The Graph (GRT)
Unlock Schedule
The Graph (GRT) Token Unlock & Vesting Schedule
As of October 16, 2026, 10.82 billion GRT have been released. The schedule is ongoing, with no final release date. Over the next 12 months it releases 738.85 million GRT (all estimated) from Protocol indexing rewards, including Ethereum and Arbitrum issuance, worth about $18.57 million at today's price (6.77% of the market cap). Today's release is an estimated 2.11 million GRT from Protocol indexing rewards, including Ethereum and Arbitrum issuance.
The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
GRT is the network’s utility token. Indexers stake it to provide services and can receive query fees and indexing rewards. Delegators can assign tokens to an Indexer and share in rewards under that Indexer’s terms. Curators use GRT to signal support for subgraphs and can receive a share of their query fees. Developers and other data users pay for network services through the protocol’s billing systems. (thegraph.com)
The initial supply was 10 billion GRT. The protocol’s published economic model targets new issuance of 3% a year for Indexer rewards. It also removes tokens through burns tied to certain network actions, including delegation, curation, and a portion of query fees. Issuance adds tokens; burns take them out of supply. The balance between the two depends in part on network activity and protocol decisions. (thegraph.com)
GRT’s original distribution included allocations for early backers, the Foundation, a public sale, and people who helped build and test the network. These groups had different release schedules. Its economic role is tied to work: participants commit tokens, provide or support data services, and receive fees or rewards according to the protocol’s rules. (thegraph.com)
Upcoming GRT Releases
| Period | Allocation | Type | Amount | Value |
|---|---|---|---|---|
| Oct 16 – 31, 2026 | Protocol indexing rewards, including Ethereum and Arbitrum issuance | Issuance, estimated | 33.8M | $849.1K |
| Nov 2026 | Protocol indexing rewards, including Ethereum and Arbitrum issuance | Issuance, estimated | 63.3M | $1.6M |
| Dec 2026 | Protocol indexing rewards, including Ethereum and Arbitrum issuance | Issuance, estimated | 65.4M | $1.6M |
| Jan 2027 | Protocol indexing rewards, including Ethereum and Arbitrum issuance | Issuance, estimated | 65.4M | $1.6M |
| Feb 2027 | Protocol indexing rewards, including Ethereum and Arbitrum issuance | Issuance, estimated | 59.1M | $1.5M |
| Mar 2027 | Protocol indexing rewards, including Ethereum and Arbitrum issuance | Issuance, estimated | 65.4M | $1.6M |
| Total, next 12 months | 738.8M | $18.6M | ||
Values at $0.025 per GRT (October 16, 2026), today's price, not a forecast. Releases continue after September 2027. Estimated amounts are modeled from the schedule's rules rather than dated by a source; see the Assumptions below. Releases without dates are listed under Allocations.
Assumptions
The Graph created 10 billion GRT at launch and assigned it to backers, the team, Edge & Node and community programs; some launch unlocks and testnet-reward installments have usable dates. Indexing rewards create additional GRT, while grants, incentives and query-fee payments distribute tokens that already exist. Many vesting amounts and treasury payment dates remain unresolved, and a verified year-by-year gross issuance history was not found. The chart can show documented dated releases and an explicitly estimated net-supply path between the supplied later observations, but it cannot reconcile gross issuance and burns.
- Early backers — approximately 17% of initial supply: The sources give the amount but no release dates.
- Backers — approximately 17% of initial supply: The sources give the amount but no release dates.
- Early team and advisors — approximately 23% of initial supply: The sources give the amount but no release dates.
- Edge & Node — approximately 8% of initial supply: The sources give the amount but no release dates.
- Graph Foundation — approximately 20% of initial supply: The sources give the amount but no release dates.
- Graph Foundation — approximately 20% of initial supply: Releases depend on future governance or treasury decisions.
- Strategic GRT sale — 2% of initial supply: The sources give the amount but no release dates.
- Curator Program grants — approximately 3% of initial supply: Releases depend on recipients claiming tokens or on grants being awarded.
- Bug-bounty allocation — approximately 0.5% of initial supply: Releases depend on recipients claiming tokens or on grants being awarded.
- Migration Infrastructure Providers program: The sources give the amount but no release dates.
- Migration Infrastructure Providers program: Releases depend on recipients claiming tokens or on grants being awarded.
- Sunrise Upgrade Program rewards: Releases depend on recipients claiming tokens or on grants being awarded.
- Protocol indexing rewards, including Ethereum and Arbitrum issuance: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- Query-fee distributions to network participants: New issuance depends on network activity, such as staking, so it cannot be dated in advance.
