GRT
The Graph · Indexing infra
Key facts
- Circulating 10.94B, 94%
- Locked or unvested 671.7M, 6%
- No cap: supply can keep growing, see Supply discipline
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
The Graph has no material value engine: query fees settle in GRT but came to ~$0.45M over the trailing year, so per-service burns and fee routing act on de minimis revenue. Indexer issuance of ~3% a year outruns those burns, and the token's governor, the Graph Council 4-of-7 Safe, can add minters without limit (read Oct 23, 2026). Early backers, team, Edge & Node and the Foundation received ~85% of genesis, with 4.06% sold publicly at $0.03. The same Council upgrades the protocol contracts with no timelock or binding holder vote, so one small multisig holds both the mint and the upgrade keys.
How value reaches holders
Negative net: ~3%/yr issuance outruns tiny query-fee burn. Oct 19, 2026 review: query fees ~$0.45M trailing year (~$0.23M annualized from 30d)
Score anatomy
Demand
9 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
De minimis: revenue scores 0, so routing is capped at 1
Approved or designed but inert, indirect sinks only, or flows into a treasury or endowmentHow this is scored
Under $0.5M/yr, or emissions-subsidized only
Query fees settle in GRT (~$0.45M trailing year), a fee role; no third-party collateral use.
Pays its own network's fees (gas never counts higher, whatever the size of the economy)high confidenceHow this is scored
The Graph query fees $0.45M TTM (-28%), 30d -70% YoY: negligible use for a $0.26B network
Marginal or fading: negligible use for its size, usage down 60%+ year on year, or a lost forkmedium confidenceHow this is scored
Two routes, the stronger counts
Soundness
6 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
~3%/yr indexer issuance with no cap, and the token's governor is the Graph Council 4-of-7 Safe, which can add minters without limit (read Oct 23, 2026).
Over 15%/yr, or a key, company, committee or multisig can mint without limit or redirect issuancehigh confidenceHow this is scored
Float 94% (10.94B of 11.61B); only small vesting tails remain.
Small tails only, or 85%+ of supply liquidhigh confidenceHow this is scored
Early backers 16.45% + backers 16.45% + strategic 2%, team and advisors 22.25%, Edge & Node 7.7%, Foundation 19.6%: ~85% of genesis, ~71% of all GRT ever issued; public sale 4.06% at $0.03
Insiders received over 50%, or one organization directs over 30% todayhigh confidenceHow this is scored
The Graph Council, a 4-of-7 Safe, governs the GRT token (it can add minters) and upgrades the protocol contracts with no timelock or binding holder vote (read Oct 23, 2026)
A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowhigh confidenceHow this is scored
Durability
8 / 15Is it big, proven and reachable by institutions?
$263.8M market cap (band 3), $13.4M/day median volume (band 3), no flags.
Mid-cap: $250M-1B market cap and $10M/day+How this is scored
Launched Dec 17, 2020 (5.85 years); fell over 99% from $2.88 (Feb 2021); no protocol exploit.
5-8 years and survived an 80%+ drawdownhigh confidenceHow this is scored
Valour The Graph ETP in Europe; no US filing found.
OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored
What would move it up
To reach T4 Speculative, one gate is still open:
- Supply 0needs 1(open)
Tier outlook
Could move up ↑low likelihood
- Supply rises to 2 if the Graph Council's power to add minters is removed or put behind a binding holder vote
- Revenue rises a band if Horizon per-service fees and Substreams lift realized query fees past $0.5M/yr
- Security rises if protocol upgrades gain a timelock or move from the 4-of-7 Council to binding on-chain governance
- Rewards Eligibility Oracle tying indexer issuance to delivered queries
Compare with
How the ranking works and how GRT compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=GRT