The Graph Ecosystem
GRT Token Economics.
The Graph’s token economics are quite complex. Aside from a token issuance schedule and a token burn mechanism, The Graph Protocol unlocks vesting tokens during a 5 to 10-year time span. To help clear up some of the confusion, we have created this detailed analysis with everything you need to know. Let’s take a deep dive into the token economics of The Graph!
GRT Token Economics Overview.
Before we get into the details, here’s a quick overview:
Total Token Supply.
The Graph does not have a maximum total token supply. 10 billion GRT have initially been minted. There are both inflationary and deflationary mechanisms defined in the protocol. Inflation may occur via annual issuance of new tokens which is set at around 3% in year one. That number is periodically reviewed via technical governance and can go as low as 0%. Deflation occurs as part of ongoing protocol activity by network members via various deposit taxes and potential governance slash decisions. Average annual burn rate is expected to be around 1%. While the net change in token supply is therefore expected to be +2% in year one, future levels of changes may vary and could also turn slightly deflationary if annual issuance over a defined period is set to zero.
GRT Token Initial Release Distribution.
Here’s the overall distribution of GRT tokens:
Overall Distribution in %
Community Breakdown
Token Distribution in Detail.
Here are the exact details of the GRT distribution:
Overall Distribution.
| Recipient | Percentage | GRT Value |
|---|---|---|
| Community | 35% | 3.500.000.000 |
| Team & Advisors | 23% | 2.300.000.000 |
| Early Backers | 17% | 1.700.000.000 |
| Backers | 17% | 1.700.000.000 |
| Edge & Node | 8% | 800.000.000 |
Community Distribution.
| Recipient | Percentage | GRT Value |
|---|---|---|
| Graph Foundation | 58% | 2.030.000.000 |
| Public GRT Sale | 12% | 420.000.000 |
| Curator Program Grants | 9% | 315.000.000 |
| Testnet Indexer Rewards | 9% | 315.000.000 |
| Strategic GRT Sale | 6% | 210.000.000 |
| Educational Programs | 6% | 210.000.000 |
| Bug Bounties | 1% | 35.000.000 |
3-Year Release Schedule.
Over the next five years, vested tokens will be unlocked to network participants at different times. The following section provides more details on the schedule with a focus on the first three years where the majority of tokens are being released.
3-Year GRT Release Schedule
(New token issuance and token burns have been excluded from these numbers. For the sake of simplicity, we have calculated unlocks on a quarterly basis.)
Token Unlock Schedule per Recipient Group.
Token recipients and their individual unlock schedules:
| Recipient | Total | Unlock Schedule |
|---|---|---|
| Early backers | 17% | 6 months – 2 years |
| Early team & advisors | 23% | 4-year vesting schedule |
| Backers | 17% | Unlocks after 6 months u to 2 years |
| Foundation | 20% | 4.6% unlocked at launch, 15.4% during 10-year unlocking schedule |
| GRT sale | 6% | 4% unlocked at mainnet launch, 2% locked for 1 year |
| New issuance | 3% p.a. | – |
| Edge & Node | 8% | 1% unlocked at launch, 7% with 5-year vesting schedule |
| Testnet Indexers | 3% | Looked for one year, 1-year vesting schedule |
| Educational programs | 3% | Unlocked at launch |
| Curator grants | 3% | $1000 worth of GRT unlocked at launch, remainder with vesting schedule of 4 years |
Token Unlock Details.
Overview of approximate token unlock percentages and changes of the total circulating supply. The data in the following charts is aggregated into three month periods.
GRT Unlocked
Token Unlock in Percent of Total Supply
Amount of Unlocked GRT
Total GRT Unlocked as % of Total Supply
Noteworthy Unlock Dates above 2%
| Date | Percentage |
|---|---|
| December 17th, 2020 | 12.5% |
| June 17th, 2021 | 11.62% |
| July 24th, 2021 | 17.14% |
| December 17th, 2021 | 4.96% |
(New token issuance and token burns have been excluded from these numbers)
Token Unlock Milestones.
Overview of the token unlock progress at specific dates. For detailed unlock dates of Curators and Indexers, have a look at our GRT Token Unlock Schedule Calculator.
| Date | Increase | Cumulative % Unlock | Cumulative GRT Unlock |
|---|---|---|---|
| 17.12.2021 | 12.5% | 12.5% | 1.25 B |
| 17.06.2021 | 11.62% | 24% | 2.4 B |
| 17.12.2021 | 14% | 48% | 4.8 B |
| 18.06.2022 | 12% | 60% | 6 B |
| 17.12.2022 | 10% | 70% | 7 B |
| 18.06.2023 | 0.6% | 70.6% | 7 B |
Recipient Group Unlock Comparison.
Comparison of token recipients and their individual unlock schedules:
(Curator grants, educational programs, bounties and testnet indexer rewards have been omitted)
