Foundational machine learning interatomic potentials that can accurately and efficiently model a vast range of materials are critical for accelerating atomistic discovery. We introduce universal potentials based on the graph atomic cluster expansion (GRACE) framework, trained on several of the largest available materials datasets. Through comprehensive benchmarks, we demonstrate that the GRACE models establish a new Pareto front for accuracy versus efficiency among foundational interatomic potentials. We further showcase their exceptional versatility by adapting them to specialized tasks and simpler architectures via fine-tuning and knowledge distillation, achieving high accuracy while preventing catastrophic forgetting. This work establishes GRACE as a robust and adaptable foundation for the next generation of atomistic modeling, enabling high-fidelity simulations across the periodic table.