GRT · the issuance runs, but the chain shows no new supply.

The Graph mints indexing rewards continuously. Reading the rewards contract on the layer-2 directly, the rate is 120.73 GRT per Ethereum block, which schedules about 77.9M GRT of new supply over 90 days. This is genuine gross issuance — the largest single number on the page.

Every vesting tranche has finished. Sale and early-backer tokens fully unlocked at 24 months, team allocations completed in Dec 2024, and the last multi-year lockups ran out by Dec 2025. Nothing is scheduled to unlock into the market in this window, so this row stays at zero.

The Graph Foundation and ecosystem reserves are the only identified team-controlled holdings, and on the supply figure the market reads GRT is roughly 99.99% circulating already. No published near-term release schedule and no observed outflow in the trailing year, so this is a monitored overhang, not active sell pressure. No public evidence of release in window — monitored.

There is no bankruptcy estate, trustee distribution or court-ordered GRT tranche attached to The Graph. Nothing can enter the market from this row.

The Graph runs no protocol buyback — there is no revenue-funded program that purchases GRT on the open market. No public evidence of purchase in window — monitored.

The protocol burns a slice of activity — 1% of query fees, a 1% curation tax and a 0.5% delegation tax — and under the live rewards-eligibility upgrade it also reclaims rewards for ineligible subgraphs instead of paying them out. Reading total supply directly across both the Ethereum contract and the Arbitrum layer-2, supply did not grow over the 90 days: the Ethereum side was flat and the layer-2 was slightly lower. So the roughly 77.9M of scheduled issuance was effectively fully offset, and net new supply reaching the market was about zero.

No Graph entity has disclosed an open-market GRT purchase program, and no accumulation wallet has been identified. No public evidence of purchase in window — monitored.

No new lockup or long-term staking-vault contract removed GRT from the float over the window. Ordinary delegation and indexer self-stake are part of normal operation, not a new lock. Nothing was taken off the market from this row.