Curation
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Curators are critical to The Graph's decentralized economy. They use their knowledge of the web3 ecosystem to assess and signal on the subgraphs that should be indexed by The Graph Network. Through Graph Explorer, Curators view network data to make signaling decisions. In turn, The Graph Network rewards Curators who signal on good quality subgraphs with a share of the query fees those subgraphs generate. The amount of GRT signaled is one of the key considerations for indexers when determining which subgraphs to index.
Before consumers can query a subgraph, it must be indexed. This is where curation comes into play. In order for Indexers to earn substantial query fees on quality subgraphs, they need to know what subgraphs to index. When Curators signal on a subgraph, it lets Indexers know that a subgraph is in demand and of sufficient quality that it should be indexed.
Indexers can trust the signal from a Curator because upon signaling, Curators mint a curation share for the subgraph, entitling Curators to a portion of future query fees that the subgraph drives.
Curators make The Graph network efficient and is the process that curators use to let Indexers know that a subgraph is good to index; where GRT is added to a bonding curve for a subgraph. Indexers can trust the signal from a curator because upon signaling, curators mint a curation share for the subgraph, entitling them to a portion of future query fees that the subgraph drives.
Curator signals are represented as ERC20 tokens called Graph Curation Shares (GCS). Those that want to earn more query fees should signal their GRT to subgraphs that they predict will generate a strong flow of fees to the network. Curators cannot be slashed for bad behavior, but there is a deposit tax on Curators to disincentivize poor decision-making that could harm the integrity of the network. Curators will also earn fewer query fees if they curate on a low-quality subgraph because there will be fewer queries to process or fewer Indexers to process them.
The ensures the indexing of all subgraphs, signaling GRT on a particular subgraph will draw more indexers to it. This incentivization of additional Indexers through curation aims to enhance the quality of service for queries by reducing latency and enhancing network availability.
When signaling, Curators can decide to signal on a specific version of the subgraph or to signal using auto-migrate. If they signal using auto-migrate, a curator’s shares will always be updated to the latest version published by the developer. If they decide to signal on a specific version instead, shares will always stay on this specific version.
To assist teams that are transitioning subgraphs from the hosted service to the Graph Network, curation support is now available. If you require assistance with curation to enhance the quality of service, please send a request to the Edge & Node team at and specify the subgraphs you need assistance with.
Indexers can find subgraphs to index based on curation signals they see in Graph Explorer (screenshot below).
Within the Curator tab in Graph Explorer, curators will be able to signal and unsignal on certain subgraphs based on network stats. For a step-by-step overview of how to do this in Graph Explorer,
Un curateur peut choisir de signaler une version spécifique d'un sugraph ou de faire migrer automatiquement son signal vers la version de production la plus récente de ce subgraph. Ces deux stratégies sont valables et comportent leurs propres avantages et inconvénients.
La signalisation sur une version spécifique est particulièrement utile lorsqu'un subgraph est utilisé par plusieurs dApps. Un dApp peut avoir besoin de mettre à jour régulièrement le subgraph avec de nouvelles fonctionnalités. Une autre dApp pourrait préférer utiliser une version plus ancienne et bien testée du subgraph. Lors de la curation initiale, une taxe standard de 1% est encourue.
La migration automatique de votre signal vers la version de production la plus récente peut s'avérer utile pour vous assurer que vous continuez à accumuler des frais de requête. Chaque fois que vous effectuez une curation, une taxe de curation de 1 % est appliquée. Vous paierez également une taxe de curation de 0,5 % à chaque migration. Les développeurs de subgraphs sont découragés de publier fréquemment de nouvelles versions - ils doivent payer une taxe de curation de 0,5 % sur toutes les parts de curation migrées automatiquement.
Note: The first address to signal a particular subgraph is considered the first curator and will have to do much more gas-intensive work than the rest of the following curators because the first curator initializes the curation share tokens, initializes the bonding curve (even on Arbitrum), and also transfers tokens into the Graph proxy.
Curators have the option to withdraw their signaled GRT at any time.
Unlike the process of delegating, if you decide to withdraw your signaled GRT you will not have to wait for a cooldown period and will receive the entire amount (minus the 1% curation tax).
Once a curator withdraws their signal, indexers may choose to keep indexing the subgraph, even if there's currently no active GRT signaled.
However, it is recommended that curators leave their signaled GRT in place not only to receive a portion of the query fees, but also to ensure reliability and uptime of the subgraph.
- Le marché des requêtes est intrinsèquement jeune chez The Graph et il y a un risque que votre %APY soit inférieur à vos attentes en raison de la dynamique naissante du marché.
- Curation Fee - when a curator signals GRT on a subgraph, they incur a 1% curation tax. This fee is burned and the rest is deposited into the reserve supply of the bonding curve.
- (Ethereum only) When curators burn their shares to withdraw GRT, the GRT valuation of the remaining shares will be reduced. Be aware that in some cases, curators may decide to burn their shares all at once. This situation may be common if a dApp developer stops versioning/improving and querying their subgraph or if a subgraph fails. As a result, remaining curators might only be able to withdraw a fraction of their initial GRT. For a network role with a lower risk profile, see .
- Un subgraph peut échouer à cause d'un bug. Un subgraph qui échoue n'accumule pas de frais de requête. Par conséquent, vous devrez attendre que le développeur corrige le bogue et déploie une nouvelle version.
- Si vous êtes abonné à la version la plus récente d'un subgraph, vos parts migreront automatiquement vers cette nouvelle version. Cela entraînera une taxe de curation de 0,5 %.
