FXS vs GRT
Frax Share and The Graph scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
FXS scores 105 of 250 and ranks 115th of 251. GRT scores 121 and ranks 63rd. GRT leads by 16 points, which is a real gap, though small enough that one variable moving would close much of it. FXS takes 3 of the 25 variables, GRT takes 18, and 4 are level.
The framework rates FXS WATCH and GRT CAUTIOUS HOLD. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
No single variable separates FXS and GRT by as much as 3 points. The lead is broad rather than concentrated: GRT is ahead on 18 of 25 variables by one or two points each, which is what produces the composite gap without any one variable carrying it.
Both score 3 or below on BTC Alpha Potential. A weakness both sides share is not a reason to prefer either. It is a reason to check whether the category itself carries the problem.
GRT is valued at $297.6M against $28.3M for FXS, a 10.5x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 4 | 5 | GRT +1 | |
| Revenue Trend | 4 | 5 | GRT +1 | |
| P/S Multiple | 5 | 4 | FXS +1 | |
| Real Staking Yield | 4 | 5 | GRT +1 |
Supply
| Supply Inflation | 4 | 4 | level | |
| Vesting Schedule | 4 | 5 | GRT +1 | |
| Circulating / FDV Ratio | 6 | 7 | GRT +1 | |
| Buyback and Burn | 4 | 3 | FXS +1 |
Ownership
| Smart Money Flows | 4 | 4 | level | |
| Insider Selling | 4 | 5 | GRT +1 | |
| Holder Concentration | 4 | 5 | GRT +1 |
Traction
| TVL Trend | 4 | 4 | level | |
| Active Users | 4 | 5 | GRT +1 | |
| Developer Activity | 5 | 6 | GRT +1 | |
| Network Growth | 4 | 5 | GRT +1 |
Position
| Market Share | 4 | 6 | GRT +2 | |
| Competitive Moat | 4 | 5 | GRT +1 | |
| Institutional Adoption | 4 | 5 | GRT +1 | |
| Exchange Depth | 5 | 6 | GRT +1 | |
| Social Mindshare | 3 | 4 | GRT +1 |
Risk
| Regulatory Safety | 5 | 7 | GRT +2 | |
| Catalyst Calendar | 4 | 4 | level | |
| BTC Alpha Potential | 3 | 1 | FXS +2 | |
| Team Execution | 4 | 5 | GRT +1 | |
| Treasury Runway | 5 | 6 | GRT +1 |
Bars read outward from the centre: FXS to the left, GRT to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| FXS | GRT | |
|---|---|---|
| Price | $0.3018 | $0.0272 |
| Market cap | $28.3M | $297.6M |
| Circulating | 93.9% | 94.2% |
| Dilution to full supply | 1.06x | 1.06x |
| Off all-time high | -99.29% | -99.04% |
| To recover the high | 140.8x | 104.2x |
| Total value locked | $600.0M | not published |
| Network | Ethereum | Ethereum |
FXS now trades as FRAX. The scoring pass ran under the old ticker, so the scores above are filed there while the market figures track the new one.
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
FXS · WATCH
Fraxchain L2 launch and frxUSD institutional adoption
FXS → FRAX token migration and veFXS overhaul create high dilution and uncertainty for existing holders
GRT · CAUTIOUS HOLD
GRT as default indexing layer for AI agents querying blockchain data; Arbitrum and L2 growth
Continuous token inflation from indexer/curator rewards; 99% down from ATH; query fees growing slowly vs token emissions
Common questions
- Is FXS or GRT the better investment?
- On this framework GRT scores higher: 121 against 105 of 250, and it is rated CAUTIOUS HOLD against WATCH. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and FXS still wins 3 of the 25 individual variables against GRT.
- What is the biggest difference between FXS and GRT?
- Nothing separates them by more than 2 points on any of the 25 variables, which is unusual and means the two are close substitutes on fundamentals.
- Which is bigger, FXS or GRT?
- FXS is valued at $28.3M and GRT at $297.6M on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.