The Graph GRT

Part buyback, part payoutRank#59in Low payout▼4Score14

Part of holders revenue is bought back, part is paid out; the split is not known.

Developer Tools, Arbitrum, 141 days of data

Low payout: less than $100k to holders in 30 days, or payouts on fewer than 8 of the 30 days (for a token that pays in cycles of a week or longer: more than one of the payouts its cycle predicts missed); ranked within this group

Market cap

$191.7M

price $0.0173 · 7d −7.7% · 30d −34.0%

FDV $200.7M (1.0× market cap)

source defillama

Counted per year

$41

holders revenue of the last 30 days, $5, × 365 ÷ 30, × type factor 0.75 (a mixed model counts 75%)

Mixedbuyback share 100%

Returns 0.0% of its market cap a year, using 100¢ of every $1 it earns.

Not a buyback: counts for 75% in the multiple (type factor 0.75), so the denominator is $41 instead of $55.

Multiple

4.6M×

median of all tokens 20.0×, against 4.6M× here

Run-rate

1.1M×

last 7 days $5 × 52 × 0.75 (type factor) = $177 a year

last week's payout to holders ran 4.3× the 30-day pace: the payout is speeding up

What we checked

Valuation
Multiple 4.6M× (type factor 0.75: a mixed model counts 75%), 231.7k× more expensive than the median of all tokens (20.0×; its category is too small for a peer group). The group's largest earner Hyperliquid trades at 21.1×: 218.9k× dearer per dollar returned to holders. On total revenue: 3.5M×, 2.0k× dearer than the revenue peer median.
Distribution
Mixed: Part buyback, part distribution or burn; the exact split is not known. Holders got $5 of $5 revenue in 30 days → buyback share 100%. DefiLlama: “Protocol tax on query fees, burned (legacy staking tax, and since Graph Horizon the 1% protocol payment cut burned by GraphPayments)”
Sustainability
Holders were paid on 2 of 30 days (7%); largest single day 65% of the month's holders revenue (one day carries the month, so the multiple is not a steady pace); paid to holders this week: 100% of the best week in 90 days. Revenue new / from ~$0 over 7 days and new / from ~$0 over 30 days, price −34% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

One-day spikeone day made 65% of the 30-day holders revenue. The multiple does not show a steady pace, so the token stays out of the Cheap lens and buy signals
Insufficient history140 days of data; g7, g30, divergence not computable yet and scored as neutral 50
Small peer group51 peers in universe; median taken from the universe level
Data issue: chain mapping missingData issue (chain mapping missing): warning, scores are computed as usual

How the buyback really works

Not researched yet. Everything above comes from DefiLlama and market data only.

Holders revenue / revenue (30d): $5 / $5; last 30 closed days
To holders: Returns 0.0% of its market cap a year
FDV / dilution: $200.7M / 1.0×; FDV ÷ market cap
Price 7d / 30d: −7.7% / −34.0%
Revenue growth 7d / 30d: new / from ~$0 / new / from ~$0; versus the period before
Divergence: —; revenue growth minus price growth, 30d
DEX liquidity: $604k; DexScreener, representative pools
24h volume: $12.2M; all markets, CoinGecko
Unlocks 30d: $223k; DefiLlama vesting schedule
Revenue multiple: 3.5M×; market cap ÷ revenue per year
Fee multiple: 1.4k×; market cap ÷ fees per year
Distance to peak: 100%; this week ÷ best week of 90 days
Data since: Jun 25; first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)

Multiple over time

today 4.6M× (scored) · peer median 20.0×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

No signals for this token yet.

Versus peers

universe (whole universe) · 52 tokens (51 with a multiple) · median multiple 20.0× · Hyperliquid is valued 92.1× higher. Per dollar that counts for holders, The Graph is 218934.0× dearer.