- 1. https://thegraph.com/blog/announcing-the-graphs-grt-sale/
- 2. https://storage.googleapis.com/graph-web/blog/GRT_Piechart_v2.png
- 3. https://thegraph.com/blog/the-graph-network-launches-mainnet/
- 4. https://thegraph.com/blog/public-sale-announcement/
- 5. https://thegraph.com/blog/the-graph-grt-token-economics/
- 6. https://thegraph.com/docs/en/resources/tokenomics/
- 7. https://thegraph.com/explorer/network
- 8. https://forum.thegraph.com/t/gip-0037-the-graph-arbitrum-deployment-with-linear-rewards-minted-in-l2/3551/11
- 9. https://thegraph.com/blog/flight-path-to-mainnet/
- 10. https://thegraph.com/blog/inaugurating-council-and-grants/
- 11. https://thegraph.com/blog/mips-multi-chain-indexing-incentivized-program/
- 12. https://storage.thegraph.com/2023-grants-report.pdf
- 13. https://thegraph.com/blog/sunrise-upgrade-program/
- 14. https://forum.thegraph.com/t/proposal-calculate-indexer-delegation-capacity-as-a-curve/2514
- 15. https://forum.thegraph.com/t/gip-0043-activate-indexing-rewards-in-the-graph-network-on-arbitrum-one/3999
- 16. https://forum.thegraph.com/t/gip-0037-the-graph-arbitrum-deployment-with-linear-rewards-minted-in-l2/3551
- 17. https://www.coingecko.com/
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 2 markets on Binance and OKX · $3.9M open interest
 Binance (CEX) | 1M | 28K/32K |
 HTX (CEX) | 948K | 615/1.5K |
 Coinbase (CEX) | 490K | 39K/165K |
 Kraken (CEX) | 372K | 88K/146K |
 Bybit (CEX) | 199K | 9K/11K |
 KuCoin (CEX) | 126K | 8K/7.8K |
Coinbase (CEX) | 103K | 9.1K/12K |
Binance (CEX) | 101K | 21K/17K |
 OKX (CEX) | 83K | 11K/13K |
Kraken (CEX) | 75K | 78K/139K |
 MEXC (CEX) | 71K | 26K/20K |
MEXC (CEX) | 56K | 25K/23K |
Binance (CEX) | 55K | 3.1K/3K |
 Gate.io (CEX) | 53K | 32K/37K |
OKX (CEX) | 12K | 13K/12K |
 Uniswap V2 (Ethereum) | 11K | 3.2K/3.2K |
Kraken (CEX) | 7.9K | 2.9K/4.7K |
Uniswap V3 (Arbitrum) | 1.7K | 214/214 |
OKX (CEX) | 870 | 19K/19K |
Uniswap V3 (Ethereum) | 538 | 355/354 |
Kraken (CEX) | 440 | 0/0 |
Uniswap V3 (Ethereum) | 116 | 177/176 |
Allocations
Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.
Estimated from the last observation onward: about 2,110,994 per day (64,253,368 per month), the rate between the observations of 10 September 2025 and 30 September 2026.
Description
#152
The Graph is a protocol that allows developers to query data from blockchains and decentralized networks using GraphQL. It uses open APIs called subgraphs that index and organize data for various applications such as DeFi, NFTs, and social media.
| Sector: | Oracles |
| Blockchain: | Ethereum |
Tokenomics Overview
Market Data
Tile coloring: Green indicates positive changes, red indicates negative changes, and neutral indicates no significant trend or unavailable data.
Perpetuals: 2 markets on Binance and OKX · $3.9M open interest
Binance (CEX) | 1M | 28K/32K |
HTX (CEX) | 948K | 615/1.5K |
Coinbase (CEX) | 490K | 39K/165K |
Kraken (CEX) | 372K | 88K/146K |
Bybit (CEX) | 199K | 9K/11K |
KuCoin (CEX) | 126K | 8K/7.8K |
Coinbase (CEX) | 103K | 9.1K/12K |
Binance (CEX) | 101K | 21K/17K |
OKX (CEX) | 83K | 11K/13K |
Kraken (CEX) | 75K | 78K/139K |
MEXC (CEX) | 71K | 26K/20K |
MEXC (CEX) | 56K | 25K/23K |
Binance (CEX) | 55K | 3.1K/3K |
Gate.io (CEX) | 53K | 32K/37K |
OKX (CEX) | 12K | 13K/12K |
Uniswap V2 (Ethereum) | 11K | 3.2K/3.2K |
Kraken (CEX) | 7.9K | 2.9K/4.7K |
Uniswap V3 (Arbitrum) | 1.7K | 214/214 |
OKX (CEX) | 870 | 19K/19K |
Uniswap V3 (Ethereum) | 538 | 355/354 |
Kraken (CEX) | 440 | 0/0 |
Uniswap V3 (Ethereum) | 116 | 177/176 |