How The Graph’s GRT token supply works
The Graph mints new GRT each year and burns part of query fees, so the token supply has no fixed cap over time. Governance can change both rules.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
On this page
- The initial supply went to the team, investors, community, and foundation.
- The protocol burns a portion of query fees permanently.
- Staking or delegating locks GRT that already exists.
- Governance can change future minting and burn rules.
To understand how The Graph token supply works, you need the launch distribution, the staking rules, and the governance process that can adjust issuance and burns.
What to know before you start
The Graph Network launched in December 2020 with an initial GRT supply. That supply went to the community, team and advisors, investors, and The Graph Foundation. Each group received tokens on a vesting schedule.
- Community, for network growth.
- Team and advisors, for protocol work.
- Investors, who bought GRT before launch.
- The Graph Foundation, for ecosystem support.
Steps: how GRT supply changes
The supply changes in two directions: issuance adds tokens and the burn removes them. Staking locks tokens that already exist.
- 1Follow the annual mintingThe protocol mints new GRT each year for indexers as indexing rewards. Indexers stake GRT and process queries.
- 2Track the query fee burnIndexers collect query fees in GRT, and the protocol burns a portion of those fees. Burned GRT leaves circulation permanently.
- 3Separate staking from mintingStaking or delegating locks GRT that already exists and mints no new tokens. Locked tokens can return to circulation if they are unstaked.
After you understand: verify and stay safe
Protocol governance can change the issuance and burn parameters, so future supply is not locked to today's rules. The Graph Council and other governance processes decide those changes. Check supply figures on a block explorer and read governance proposals.
Frequently asked questions
It can be either over a period. The supply grows when minting outpaces burns and shrinks when burns outpace minting.
There is no fixed number because every mint and burn changes the total. A block explorer shows the latest supply.
The design sets no maximum supply. Adding a cap would require a change to the protocol rules.
Staking or delegating locks GRT, so those tokens cannot move while they stay locked. Counts of circulating supply can vary.
