The Graph
GRT
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
GRT (The Graph) demonstrates solid fundamental and technical health as a decentralized indexing standard across Web3. Active development is robust (score 8.7), evidenced by the Horizon Upgrade rollout, ongoing GRC-20 tooling updates, extensive multi-chain expansion, and OpenZeppelin audits for governance upgrade contracts. The protocol benefits from a multi-core developer team model (Edge & Node, StreamingFast, Semiotic Labs, Pinax, GraphOps, Wonderland) and decentralized council oversight (score 7.5). Market standing and use case utility remain established with steady liquidity and an essential role in Web3 data querying (score 7.0). On the tokenomics side (score 6.0), issuance sits near 3% annualized offset by query fee burns, though insider allocations warrant monitoring. Security and Audit History scored 5.0 primarily due to an unrecovered historical market drawdown (>50% from ATH), but the protocol maintains an active bug bounty on Immunefi of up to $2.5M and has had zero protocol-level exploits, insolvency events, or hostile regulatory actions. Because the 5.0 Security score was driven by price action rather than a qualifying red-flag exploit or regulatory proceeding, the red-flag overall cap does not apply.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About The Graph (GRT)
The Graph (GRT) is a decentralized indexing and query protocol designed to organize blockchain data for decentralized applications. Founded in 2018 by Yaniv Tal, Brandon Ramirez, and Jannis Pohlmann, the protocol relies on a multi-team core development structure including Edge & Node, StreamingFast, Semiotic Labs, Pinax, GraphOps, and Wonderland. GRT exists as an ERC-20 token on Ethereum with bridged deployments across networks such as Arbitrum One, Polygon PoS, Avalanche, and NEAR. Within the network, GRT serves as a utility and work token used by indexers, delegators, and curators to process, stake, and query indexed data.
The token launched with an initial supply of 10 billion units and features a target annual issuance of approximately 3% for indexer rewards, counterbalanced by fee burns from delegation, curation, and query operations that result in an estimated net annual inflation of 2%. Governance is managed through Graph Improvement Proposals (GIPs) under the oversight of The Graph Council and The Graph Foundation, utilizing non-binding signaling votes. Ongoing technical developments include the Horizon Upgrade rollout, tooling updates, and multi-chain data integrations.
From a security perspective, the protocol maintains a bug bounty program on Immunefi of up to $2.5 million and has undergone audits by OpenZeppelin for governance upgrade contracts, with no protocol-level hacks or exploits recorded. However, GRT is exposed to risks including substantial insider token allocations and competition from both centralized and alternative decentralized data indexing providers. Additionally, GRT experienced an unrecovered market drawdown exceeding 90% from its late-2021 all-time high near $2.88.