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.

Total Token Supply 

Initial Token Supply

Annual Issuance

Annual Burn

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
Edege & 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.

Exact numbers of the circulation schedule are not available, as some figures can vary and/or are subject to technical governance. We’ve used the publicly available information from the smart contracts.

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.

Exact numbers can vary due to token burning and new token issuance. We’ve used the publicly available information from the smart contracts.

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
Contributor
B.b Beast Curator

The Graph (DE/AT/CH Telegram)

Telegram channel owner B.b Beast Curator was kind enough to provide the smart contract data that we used for the calculations in this guide. Here is the data provided: Graph Unlock Details.

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)

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