The Graph (GRT): What It Is, Uses and Risks

The Graph is an indexing protocol for blockchain data. Blockchains record every transaction and contract event, but they are poor at answering questions such as "which wallets used this lending app last week?" Reading that straight from a chain is slow and awkward. The Graph organizes the data into open APIs called subgraphs, which developers query using GraphQL, a common query language for web and app developers.

A developer writes a subgraph that defines which contract events to watch and how to store them. Node operators then index that data and serve queries to apps. Graph Explorer works as a directory where people can search for and publish subgraphs. The goal is that a decentralized app can fetch the data it needs from public infrastructure rather than from one company's private server.

Many DeFi dashboards, NFT tools and analytics products rely on this kind of indexing, even when users never see it. The Graph is often described as infrastructure: it sits behind the interface and is judged mostly by whether queries come back fast and correct. Its token, GRT, coordinates the people who do that work.

GRT is the native token used to coordinate work on The Graph Network. It is an ERC-20 token, and the project describes three main roles that revolve around it.

Indexers are node operators. They stake GRT as a bond and earn rewards for indexing subgraphs and serving queries. Delegators are holders who do not run nodes. They delegate GRT to an Indexer to help secure the network and share in the rewards. Curators signal GRT on subgraphs they consider useful, which helps Indexers decide what to index.

Query fees are also tied to the token. Apps that consume data pay for queries, and that revenue flows to the participants who supply it. Staking gives the system a financial penalty for bad behavior, since Indexers put capital at risk.

In plain terms, GRT is a utility and incentive token. Holding it does not give a claim on any company's profits. Its use depends on whether developers actually send queries through the decentralized network and whether participants find staking and signaling worthwhile.

At the time of writing (as of 2026-11-05), about 10.94 billion GRT are in circulation, and the total supply is about 11.61 billion. The data we hold shows no fixed maximum supply, so GRT should not be treated as a capped-supply asset. Public descriptions say the token has a defined issuance schedule, meaning new GRT is created over time as rewards for network participants, while some token flows are burned. The exact rates have been adjusted through governance, so check the current protocol documentation instead of relying on old figures.

Market figures from the same date, all approximate: a price of about $0.0202, a market capitalization of about $220.9 million, a fully diluted valuation of about $234.5 million, and 24-hour trading volume of about $7.2 million. That puts GRT at roughly rank 156 by market cap. The token was down about 6.3% over seven days and about 62.6% over one year.

For context, the all-time high was about $2.84 on 2021-02-11, and the all-time low in our data was about $0.013 on 2026-08-18. These numbers move daily and are not a forecast.

GRT began as an Ethereum token, and Ethereum remains the main home of the contract. Our data also lists issuance on Avalanche, Arbitrum, Near, Polygon and Harmony. These are bridged or additional representations of the token, and GRT is not the native coin of any blockchain. Network activity such as staking has also moved to layers built on Ethereum to reduce transaction costs, so the chain that you hold GRT on matters.

Most people hold GRT in a self-custody wallet that supports ERC-20 tokens, or leave it on an exchange. It trades on many centralized exchanges and on decentralized exchanges on the chains above. Check which network a deposit or withdrawal uses before sending anything, because sending GRT to an address on the wrong chain can result in permanent loss.

Delegating GRT is done through the protocol's own staking interface rather than through an exchange. Delegation involves smart contract transactions, gas fees and, in some cases, a waiting period before tokens can be withdrawn. Read the current rules inside the app before committing funds.

The Graph started as a project to make blockchain data easier to query, first through a hosted service run by the team and later through a decentralized network. The token reached its all-time high of about $2.84 in February 2021, during a broad crypto market surge. Since then it has fallen a long way, in line with much of the altcoin market.

A recurring theme in the project's history is migration. Developers originally relied on the hosted service, and the team worked to move query traffic onto the decentralized network. Some news coverage links this shift to higher trading interest in the token. We do not have a precise launch date in our data, so we leave out specifics we cannot confirm.

The token also gets grouped into newer narratives. Data providers tag it under AI, infrastructure and DePIN categories, because structured, queryable data is useful to software that reads on-chain information. Those tags describe how the market classifies it, not any guarantee of demand. The project has also been backed by well-known crypto investors, including a Coinbase Ventures portfolio listing, though that says nothing about future performance.

Price risk. GRT is volatile. The data above shows a drop of more than 60% over one year, and the token sits far below its 2021 high. Small-cap tokens can move sharply on low volume.

Demand risk. GRT's value depends on real query usage and on developers choosing a decentralized indexing network over cheaper centralized alternatives. If fees stay low or traffic shifts elsewhere, rewards come mostly from token issuance rather than fees.

Competition. Other indexing tools, data providers and node services compete for the same developers.

Inflation and dilution. Because new tokens are issued and no hard cap appears in our data, holders can be diluted if issuance outpaces demand.

Smart contract and bridge risk. GRT lives on several chains, and bridges and staking contracts can contain bugs or be exploited.

Staking risk. Delegating means trusting an Indexer's performance, and rewards are not guaranteed. Lock-up periods can stop you from exiting quickly.

This page is general information, not financial advice. Only commit money you can afford to lose.

For long-term holding, a hardware wallet that supports Ethereum and ERC-20 tokens is the usual choice. It keeps your private keys offline, so a compromised computer or phone cannot sign transactions on its own. Write down your recovery phrase on paper or metal, store it somewhere secure and never type it into a website, chat or app that asks for it.

Before a large transfer, send a small test amount first and confirm that it arrives on the correct network. Double-check the receiving address character by character, since clipboard-swapping malware exists.

If you delegate, use the official staking interface and check the URL carefully, because phishing sites imitate crypto apps. Review every wallet approval and revoke permissions you no longer need. Consider keeping staking funds in a separate wallet from your main holdings.

Exchanges are convenient for trading, but funds there are held by a third party. Use strong, unique passwords and two-factor authentication through an authenticator app rather than SMS.