What is Subsquid (SQD)?

here is a narrative yet to pump that I’m closely looking at and seems to be pushed aside. This is the secret king known as Data. Who will source, retrieve and index the mass amount of blockchain data?

Well, let me introduce you to the ultimate Data network, Subsquid.

What is Subsquid (SQD)?

Subsquid is a decentralised data lake and SDK which is accessible with over 100 major blockchains. Their mission is simple, provide developers with permissionless, rapid and cheap access to blockchain data which is generally expensive and controlled by centralised entities!

How Does Subsquid Work?

The Subsquid protocol has a strong ecosystem to accelerate the development of Web3, and more so than any other Data network in existence. To understand how it works, we can take a closer look at the incredible ecosystem:

Subsquid Network

Subsquid’s network hosts raw and historical on-chain data from over 100 blockchains including EVM and non-EVM networks (Ethereum Virtual Machine). Soon, Solana, Cosmos and IBC-Enabled blockchains will join the humongous list!

The network enables developers to access blockchain indexing, analytics and the creation of decentralised applications (dApps). So far Subsquid has powered over 5,000 dApps, processed 40+ billion data lake requests and over 50k indexers have been deployed!

Squid SDK

To build indexers on top of Subsquid’s network, we need the powerful in-house Squid SDK (Software Development Kit). The powerful toolkit can be used to build DeFi dashboards, NFT Marketplaces, Bots and pretty much anything you can imagine in the world of Web3.

Subsquid Cloud

The final piece to the ecosystem is the Subsquid Cloud which is simply a Platform-as-a-Service for deploying Squid SDK indexers, which at the moment is sitting at over 50,000 that have been deployed!

Subsquid Token (SQD)

What utilities does the $SQD token hold you may ask? Well, $SQD is used to participate in the governance, reward node operators and delegators (stakers) and not to mention that it is used to pay for premium data sets supplied by data providers.

In essence, we have three types of users who create a harmonious ecosystem that generates revenue for Subsquid and all $SQD holders. Data should be decentralised and monetizable to all.

We can break this down very simply to show you how everyone generates revenue:

Data providers use $SQD to guarantee data is stored and served by worker nodes. Worker node operators receive $SQD in exchange for storing and serving data to consumers and Data Consumers spend $SQD to get access to data from the worker nodes! Perfect right?

SQD Token Listing

The $SQD Token listing on CoinList is taking place on January 18th 2024. If you want to get in early, now is your chance! KYC and pre-funding is now open so you can get ready for the big splash! Subsquid could be the next biggest crypto gem to hit the markets!

Conclusion

Wow, so far the first stage of Subsquid’s Testnet has been a success and the Mainnet is set to go live in Q2. We have been given the opportunity to get whitelisted during the Testnet phases and we can do that by signing up here.

Why are we looking so closely at Subsquid? Well, in their very short life span, they have already indexed 100x more than the Graph Protocol and are over 30x faster. Data will forever be a key component of Web3, and those with the best and most innovative tech will lead this space.

Official Subsquid Links

Subsquid X‍

Subsquid Website‍

Subsquid App‍

Subsquid Token Sale (Pre-Funding) - Live Until 18th January 2024

Disclaimer

The content provided in this article is strictly intended for informational purposes. Nothing said in this article is financial advice. It is important to proceed with caution and diligence when using cryptocurrencies. Always invest what you are prepared to lose and remember that you are entirely responsible for your assets and investments. The author and the publication do not endorse or recommend any of the cryptocurrencies, protocols or strategies in this article.