers (sharing indexer rewards). Consumers pay GRT for queries (small per-query fees). The decentralized model produces real economic alignment between subgraph quality, indexer service and consumer demand. The Graph hosted service (centralized version) was deprecated in 2024 with all subgraphs migrated to decentralized network.
How Subsquid works
Subsquid operates as faster indexing protocol with SQD Network architecture. The protocol pre-processes blockchain data into optimized formats stored on SQD Network operators. Developers write 'squids' (indexing pipelines) that consume pre-processed data via API and apply custom transformations. The pre-processing dramatically speeds up historical sync because squids do not re-execute indexing logic from raw blockchain data - they consume already-decoded events and state. SQD token launched 2024 for governance and operator staking. The architecture supports more flexible data pipelines than The Graph's subgraph model.
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Token economics: The Graph vs Subsquid
The Graph tokenomics
GRT launched December 2020 with 10B max supply (~10B initial circulating, with inflation). Distribution: 35% to community (over time, ecosystem rewards), 35% to early backers (vested), 30% to team and advisors (vested). GRT utility: indexer staking (indexers stake GRT as economic security for indexing service), curator staking (curators stake GRT to signal valuable subgraphs), delegator staking (delegators stake GRT to specific indexers earning a share of rewards), query payments (consumers pay GRT for query usage). The model creates real revenue flow through query fees plus inflation-funded rewards.
Subsquid tokenomics
SQD launched 2024 with 1.337B max supply. Distribution: ~50% to community (airdrops to early Subsquid users, ecosystem grants), ~25% to investors (vested), ~25% to team and contributors (vested). SQD utility: governance over Subsquid protocol parameters, operator staking on SQD Network (operators stake SQD as economic security for data processing service), future utility may include query payment mechanisms. The token economics are less mature than The Graph's GRT system but designed with similar principles.
Security history and audits
The Graph security record
The Graph has been audited by Trail of Bits, OpenZeppelin and others. No protocol-level exploits since mainnet launch in December 2020. The decentralized indexer network with GRT staking provides real economic security: indexers risk losing stake for malicious behavior. Subgraph data correctness depends on subgraph authors writing correct mapping logic - bugs in subgraph code can produce incorrect indexed data without protocol-level exploit. The Graph provides tooling but ultimately subgraph quality is up to authors.
Subsquid security record
Subsquid has been audited by Halborn and others. No protocol-level exploits since launch. The SQD Network operator staking provides economic security for data pre-processing service. Like The Graph squid quality depends on developer implementation. The pipeline architecture has more complexity than subgraph mappings which creates more surface area for bugs but also more flexibility for correct implementations.
// AB's take
Crypto infrastructure is the most competitive sector in Web3 right now. The Graph and Subsquid both have real engineering teams. The win condition isn't tech, it's developer experience and integrator count. Whichever ecosystem ships better SDKs in 2026 wins by 2028.
User experience and real fees
The Graph UX
The Graph UX is primarily for developers building subgraphs. The Graph CLI, GraphQL playground for testing queries and the subgraph studio for managing deployed subgraphs are mature tools. Documentation is excellent. Production usage by major dApps validates the developer experience. End users of dApps using The Graph experience the indexed data through dApp interfaces (Uniswap pool data, Aave market data etc.) without direct interaction with The Graph itself.
Subsquid UX
Subsquid UX is also developer-focused with squid templates, custom pipeline tooling and SQD Network integration. The flexibility is materially higher than The Graph's subgraph model but with more complexity for developers. Documentation is solid; the developer learning curve is steeper than The Graph for typical use cases. End users experience Subsquid-indexed data through the dApps that use it without direct Subsquid interaction. The faster historical sync is invisible to end users but matters for dApp launch timelines.
Who should use The Graph, who should use Subsquid
| User type | Recommendation |
|---|---|
| Established DeFi indexing requirements | The Graph. The standard with thousands of production subgraphs. |
| New dApp launches with substantial historical data | Subsquid. 5-50x faster historical sync reduces launch time. |
| Multi-chain projects including non-EVM | Subsquid. 100+ chains vs The Graph's 30+. |
| Decentralization-focused infrastructure choices | The Graph. Larger decentralized indexer network. |
| Custom data transformation pipelines | Subsquid. More flexible pipeline architecture. |
| Long-term token-economics-aligned projects | The Graph. More mature GRT economics with proven query fee revenue. |
// AB's take
Infrastructure SEO is technical content first, marketing copy second. The Graph and Subsquid both have docs sites that rank. If you're competing, ship better technical docs with better internal linking than they have. That's the moat.
Final verdict on The Graph vs Subsquid
The Graph wins for established indexing standards and battle-tested infrastructure. The thousands of production subgraphs, decentralized indexer network and mature GRT economics create the strongest indexing protocol value proposition. For projects wanting proven indexing infrastructure with strong network effects The Graph is the practical default. Subsquid wins for fast indexing and custom pipelines. The 5-50x faster historical sync, more flexible data transformation architecture and broader chain support create real differentiation for projects with specific indexing requirements. For new dApp launches requiring rapid historical data sync Subsquid has materially better performance. These protocols target overlapping but distinct technical requirements. The Graph for established subgraph patterns and decentralization. Subsquid for performance and flexibility. Some projects use both: The Graph for production indexed data and Subsquid for analytics or specific high-performance needs.
The right choice changes based on what you're building. Don't let comparison content tell you otherwise.
Frequently asked
01 What is the difference between a subgraph and a squid?
02 Did The Graph hosted service shut down?
03 Is The Graph or Subsquid cheaper to use?
04 Can I migrate from The Graph to Subsquid?
05 Are there other major indexing protocols beyond these two?
About AB
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Sources and methodology
All data points cited in this The Graph vs Subsquid comparison were verified against the public datasets listed below. On-chain figures cross-referenced via Etherscan and chain-specific block explorers. Token economics pulled from project documentation and verified third-party trackers. Audit firm references cited from each protocol's public security disclosures.
- [01]DefiLlama · Cross-chain bridge and oracle metrics
- [02]CoinGecko · Token economics and circulating supply
- [03]L2Beat · Bridge and DA security ratings
This article is for informational purposes only and does not constitute financial advice. Crypto investments carry risk. Always do your own research before making any financial decision.
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