GRT · rewards mint new coins while an old lock keeps dripping.

The Graph mints new GRT every block to pay indexers, and the sweep of every mint on the network's live layer-2 home found 70.2M GRT created over the window. Of that, 69.1M went straight through to indexers and 1.1M went to a new innovation allocation that has not spent a coin yet. A governance change on Sep 1 2026 split the same stream 80/20 between the two, so the total rate did not move. The scheduled rate would have produced 78.1M; rewards only mint when an indexer closes an allocation, and ineligible work earns nothing.

One lock contract from Dec 2020 still holds 671.7M GRT and pays out 12.92M GRT a month on a 120-month straight line that ends Dec 17 2030. Three payouts landed inside the window, on Jun 26, Jul 24 and Aug 25 2026, and the contract balance fell from 710.4M to 671.7M to match. Nothing is minted here: the coins already existed but were not tradable. This one contract is the whole non-tradable bucket, so every coin it releases is a coin arriving in the market for the first time.

Nothing left a project wallet beyond the schedule above. Watched as overhang: the 671.7M GRT still inside the monthly lock; a project multi-signature wallet holding 97.0M GRT that did not move a single coin at either end of the window; the new innovation allocation contract holding 1.07M GRT that has never spent; and the small pass-through safe the monthly release runs through, which held 83.3K at the start and 133.3K at the end while 38.8M passed straight through it. No public evidence of release in window — monitored.

There is no bankruptcy estate, no trustee and no court-ordered distribution attached to GRT. Nothing sits in this row and nothing is expected to.

The Graph runs no buyback. Its own token documentation describes issuance and burns and nothing else, no repurchase contract exists on either chain, and no buyback vote was open in the window. Pages on blogging platforms advertising a GRT buyback-and-burn programme are not project surfaces.

Three small taxes destroy GRT: a slice of query-fee payments, the tax curators pay when they signal a subgraph, and the tax delegators pay. Together they destroyed 59,683 GRT over 90 days — 44,194 from payments, 15,488 from curation and under one coin from delegation. Both destruction surfaces were read at both window ends: the total number of coins in existence fell on layer 2, and the dead address stayed empty there. The commonly repeated claim that about 1% of supply burns each year is roughly 450 times what the chain actually shows.

No project wallet bought GRT on the open market in the window. The only inflows to identified project addresses are the monthly vesting release and protocol issuance, both of which are already counted on the sell side.

Nothing new was locked away. The staking contract holds 1,929.7M GRT, far more than the entire non-tradable bucket, which means staked GRT is already counted as tradable float — so staking or unstaking cannot add or remove supply in this reading. A liquid-staking product announced Aug 25 2026 wraps that same stake and does not change it.