The Graph

The Graph generated $1.3M in gross revenue from Dec 2022 to Apr 2026 (1233 days), with $584.3K retained as net revenue. $5.8K accrued to GRT token holders. Its primary token utilities include Network Security, Staking Rewards, Staking Access, Service Payments, and Other.

This averages $$1.0K in daily gross revenue across the tracked period.

GRT accrues value through 2 mechanisms: Direct Token Burn and Direct Revenue Share.

• Direct Token Burn: Multiple direct burn mechanisms: 1% of query fees burned, 0.5% delegation tax burned when delegating, 1% curation tax burned when signaling, and slashing burns (50% of slashed indexing rewards + half of 2.5% self-stake slash). Approximately 1% of GRT supply burned annually.
• Direct Revenue Share: Query fee revenue is distributed directly to staked network participants: 89% to Indexers via the exponential rebate function (who share a cut with their Delegators), and 10% to Curators pro-rata to their curation shares. Participation requires staking/delegating GRT.

Yes, The Graph burns or redistributes GRT tokens via Direct Token Burn. In 2026, approximately $182 worth of value was returned to token holders through these mechanisms.

Yearly token holder distributions:

• 2026: $182
• 2025: $5.7K

GRT serves 5 primary functions within the The Graph ecosystem: Network Security, Staking Rewards, Staking Access, Service Payments, and Other. The protocol generates fees from user activity, with a portion distributed back to GRT holders. Value flows back to token holders through Direct Token Burn and Direct Revenue Share.

Token utilities:

• Network Security: Indexers must self-stake a minimum of 100,000 GRT to operate, and staked tokens are subject to slashing (2.5% of self-stake, 50% of epoch rewards) if they serve incorrect data or behave maliciously.
• Staking Rewards: Indexers and Delegators earn indexing rewards from 3% annual protocol inflation and query fee rebates distributed proportional to their allocated stake. Delegators typically earn 9-12% annually.
• Staking Access: Indexers must self-stake a minimum of 100,000 GRT to provide indexing services. Curators must stake GRT by signaling on Subgraphs to earn curation shares. Delegators must delegate GRT to access their share of rewards.
• Service Payments: Consumers must pay query fees in GRT when querying Subgraphs on the network. The billing system operates on Arbitrum One, with invoices processed at end of each month requiring a sufficient GRT balance.
• Other: Governance uses a 6-of-10 Council multisig with Snapshot community voting where staked GRT receives ~14.18 votes per token, delegated GRT ~4.73 votes, and wallet-held GRT 1 vote, each group allocated 33.33% of total voting power.

Value accrual mechanisms:

• Direct Token Burn: Multiple direct burn mechanisms: 1% of query fees burned, 0.5% delegation tax burned when delegating, 1% curation tax burned when signaling, and slashing burns (50% of slashed indexing rewards + half of 2.5% self-stake slash). Approximately 1% of GRT supply burned annually.
• Direct Revenue Share: Query fee revenue is distributed directly to staked network participants: 89% to Indexers via the exponential rebate function (who share a cut with their Delegators), and 10% to Curators pro-rata to their curation shares. Participation requires staking/delegating GRT.

In 2026, The Graph generated $134.9K in gross revenue. Of that, $182 was distributed to token holders, $134.7K went to supply-side participants (e.g. liquidity providers).

Year-by-year revenue breakdown:

• 2026: $134.9K gross revenue — $182 to holders, $134.7K to supply-side
• 2025: $642.1K gross revenue — $5.7K to holders, $71.2K to protocol, $565.3K to supply-side
• 2024: $340.5K gross revenue — $340.5K to protocol

The Graph's gross revenue has decreased by 37.5% over the past 90 days compared to the prior 90-day period, from $170.8K to $106.8K.

• Recent 90d daily average: $1.2K/day
• Prior 90d daily average: $1.9K/day