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Subsquid, a decentralized indexing protocol, is set to launch its native token SQD this Friday. The token will be listed on multiple cryptocurrency exchanges, according to co-founder Marcel Fohrmann. Subsquid has raised a total of $17.5 million from various venture capital firms and community investors, including Blockchange, Hypersphere, Zee Prime, DFG, and Lattice.
The launch of the SQD token is aimed at supporting Subsquid’s network of independent node operators. These operators leverage their collective computing power to parse vast amounts of on-chain data, making it useful for blockchain developers. In January, Subsquid sold $6.3 million worth of tokens to the public through CoinList, contributing significantly to its total funding.
Subsquid initially started its operations in the Polkadot ecosystem but has since expanded to include Ethereum and recently rolled out a beta for Solana. The service is used by a diverse group of clients, including academic researchers, analysts, and developers who rely on Subsquid to monitor activities on their smart contracts, which power various applications like NFT exchanges and decentralized perpetual exchanges (Perps DEXes).
CEO Dmitry Zhelezov highlighted the necessity of the SQD token to incentivize node operators to participate in the data indexing network. The development of the token took a few years to materialize, but it is now poised for launch. While the launch is “99% confirmed” for Friday, Fohrmann mentioned that it could be delayed to the following week depending on the scheduling of another token launch by a major exchange on Thursday.
The introduction of the SQD token marks a significant milestone for Subsquid, reinforcing its infrastructure and supporting its growth in the blockchain indexing space.
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