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
Token	Distribution	Multiple	Revenue multiple	Buyback share	To holders 30d	Market cap	Rev. growth 30d
Pharaoh Exchange	ve / bribes	0.3×	0.2×	100%	$1.3M	$2.4M	−53%
PaperStrategy	Buyback + burn	0.3×	0.1×	43%	$743k	$2.8M	−2%
OTC	Buyback + burn	0.5×	0.2×	43%	$284k	$1.6M	+99%
RamsesX	Mixed	0.7×	0.5×	90%	$347k	$2.2M	+8%
nest	Distribution	0.8×	0.4×	100%	$868k	$4.3M	+30%
ORE Protocol	Buyback + burn	1.0×	1.0×	99%	$4.2M	$50.2M	+31%
StonkFun	Buyback + burn	1.8×	1.1×	60%	$1.6M	$36.7M	−88%
up	ve / bribes	2.0×	1.0×	100%	$300k	$3.7M	−70%
Fake World Assets	Buyback + burn	2.3×	1.6×	80%	$142k	$3.5M	−72%
THORSwap	Mixed	3.4×	1.9×	75%	$311k	$9.7M	+37%
Marinade	Buyback	5.0×	2.5×	50%	$191k	$11.7M	−14%
Chainflip	Buyback + burn	5.6×	5.6×	100%	$536k	$36.3M	+56%
Pons	Buyback + burn	6.1×	6.1×	104%	$1.4M	$101.8M	−83%
Pump	Buyback	6.1×	2.7×	44%	$21.5M	$1.6B	−27%
Usual	Mixed	6.5×	3.4×	70%	$372k	$22.1M	+72%
Aero	ve / bribes	8.2×	3.8×	96%	$7.4M	$352.3M	−8%
Tornado Cash	Mixed	9.7×	7.3×	100%	$260k	$23.1M	−30%
SSV Network	Mixed	12.1×	9.1×	100%	$271k	$30.0M	−12%
Spark	Buyback	13.0×	3.7×	28%	$344k	$54.5M	+144%
Lighter	Buyback	15.8×	12.8×	81%	$4.4M	$841.1M	+12%
edgeX	Buyback	16.4×	7.1×	43%	$605k	$120.4M	−44%
Geodnet	Buyback + burn	18.7×	14.9×	80%	$746k	$169.4M	0%
Lido	Buyback	18.8×	7.1×	37%	$0	$257.1M	−5%
Bankr	Distribution	19.3×	8.5×	86%	$190k	$23.9M	−85%
ApeX Protocol	Mixed	19.3×	14.5×	100%	$148k	$26.1M	−20%
deBridge	Buyback	20.0×	15.3×	77%	$352k	$85.6M	−12%
PancakeSwap	Buyback + burn	21.0×	13.7×	65%	$2.4M	$602.4M	−29%
Hyperliquidleader	Buyback + burn	21.1×	21.1×	100%	$68.7M	$17.66B	−4%
Yield Basis	ve / bribes	22.6×	8.0×	100%	$148k	$14.3M	41.0×
Raydium	Buyback	27.2×	16.9×	62%	$1.3M	$421.9M	−65%
Sky	Mixed	27.3×	8.5×	41%	$5.5M	$1.37B	−2%
Curve Finance	ve / bribes	30.7×	11.1×	94%	$2.6M	$376.7M	+44%
Maple Finance	Buyback	35.9×	7.2×	20%	$317k	$138.2M	+6%
Uniswap	Buyback + burn	36.2×	36.2×	100%	$8.2M	$3.59B	−19%
GMX	Distribution	37.2×	13.6×	73%	$363k	$82.1M	+15%
Collector Crypt	Buyback + burn	38.3×	1.0×	3%	$380k	$176.8M	−5%
Convex Finance	ve / bribes	46.5×	13.8×	95%	$866k	$153.1M	−4%
Aster	Buyback + burn	51.2×	∞	—	$2.7M	$1.71B	—
Orca	Buyback	52.8×	8.1×	15%	$120k	$77.1M	−37%
dYdX	Distribution	54.8×	27.4×	100%	$234k	$77.9M	−21%
Jupiter	Buyback	55.3×	16.6×	30%	$1.3M	$891.3M	−32%
Venice	Buyback + burn	68.9×	68.9×	100%	$1.1M	$946.3M	+21%
Kinetiq	Mixed	77.8×	34.3×	59%	$133k	$94.7M	−37%
Railgun	Distribution	80.5×	25.7×	65%	$202k	$108.6M	−9%
Pendle	ve / bribes	105×	37.5×	71%	$421k	$268.9M	+41%
Render Network BME	Burn	125×	89.1×	95%	$753k	$859.5M	+242%
Chainlink	Buyback	139×	119×	100%	$5.3M	$7.74B	+23%
Meteora	Distribution	162×	4.8×	17%	$480k	$166.1M	−54%
NEAR Protocol	Buyback	210×	198×	95%	$1.8M	$4.69B	−18%
Liquity	Distribution	1.2k×	8.4×	81%	$128k	$16.2M	+418%
The Graphthis token	Mixed	4.6M×	3.5M×	100%	$5	$191.7M	new / from ~$0
BONK.fun	Mixed	∞	12.0×	95%	$1.5M	$240.1M	−67%

Score build-up14 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

14of 100#59▼4top 78% one or more parts are the neutral 50

Valuation 0.0Momentum 12.5Divergence 10.0Quality 6.7penalties −15= 14.2

Valuation35%

0Valuation 0.0: HR half 0.0 (multiple 4627413.98×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 0.0 (revenue peer value 0.00×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.

Momentum25%

50Momentum 50.0 (neutral): g7 unknown, g30 unknown; missing history gives the neutral 50.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.

Divergence20%

50Divergence 50.0 (neutral): d unknown (missing history).d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.

Quality20%

33Quality 33.3: mean of days HR>0 7% → 0.0 (0 at ≤30%, 100 at ≥90%), largest day 65% of HR30 → 0.0 (0 at ≥60%, 100 at ≤15%), distance to peak 1.00 → 100.0 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

One-day spike: largest day 65% of the HR window: Momentum 50.0 → 50, Divergence 50.0 → 50.
Penalty −15 (unlocks_above_hr30): unlocks next 30d $223k above HR30 $5.

Penalties−15

−15Unlocks in the next 30 days above HR30unlocks next 30d $223k above HR30 $5

9 rules not applied, 3 wait for research data.

Where the numbers come from

Revenue source: 1 active child; DefiLlama adapter per child
Price and market cap: defillama / defillama; latest fetch
Scored on: November 12, 2026; as-of date of the last compute run
On-chain verified: not yet; not checked yet

Protocols behind this token1 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

The Graph
Developer Tools · Arbitrum
type mixed · source text
“Protocol tax on query fees, burned (legacy staking tax, and since Graph Horizon the 1% protocol payment cut burned by GraphPayments)”
Protocol tax on query fees, burned (legacy staking tax, and since Graph Horizon the 1% protocol payment cut burned by GraphPayments)
adapter on GitHub ↗