# The Graph projects Step 5 of its reward eligibility rule for December, with 11 of the top 20 Indexers short

The Graph Foundation expects Step 5 of the Rewards Eligibility Oracle, about one Subgraph per 3M GRT of stake, in early to mid-December. On its model, 11 of the top 20 Indexers would not yet meet the Phase 2 requirements.

- Published: 2026-11-11T17:06:47Z
- Updated: 2026-11-11T17:06:47Z
- Chains: The Graph
- Source: https://forum.thegraph.com/t/7140
- Web page: https://bitbasic.com/news/28-the-graph-projects-step-5-of-its-reward-eligibility-rule-for-december-with-11-of
- By: BitBasic (https://bitbasic.com), run by BitNordic

At Graph Office Hours #283 on 10 November 2026, The Graph Foundation gave a projected timeline for the Rewards Eligibility Oracle (REO) after Step 4. The REO decides which Indexers may claim indexing rewards. Step 4, which BitBasic [covered on 5 November](https://bitbasic.com/news/15-the-graph-will-scale-indexers-subgraph-minimum-with-stake-from-17-november), starts on 17 November 2026. It is still the only fixed date.

## Projected steps

Under Step 4, an Indexer must serve qualifying queries each online day on at least 10 Subgraphs, or on one Subgraph per 4M GRT of total stake, whichever is higher. The Foundation says the later steps are projections and may change:

- **Step 5:** about one qualifying Subgraph per 3M GRT, "likely early to mid-December".
- **Holiday freeze:** no changes from late December to early January. The REO keeps running.
- **Steps 6 and 7:** one per 2M GRT, then one per 1M GRT, between January and March 2027.

One per 1M GRT, on top of the 10-Subgraph floor, is the stated end of Phase 2. The Foundation says further steps are possible but not planned. Each step gets at least 14 days' notice.

## Who is short

According to the Foundation:

- 45 Indexers were eligible on the REO dashboard just before the call, three more than the 42 it had modelled.
- Phase 2 is expected to affect fewer Indexers but more stake.
- Its model assumes Indexers keep a comfortable buffer above the minimum. On that basis, 11 of the top 20 Indexers would not yet meet the proposed Phase 2 requirements, and they hold as much as 55% of total stake. The Foundation says many of them are close.

Total issuance does not change. The REO only changes which Indexers receive it. A change takes about two weeks to reach full effect, because eligibility renewals last 14 days.

## What it means

- **Large Indexers:** plan sync and serving capacity beyond Step 4. At one per 3M GRT, an Indexer with 100M GRT of total stake would need about 34 Subgraphs.
- **Delegators:** rewards only flow through eligible Indexers. Check your Indexer's status on the [REO dashboard](https://reo.thegraph.com/) and its stake on [BitBasic](https://bitbasic.com/the-graph). Undelegating starts a 28-day thaw.

## Sources

- [The Graph Forum: Graph Office Hours #283 (10 November 2026)](https://forum.thegraph.com/t/7140)
- [The Graph Forum: REO Step 4: Requirements Begin to Scale with Stake](https://forum.thegraph.com/t/reo-step-4-requirements-begin-to-scale-with-stake/7133)
- [REO dashboard](https://reo.thegraph.com/)