Graphene-based single-atom catalysts are promising alternatives to platinum-based catalysts for fuel cell applications. Different transition metals have been screened using electronic structure methods by estimating onset potentials from the most endergonic elementary reaction step. We calculate onset potentials for the oxygen reduction reaction on metal atoms embedded in Nsubstituted graphene di-vacancies by virtue of first-principlesinformed microkinetic analysis. We find that for more oxophilic metals (Cr, Fe, Mn, and Ru), purely thermodynamic models systematically underestimate onset potentials. Furthermore, the oxophilic metals (Cr, Fe, Mn, and Ru) are oxidized under reaction conditions, leading to an increase in activity compared to their reduced state. Importantly, coadsorbed O m H n species actively participate in the reaction, which requires a dynamic treatment of spectator species. These findings highlight the limitations of thermodynamic analyses for electrocatalytic processes, which commonly assume the same oxidation state for each metal, and show that deviations between computational and experimental onset potentials cannot be solely attributed to the shortcomings of the electronic structure methods.