GRT Issuance & Flow

A live trace of GRT supply, issuance, and burns across Ethereum mainnet and Arbitrum One. Net supply = issuance − burns: linear per-block minting through the RewardsManager funds indexing rewards, while query-fee, curation and delegation taxes (plus slashing) burn GRT. Figures are sourced live from the graph-network-arbitrum GraphNetwork entity.

L2 Net SupplyThe network subgraph's totalSupply: GRT minted minus burned on Arbitrum (net tokens present on L2). This is NOT the global token supply — external sources cite ~11.5B circulating.

Annual IssuancelivePer-block issuance annualised over L2 net supply, consistent with the rest of the dashboard. Against the ~11.5B global circulating supply the equivalent rate is ~2.8% (see issuance-rate note).

Issuance / Block

Cumulative Indexing Rewards

Cumulative Query Fees

Issuance & Burn Flow

Conceptual map of where GRT comes from and where it goes. Sources mint into the supply pool; burns remove it. Indexing rewards are split between indexers' self-stake and their delegators.

Sources

Genesis mint (2020)

10.00B GRT

one-time, Ethereum L1

Protocol issuance

—

linear per-block

Supply pool

L2 Net Supply (mint−burn)

—

Signalled (curation)

—

directs reward split

Distribution & sinks

Indexing rewards → indexers + delegators

—

Burned

—

query-fee / curation / delegation tax + slashing

Supply Composition

Genesis (Ethereum L1, 2020)10.00B GRT

L2 net supply (mint − burn)0.00 GRT

Cumulative indexing rewards0.00 GRT

Genesis is a fixed 10B mint on Ethereum L1. L2 net supply is the GRT minted minus burned on Arbitrum — not the global token supply (~11.5B circulating). Cumulative indexing rewards is the all-time GRT issued to indexers and delegators.

Gross On-Chain Mint / Burn

incl. bridge

Cumulative Minted

—

Cumulative Burned

—

On Arbitrum, gross mint/burn is dominated by bridge flows — every L2 deposit mints and every withdrawal burns. These are not a clean issuance/burn measure; use cumulative indexing rewards and the per-block rate for issuance.

Annualized Issuance Rate

Reported quarterly by Messari / Graph Explorer, against the ~11.5B circulating supply.

2.76%

Q4 2024

2.84%

Q1 2025

1.05%

Q2 2025

2.79%

Q3 2025

2.77%

Q4 2025

These use the global circulating supply as denominator. The live —stat above is computed against the subgraph's L2 net supply, so the percentages aren't directly comparable — same numerator (~317M GRT/yr), different denominators.

How GRT issuance works

Linear per-block minting, curation-weighted reward split, tax burns

GRT is an uncapped ERC-20, minted at genesis as 10B tokens on Ethereum and now canonically the L2GraphToken on Arbitrum One. The RewardsManager mints indexing rewards on reward collection (graphToken().mint(staking, rewards)), emitting RewardsAssigned. GIP-0037 replaced the original ~3% compounding model with a linear issuancePerBlock.

Rewards split across subgraphs in proportion to curation signal, then to indexers by allocated stake, then between indexer self-stake and delegators via the per-indexer reward cut. Curators earn a fixed 10% of query fees on their subgraphs. Delegation is capped at the network delegation ratio (16×) of an indexer's self-stake.

Deflationary sinks: the 1% query-fee protocol tax, 1% curation tax, 0.5% delegation tax, rejected-dispute deposits, and slashing of malicious indexers — all burned via the ERC20Burnable _burn.

Contract reference

Canonical addresses across L1, L2 and Horizon

Arbitrum One

Principal deployment — 100% of indexing-reward issuance since 28 Jun 2024

L2GraphToken (proxy)	0x9623063377AD1B27544C965cCd7342f7EA7e88C7	impl 0xaffcb9…b28df
RewardsManager	0x971B9d3d0Ae3ECa029CAB5eA1fB0F72c85e6a525	mints indexing rewards
L2Staking / HorizonStaking	0x00669A4CF01450B64E8A2A20E9b1FCB71E61eF03
L2Curation	0x22d78fb4bc72e191C765807f8891B5e1785C8014
EpochManager	0x5A843145c43d328B9bB7a4401d94918f131bB281
L2GNS	0xec9A7fb6CbC2E41926127929c2dcE6e9c5D33Bec
DisputeManager	0x0Ab2B043138352413Bb02e67E626a70320E3BD46
L2GraphTokenGateway	0x65E1a5e8946e7E87d9774f5288f41c30a99fD302	mints/burns on bridge
Controller	0x0a8491544221dd212964fbb96487467291b2C97e

