策展
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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,
策展人可以选择在特定的子图版本上发出信号，或者他们可以选择让他们的策展份额自动迁移到该子图的最新生产版本。 这两种策略都是有效的，都有各自的优点和缺点。
当一个子图被多个 dApp 使用时，在特定版本上发出信号特别有用。 一个 dApp 可能需要定期更新子图的新特性。 另一个 dApp 可能更喜欢使用更旧的、经过良好测试的子图版本。 在初始策展时，会产生 1%的标准税。
让你的策展份额自动迁移到最新的生产构建，对确保你不断累积查询费用是有价值的。 每次你策展时，都会产生 1%的策展税。 每次迁移时，你也将支付 0.5%的策展税。 不鼓励子图开发人员频繁发布新版本--他们必须为所有自动迁移的策展份额支付 0.5%的策展税。
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.
- 在Graph，查询市场本来就很年轻，由于市场动态刚刚开始，你的年收益率可能低于你的预期，这是有风险的。
- 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 .
- 一个子图可能由于错误而失败。 一个失败的子图不会累积查询费用。 因此，你必须等待，直到开发人员修复错误并部署一个新的版本。
- 如果你订阅了一个子图的最新版本，你的份额将自动迁移到该新版本。 这将产生 0.5%的策展税。
- 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.
寻找高质量的子图是一项复杂的任务，但它可以通过许多不同的方式来实现。 作为策展人，你要寻找那些推动查询量的值得信赖的子图。 这些值得信赖的子图是有价值的，因为它们是完整的，准确的，并支持 dApp 的数据需求。 一个架构不良的子图可能需要修改或重新发布，也可能最终失败。 策展人审查子图的架构或代码，以评估一个子图是否有价值，这是至关重要的。 因此：
- 策展人可以利用市场知识，尝试预测单个子图在未来可能产生更多或更少查询量
- 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.
建议你不要太频繁地升级子图。 更多细节请见上面的问题。
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.
因此，价格是线性增长的，这意味着随着时间的推移，购买股票的成本会越来越高。 这里有一个例子说明我们的意思，请看下面的粘合曲线。
考虑到我们有两个策展人，他们为一个子图铸造了份额：
- 策展人 A 是第一个对子图发出信号的人。 通过在曲线中加入 120,000 GRT，他们能够铸造出 2000 股。
- 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.
- 由于两位策展人都持有策展人股份总数的一半，他们将获得同等数量的策展人使用费。
- Now, if any of the curators were to burn their 2000 curation shares, they would receive 360,000 GRT.
- 剩下的策展人现在将收到该子图的所有策展人使用费。 如果他们烧掉他们的股份来提取 GRT，他们将得到 12 万 GRT。
- TLDR: 策展人股份的 GRT 估值是由粘合曲线决定的，可能会有波动。 有可能出现大的收益，也有可能出现大的损失。 提前发出信号意味着你为每只股票投入的 GRT 较少。 推而广之，这意味着在相同的子图上，你比后来的策展人在每个 GRT 上赚取更多的策展人使用费。
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.
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