Subsquid to Launch SQD Token This Friday

As an experienced analyst, I’m excited to see Subsquid’s progress towards distributing its native token, SQD. The company’s mission to index blockchain data and provide it as a useful resource for developers aligns with my belief in the importance of data accessibility and utility within the rapidly evolving blockchain ecosystem.

Subsquid, the organization specializing in indexing blockchain data, is readying itself for the dissemination of its indigenous token, SQD. Starting from this coming Friday, SQD will be accessible on various prominent crypto exchanges as announced by Marcel Fohrmann, one of Subsquid’s co-founders.

SQD tokens serve as the backbone for Subsquid’s network of autonomous node operators, enabling them to collectively process and manage vast quantities of on-chain data. In a public token sale on CoinList last January, Subsquid successfully secured $6.3 million worth of investments.

In their most recent financing round, Subsquid secured a additional $17.5m, bringing the total investment in the company to this amount. Notable investors such as Blockchange, Hypersphere, Zee Prime, Digital Finance Group (DFG), and Lattice took part in this funding round.

As a researcher studying tools for indexing on-chain activity, I’ve come across Subsquid, one of the select projects that caters to blockchain developers in this regard. Originally focused on the Polkadot ecosystem, Subsquid has since expanded its reach to include the Ethereum network. Most recently, they have announced the beta version for integration with Solana.

Dmitry Zhelezov, Subsquid’s CEO, shared that our clientele consists of researchers from the academic community, along with myself and other analysts, and developers. We provide them with a tool to keep tabs on the smart contracts that underpin popular marketplaces for Non-Fungible Tokens (NFTs) and Decentralized Exchanges (DEXes) that never settle transactions.

According to Fohrmann in a recent interview with him, Subsquid was “realizing early on that 

It took a long time for the project to reach the point where people were motivated to operate nodes and contribute to the network, requiring some form of reward or encouragement.

Fohrmann pointed out that the SQD token launch is almost certainly taking place on Friday, but if a significant token launch occurs at one prominent exchange on Thursday, the SQD launch could be delayed until the following week or even two weeks later.

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2024-05-16 04:21