According to CoinDesk’s interview with Subsquid co-founder Marcel Formann, the native SQD token will be listed on multiple Crypto exchanges and launched this Friday. Subsquid is a blockchain indexing service.
In order to process the enormous amounts of data stored on the chain, Subsquid’s network of autonomous node operators uses the utility token to fuel their computers. Subsquid raised $6.3 million in January from the sale of tokens on CoinList, as stated in a press release.
Blockchange, Hypersphere, Zee PRIME, DFG, and Lattice have all contributed to the project’s total lifetime fundraising of $17.5 million, according to the release.
Among the few teams that index on-chain activity, Subsquid provides developers with valuable data that they can use in their work. It all began in the Polkadot ecosystem, but it has now spread to Ethereum and Solana, with a beta version just released.
Academic researchers and analysts are among Subsquid’s clients, according to CEO Dmitry Zhelezov. But the majority of them are programmers who use it to monitor their smart contracts, the underlying network mechanisms of NFT exchanges and DEX Perps.
Formann told CoinDesk that Subquid always intended to issue a token to “incentivize people to run these nodes and participate in this network” of data indexing. It did, however, take a number of years to finish the project.
The SQD token launch is “99% confirmed on Friday,” according to Formann, but it could be postponed until next week or the week after that. He claims that “ONE major exchange,” which is planning to launch a different token on Thursday, will determine the exact time.