The Graph (GRT): tokenomics, risks and score
An indexing protocol that makes blockchain data queryable. A very large number of applications rely on it to display balances, histories and prices without running their own infrastructure.
What The Graph is, and what it does
This is infrastructure. Other applications depend on it for something they cannot easily do themselves, such as price data, indexing, storage or identity.
What the GRT token itself does: GRT is staked by indexers who serve queries, delegated by holders, and used to pay query fees, a portion of which is burned.
Where it runs: Multi chain. Mechanism: Not a chain. Decentralised indexing protocol. It has been running since 2020, so roughly 6 years.
The facts
- TICKER
- GRT
- SECTOR
- Infrastructure
- CHAIN
- Multi chain
- LAUNCHED
- 2020, so around 6 years of operating history
- MECHANISM
- Not a chain. Decentralised indexing protocol
- MAXIMUM SUPPLY
- No cap. Around 3 percent annual issuance, partly offset by query fee burning
- VALUE CAPTURE
- Fee share
- UPGRADE CONTROL
- DAO governed
- VESTING
- Complete
- LIQUIDITY BAND
- Small cap. Limited venue coverage. Check the order book before assuming you can exit.
How the score breaks down
Each dimension is explained on the directory page, and the reasoning behind it is taught in the Academy research process.
Supply and value capture
High ongoing issuance. New tokens are minted continuously and holders are diluted unless they participate. A share of protocol fees reaches holders directly, which is the strongest form of value capture available.
GRT is staked by indexers who serve queries, delegated by holders, and used to pay query fees, a portion of which is burned.
Changes go through token holder governance, so control is distributed but influenced by whoever holds most. Ownership is moderately concentrated. A handful of large holders could move the market.
Where it is strong and where it is not
- Has operated for around 6 years and through at least one full bear market
- The token captures real protocol revenue rather than relying on speculation alone
- Genuine sustained usage rather than incentive driven activity
- Audited, with published reports
- High ongoing issuance dilutes holders who do not actively participate
- Thin liquidity. Check order book depth before assuming you can exit
Incident history
No major exploit, collapse or regulatory action on record against this asset.
Our read
The main risk
Query fee revenue has been modest relative to issuance, and much usage historically sat on subsidised infrastructure.
Before you buy anything
Check the contract address against the project's own documentation rather than a search result or a screener link, since impersonation tokens with identical names and logos are listed constantly. Check the order book depth before assuming you can exit at the quoted price. And write down what would make you wrong before you buy, not after. The Academy thesis module covers why that single habit protects more capital than any indicator.