Data Indexer Subsquid Plans to Launch SQD Token Friday

The decentralized indexing protocol has raised over $17 million lifetime from venture capital firms and community investors.

AccessTimeIconMay 15, 2024 at 1:47 p.m. UTC
Updated May 15, 2024 at 1:50 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Blockchain indexing service Subsquid's native token SQD is slated to launch this Friday with listings on multiple crypto exchanges, co-founder Marcel Fohrmann told CoinDesk.

The utility token is set to back Subsquid's network of independent node operators, whose collective computing power parses reams of on-chain data. In January Subsquid sold $6.3 million worth of tokens to the public through CoinList, per a press release.

  • Blockchain for Europe Secretary General on State of Global Crypto Regulation
    09:45
    Blockchain for Europe Secretary General on State of Global Crypto Regulation
  • Aptos' APT Token Down 52% in April After Booming March: VanEck
    01:08
    Aptos' APT Token Down 52% in April After Booming March: VanEck
  • Key Events You Shouldn't Miss at Consensus 2024
    02:13
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    11:19
    What to Expect From Consensus 2024
  • That brings the project's lifetime fundraise to $17.5 million across multiple funding rounds featuring Blockchange, Hypersphere, Zee Prime, DFG, and Lattice, the release said.

    Subsquid is one of a handful of teams indexing on-chain activity to make that data useful for blockchain developers. It started in the Polkadot sector but has since branched into the Ethereum world and recently rolled out a beta for Solana as well.

    CEO Dmitry Zhelezov said Subsquid's clients include academic researchers and analysts. Most, however, are developers who use the tool to see what's happening on their smart contracts, the on-chain engines behind NFT exchanges and Perps DEXes.

    In an interview with Coindesk, Fohrmann said Subquid knew early on that it needed a token in order to "incentivize people to run these nodes, to participate in this network" of data indexing. It took a few years for the project to get there, though.

    The SQD token launch is "99% confirmed for Friday," Fohrmann added, but that date could get bumped to next week or the week after. Timing depends on "one big exchange" that has another token launch scheduled for Thursday, he said.

    Edited by Stephen Alpher.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Danny Nelson

    Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about