Ethereum Mainnet (L1)

Deprecated for rewards (Dec 2024) — still holds GRT; bridge & escrow remain live

GraphToken	0xc944E90C64B2c07662A292be6244BDf05Cda44a7	genesis 10B, verified 2020-12-14
RewardsManager	0x9Ac758AB77733b4150A901ebd659cbF8cB93ED66
L1Staking	0xF55041E37E12cD407ad00CE2910B8269B01263b9
Curation	0x8FE00a685Bcb3B2cc296ff6FfEaB10acA4CE1538
BridgeEscrow	0x36aFF7001294daE4C2ED4fDEfC478a00De77F090	locks L1 GRT backing L2
L1GraphTokenGateway	0x01cDC91B0A9bA741903aA3699BF4CE31d6C5cC06	minter, bounded by L2 mint allowance

Horizon (Arbitrum One)

Mainnet-live 2 Dec 2025 — relocates allocations & payments; issuance formula unchanged

HorizonStaking	0x00669A4CF01450B64E8A2A20E9b1FCB71E61eF03	L2Staking upgraded/renamed
SubgraphService	0xb2Bb92d0DE618878E438b55D5846cfecD9301105	first data service
GraphTallyCollector	0x8f69F5C07477Ac46FBc491B1E6D91E2be0111A9e	TAPv2 verifier — name-verify on Arbiscan
PaymentsEscrow	0x8f477709eF277d4A880801D01A140a9CF88bA0d3	TAP escrow — name-verify on Arbiscan

L2 migration timeline

Genesis → 100% rewards on Arbitrum → Horizon

Dec 2020Mainnet launch
10B GRT genesis on Ethereum; ~3% compounding issuance via RewardsManager.
Jun 2022Migration announced
Graph Day: full migration to Arbitrum One announced (GIP-0031 bridge).
GIP-0037Linear L2 issuance
issuanceRate replaced by linear issuancePerBlock; native L2 minting + L2 Mint Allowance protection.
Sep 202350% rewards on L2
GIP-0052 staged the L2 reward share 5% → 25% → 50%.
28 Jun 2024100% rewards on L2
L1 issuancePerBlock reduced to zero; all indexing rewards now issued on Arbitrum.
Dec 2024L1 deprecated
GIP-0067 completed: mainnet protocol deprecated (not destroyed — token & bridge persist).
2 Dec 2025Horizon live
GIP-0066 on Arbitrum mainnet: HorizonStaking, SubgraphService, generalized payments layer.

Key GIPs

Governance proposals shaping issuance & flow

GIP-0031Arbitrum GRT bridge (lock-and-mint, BridgeEscrow)

GIP-0037L2 linear rewards + L2 Mint Allowance

GIP-0040Protocol deployment to Arbitrum One

GIP-0052Staged L2 reward share 5% → 100%

GIP-0067Deprecation of the L1 protocol

GIP-0066Graph Horizon

GIP-0070Horizon-era issuance/curation redesign

GIP-0087/0088On-chain indexing agreements + Issuance Allocator

Caveats

What the numbers do and don't mean

▸“Total supply” is reported inconsistently across sources: retail aggregators show circulating supply (~10.8B), the Graph Explorer shows on-chain token supply (~11.47B), and “minted” (~15.1B) is gross cumulative issuance including the 10B genesis.
▸On the Arbitrum subgraph, gross Minted/Burned are dominated by bridge flows (every L2 deposit mints, every withdrawal burns) — they are NOT a clean issuance/burn measure. Cumulative indexing rewards and the per-block issuance rate are the honest issuance figures.
▸Realized burn has historically run well below the ~1%/yr design target, because query-fee and curation activity were low relative to issuance — so net inflation tracks close to gross issuance.
▸A complete supply trace must still read L1 totalSupply and the BridgeEscrow balance: the L1 protocol is deprecated, not destroyed.
▸If GIP-0070/0087/0088 ship an Issuance Allocator distributing issuance beyond indexing rewards, that contract becomes a new emission node. GIP-0070 expects >99% of issuance to remain in Indexing Rewards initially.

Live aggregates from the graph-network-arbitrum GraphNetwork entity, cached 30 minutes. Issuance rate is derived as per-block issuance × L1-equivalent blocks/yr ÷ L2 net supply (shared dashboard convention). Reference contracts, timeline and GIPs are static; verify Horizon payment-contract names on Arbiscan before relying on them.