The Graph (GRT)
Web3 data indexing with 700+ subgraphs; real query fee revenue but P/S elevated and token inflation from indexer rewards dilutes holders.
Ranked 63rd of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
GRT scores 121 of 250 across the 25-variable framework, which places it 63rd of 251 rated tokens and inside the top quartile of the set. The framework verdict is CAUTIOUS HOLD.
GRT is a top-10 name in the set on one variable. The score rests on Holder Concentration 5/10, 10th of 251, Regulatory Safety 7/10, 17th of 251, Revenue Trend 5/10, 32nd of 251 and Developer Activity 6/10, 33rd of 251.
Against the same universe, GRT sits in the bottom third on BTC Alpha Potential 1/10, 240th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for GRT. Price has to be justified by demand rather than absorbed against a cliff.
GRT trades 99.49% below its all-time high of $2.84. Recovering that level is a 196.1x move, not a 99.49% one, which is the arithmetic most drawdown charts hide.
The framework score gained 21 points against the previous pass (100 to 121). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 5 | 37th of 251 | |
| Revenue Trend | 5 | 32nd of 251 | |
| P/S Multiple | 4 | 104th of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 4 | 93rd of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 4 | 65th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 6 | 36th of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 5 | 36th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 1 | 240th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 6 | 33rd of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
GRT as default indexing layer for AI agents querying blockchain data; Arbitrum and L2 growth
Principal risk
Continuous token inflation from indexer/curator rewards; 99% down from ATH; query fees growing slowly vs token emissions
Market and supply
| Price | $0.0145 |
| Market cap | $156.2Mrank 189 |
| All-time high | $2.8412 Feb 2021 |
| Circulating supply | 10,799,867,657 |
| Eventual supply (max supply) | 10,800,262,823 |
| Dilution to full supply | 1x |
| Listed on | Binance, Coinbase, OKX, Kraken |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to GRT measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [The Graph Network Stats] The Graph indexes 700+ subgraphs across 40+ blockchain networks with $3M+ annualized query fees
- [CoinGecko] GRT ATH $2.84 reached February 2021; currently 99% below all-time high
- [Token Terminal] Indexer rewards continuously emit new GRT creating ongoing inflation pressure for token holders
Common questions
- What is the Early Thunder score for The Graph (GRT)?
- GRT scores 121 out of 250 on the 25-variable framework, ranking 63rd of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.
- What are GRT's strongest fundamentals?
- GRT ranks highest on Holder Concentration 5/10, 10th of 251, Regulatory Safety 7/10, 17th of 251, Revenue Trend 5/10, 32nd of 251 and Developer Activity 6/10, 33rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the GRT thesis?
- GRT scores in the bottom third of the universe on BTC Alpha Potential 1/10, 240th of 251. The single risk carried on the scorecard is: Continuous token inflation from indexer/curator rewards; 99% down from ATH; query fees growing slowly vs token emissions
- How much GRT supply is still to enter circulation?
- 100% of eventual GRT supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is GRT from its all-time high?
- GRT trades 99.49% below its all-time high of $2.84. Returning to that high requires a 196.1x move from the level used in this scoring pass.
- Which tokens have a similar profile to GRT?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to GRT are FXS (105), DOT (103), OSMO (93) and MATIC (110). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for GRT?
- GRT as default indexing layer for AI agents querying blockchain data; Arbitrum and L2 growth
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.