📊The Graph SRB

GRT Staking Rewards Benchmark (GRTSRB™) Methodology

GRTSRB is a benchmark representing the mean, annualized staking rate across all active The Graph indexers.

GRTSRB is calculated and published by Staking Rewards via the The Graph Profile and Data API.

$$GRTSRB = (ib * t_y / bt) / st$$

Formula key	Metric name	Description
ib	Issuance Per Block	The number of GRT tokens issued as indexing rewards per Ethereum block on Arbitrum.
bt	Block Time	The average Ethereum block time in seconds.
st	Staked Tokens	The total number of GRT tokens staked (self-staked + delegated) across all indexers on Arbitrum.
$t_y$	Year Constant	31,536,000 seconds (365 days)

• GRTSRB takes into account all accumulated rewards, whether they have been claimed or remain unclaimed.

• GRTSRB operates on a non-compounded basis, meaning it excludes returns generated from the reinvestment of rewards.

• The Graph protocol operates on Arbitrum One. All staking, delegation, and reward distribution occurs on Arbitrum.

Slashing

The Graph implements slashing for indexers who serve incorrect data or allocate dishonestly. Slashing can affect up to 2.5% of an indexer's self-stake. Delegators are not directly slashed but may experience reduced returns if their indexer is slashed.

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The Graph Indexer Staking Rewards Rate: GRTSRB(v)

Staking Rewards calculates the GRTSRB for each indexer based on a 30-day rolling window of actual delegator indexing rewards earned:

$$GRTSRB(v) = (dr_{now} - dr_{30d}) / dt_{30d} * t_y / t_d$$

Formula Key	Metric name	Description
drnow	Delegator Rewards Now	Cumulative delegator indexing rewards at the current evaluation point.
dr30d	Delegator Rewards 30d Ago	Cumulative delegator indexing rewards 30 days prior.
dt30d	Delegated Tokens 30d Ago	Delegated tokens at the 30-day-ago snapshot.
$t_y$	Year Constant	365 days
$t_d$	Day Window	Actual number of days between snapshots.

7-day and 60-day rolling window rates are also calculated and published for each indexer.

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Inflation Rate

$$i = (ib * t_y / bt) / cs$$

Formula Key	Metric name	Description
ib	Issuance Per Block	GRT issued per Ethereum block on Arbitrum.
bt	Block Time	Average Ethereum block time in seconds.
cs	Circulating Supply	The total circulating supply of GRT tokens.
$t_y$	Year Constant	31,536,000 seconds

Inflation Rate Behaviour

The Graph's inflation rate is governed by on-chain parameters. The networkGRTIssuancePerBlock parameter determines the GRT minted per Ethereum block. This rate can be adjusted through governance proposals.

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Real Reward Rate: GRTSRB^R

$$GRTSRB^R = (1 + GRTSRB) / (1 + i) - 1$$

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Observation Period:

1. The GRTSRB is determined based on the latest on-chain issuance parameters and staked token totals at the point of evaluation.

2. The per-indexer GRTSRB(v) uses a 30-day rolling window of daily indexer data for annualized reward rate calculation.

3. This data is then annualized for a comprehensive year-long projection.

Calculation

The calculation happens every 8 hours and is immediately published via Data API.

Limitations

1. GRTSRB employs a 365-day convention for annualizing staking rates. This convention remains consistent and does not accommodate adjustments for leap years.

2. GRTSRB does not factor in query fee revenue earned by indexers, which is an additional source of income beyond indexing rewards.

3. Individual indexer rates may vary significantly based on their allocation strategy, query traffic, and delegation parameters.

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Other Metrics

Metric	Description
Staked Tokens	Total GRT self-staked by indexers on Arbitrum
Delegated Tokens	Total GRT delegated to indexers by delegators
Staking Wallets	Total unique delegations across all indexers
Total Query Fees	Cumulative query fees collected across the network
Total Indexing Rewards	Cumulative indexing rewards distributed
Epoch Length	Number of Ethereum blocks per Graph epoch
Lockup Time	28 epochs * epoch length * block time (unbonding period)

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Data Sources:

• The Graph Network Subgraph on Arbitrum (network statistics, indexer data)

• The Graph Analytics Subgraph on Arbitrum (daily indexer reward data)

• Arbitrum and Ethereum RPC Endpoints (GRT token supply via contract calls)

• CoinGecko (price, circulating supply)

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References:

• https://thegraph.com/docs/en/indexing/overview/

• https://thegraph.com/docs/en/tokenomics/

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📚 Learn more about GRT Staking

📊 Calculate your GRT Staking Rewards

⚙️ Access historic The Graph Staking Data via API

Last updated on 03/24/2026