GRT · new issuance in, burns out — supply holds flat.
GRT is the work token of The Graph, a decentralized data-indexing protocol — an Ethereum ERC-20 with rewards and billing on Arbitrum. About 10.8B circulating, with the original team and investor vesting fully complete since Dec 17 2024.
Sell pressure. Indexing-reward issuance adds about 74.8M GRT over 90 days — roughly a 2.77% annual pace. There are no vesting cliffs left.
Buy pressure. Protocol burns — query-fee burn, a curation tax, a delegation tax and slashing — remove about 74.8M GRT, keeping the on-chain supply flat at ~10.8B.
Net. About 0.0% — roughly neutral. Issuance and burns cancel, and the live supply read backs it up.
New GRT is issued to reward Indexers for serving blockchain data, targeted near 3% a year and running about 2.77% annualized lately — roughly 75M GRT over 90 days. This is the only force that adds supply, and the protocol is built to burn a matching amount back out.
The original team, investor, Foundation, sale and backer allocations are fully unlocked — the last cliff cleared Dec 17 2024 — so no scheduled vesting unlock adds GRT in the window.
The Graph Foundation runs an ecosystem and grants treasury, but no dated discretionary release outside the issuance schedule fired in the window — monitored.
No bankruptcy estate or court-ordered distribution applies to GRT.
There is no protocol buyback of GRT. The supply offset comes from burning, not from open-market buying — monitored.
The protocol destroys GRT continuously: 1% of every query fee is burned, plus a 1% curation tax, a 0.5% delegation tax, and burned slashing penalties — about 1% of supply a year by the explicit taxes. Over this window destruction kept the on-chain Ethereum supply flat at about 10.8B, matching the roughly 75M of new issuance — so burns offset minting on the tracked float.
No open-market GRT buying by the Foundation has been disclosed in the window — monitored.
No new multi-year lock or escrow that removes circulating GRT has been announced in the window — monitored.
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