- If you have signaled on a specific subgraph version and it fails, you will have to manually burn your curation shares. You can then signal on the new subgraph version, thus incurring a 1% curation tax.
By signalling on a subgraph, you will earn a share of all the query fees that the subgraph generates. 10% of all query fees go to the Curators pro-rata to their curation shares. This 10% is subject to governance.
2. Comment décider quels sont les subgraphs de haute qualité sur lesquels on peut émettre un signal ?
Trouver des subgraphs de haute qualité est une tâche complexe, mais elle peut être abordée de plusieurs manières différentes. En tant que Curateur, vous voulez rechercher des subgraphs fiables qui génèrent un volume de requêtes. Un subgraph fiable peut être précieux s'il est complet, précis et répond aux besoins en données d'une dApp. Un subgraph mal architecturé pourrait nécessiter d'être révisé ou republié, et peut également échouer. Il est crucial pour les Curateurs d'examiner l'architecture ou le code d'un subgraph afin d'évaluer si un subgraph est précieux. En conséquence :
- Les curateurs peuvent utiliser leur compréhension d'un réseau pour essayer de prédire comment un subgraph individuel peut générer un volume de requêtes plus ou moins élevé à l'avenir
- Curators should also understand the metrics that are available through Graph Explorer. Metrics like past query volume and who the subgraph developer is can help determine whether or not a subgraph is worth signalling on.
Migrating your curation shares to a new subgraph version incurs a curation tax of 1%. Curators can choose to subscribe to the newest version of a subgraph. When curator shares get auto-migrated to a new version, Curators will also pay half curation tax, ie. 0.5%, because upgrading subgraphs is an on-chain action that costs gas.
Il est conseillé de ne pas mettre à jour vos subgraphs trop fréquemment. Voir la question ci-dessus pour plus de détails.
Curation shares cannot be "bought" or "sold" like other ERC20 tokens that you may be familiar with. They can only be minted (created) or burned (destroyed) along the bonding curve for a particular subgraph. The amount of GRT needed to mint a new signal, and the amount of GRT you receive when you burn your existing signal are determined by that bonding curve:
- As a Curator on Ethereum, you need to know that when you burn your curation shares to withdraw GRT, you can end up with more or less GRT than you initially deposited.
- As a Curator on Arbitrum, you are guaranteed to get back the GRT you initially deposited (minus the tax).
Curation grants are determined individually on a case-by-case basis. If you need assistance with curation, please send a request to .
The behavior of the curation mechanism differs depending on the protocol chain deployment, notably, how the price of a subgraph share is calculated.
The Graph Network's original deployment on Ethereum uses bonding curves to determine what the price of shares is: the price of each subgraph share increases with each token invested and the price of each share decreases with each token sold. This means that curating puts your principal at risk, since it's not guaranteed you can sell your shares and get back your original investment.
On Arbitrum, curating subgraphs becomes significantly simpler. The bonding curves are "flattened", their effect is nullified meaning no Curator will be able to realize gains at the expense of others. This allows Curators to signal or unsignal on subgraphs at any given time, at a consistent cost, and with very limited risk.
If you are interested in curating on Ethereum and want to understand the details of bonding curves and their effects see . Please do your diligence to make sure you curate on subgraphs you trust. Creating a subgraph is permissionless, so people can create subgraphs and call them any name they'd like. For more guidance on curation risks, check out
Note: this section only applies to curation on Ethereum since bonding curves are flat and have no effect on Arbitrum.
Each subgraph has a bonding curve on which curation shares are minted when a user adds signal into the curve. Each subgraph’s bonding curve is unique. The bonding curves are architected so that the price to mint a curation share on a subgraph increases linearly, over the number of shares minted.
Par conséquent, le prix augmente de façon linéaire, ce qui signifie qu'il est de plus en plus cher d'acheter une action au fil du temps. Voici un exemple de ce que nous entendons par là, voir la courbe de liaison ci-dessous :
Considérons que nous avons deux curateurs qui monnayent des actions pour un subgraph :
- Le curateur A est le premier à signaler sur le subgraph. En ajoutant 120 000 GRT dans la courbe, il est capable de frapper 2000 parts.
- Curator B’s signal is on the subgraph later at some point. To receive the same amount of shares as Curator A, they would have to add 360,000 GRT into the curve.
- Comme les deux curateurs détiennent la moitié du total des parts de curation, ils recevraient un montant égal de redevances de curateur.
- Now, if any of the curators were to burn their 2000 curation shares, they would receive 360,000 GRT.
- Le curateur restant recevrait alors toutes les redevances de curateur pour ce subgraph. S'il brûlait ses pièces pour retirer la GRT, il recevrait 120 000 GRT.
- TLDR : La valeur en GRT des parts de curation est déterminée par la courbe de liaison et peut-être volatile. Il est possible de subir de grosses pertes. Signer tôt signifie que vous investissez moins de GRT pour chaque action. Par extension, cela signifie que vous gagnez plus de redevances de curation par GRT que les curateurs ultérieurs pour le même subgraph.
In general, a bonding curve is a mathematical curve that defines the relationship between token supply and asset price. In the specific case of subgraph curation, the price of each subgraph share increases with each token invested and the price of each share decreases with each token sold.
Dans le cas de The Graph, la est exploitée.
Vous ne savez toujours pas où vous en êtes ? Regardez notre guide vidéo sur la curation ci-dessous :
Comment signaler
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