Draft Proposal: XIP#44: Acquire & Stake additional GRT to provide indexing & query services for NFTX


  • Javery




This proposal is intended to acquire an additional 100K GRT (Graph Tokens) to stake them, increasing our overall participation within the Graph protocol ecosystem. The additional staked amount will allow our indexer to double its delegation potential from 1.6m to 3.2 million and signal to delegators our intention to be committed to providing indexing services.


The NFTX frontend relies heavily upon the graph to provide data around vaults, holdings, prices, stakes, APRs, activity and more. The origial proposal allowed the configuration of an NFTX Indexer which indexes a number of subgraphs which we use for our front-end, along with a number of other subgraphs that support other web3 services (including Snapshot, UniswapV3, ArtBlocks, Caviar, Sudo, CryptoPunks and more).

NFTX earn indexing fees which are directly tied to the amount of GRT which is staked on the indexer, and by doubling our stake we will double our current earnings.

The amount of GRT staked by an indexer also provides a 16x delegation allowance. With the current 100k staked, NFTX can receieves a further 1.6 million GRT tokens from delegators that can be allocated to subgraphs that NFTX index, increasing the indexing fees. By doubling the staked amount, NFTX can receive up to 3.2 million tokens in delegation. Currently, NFTX has received 900k tokens delegation and is earning approximately 12% APR for the delegators.

One of the signals that delegators look for is an “above minimum stake” from indexers. An indexer that stakes only the bare minimum is associated with only putting bare minimum effort twoards indexing. By increasing the stake from 100k to 200k NFTX will become more favourable to delegate towards.

The initial purchase of GRT tokens was on 23rd November 2021 (Ethereum Transaction Hash (Txhash) Details | Etherscan) where 22.90 ETH (day of value $99,733.22) was swapped for 100,000 GRT tokens. Buying a further 100,000 tokens today would cost around 5.9ETH or $9722 USDC and bring the average token cost price down to approximately $0.55.

The Graph is about migrate across to Arbitrum L2 which also has the benefit of a change in issuance of token from an exponential to a linear approach, as well as cheaper gas fees which should see an increase in usage.



  • Increasing our stake allows more opportunites for delegation, and provides the ability to branch to additional networks beyond Ethereum mainnet (Arbitrum).
  • Lower cost basis, increase fees
  • GRT price may increase over time


  • GRT may go down in price over time
  • The Graph may become obsolete with a new entrants into the decentralised data network for web3


Acquiring GRT will be done on open markets. The specific way this will be done is not shared to avoid any potential front running.

Funding Request — Yes, implemenation requires funding

In order to acquire the additional 100k GRT we require funds for the DAO treasury based on the value of GRT during the acquisition phase.

We estimate the cost to be between $9,000 — $12,000.

Quorum (For forum)

  • Minimum Quorum: At least 5 votes
  • Passing Threshold: More than 50% must vote in agreement for the XIP to Pass. For changes to the NFTX contract, more than 70% must vote in agreement for the XIP to pass.
Acquire 100k GRT to increase indexing stake
  • Yes, acquire additional 100k GRT
  • No

0 voters