On January 18, 2024, the Subsquid network announced the completion of its community sale within a record-breaking 19 minutes from the time the sale started. This marked the fastest-ever token sale on CoinList, one of the most popular launchpads for projects and their tokens.
Powered by DuckDB and secured by the cutting-edge technology of zero-knowledge proofs, Subsquid is a peer-to-peer network to batch query and aggregate terabytes of on-chain and off-chain data.
Subsquid’s Rapid Token Sell-Out Reflects Its Market Reputation
The Subsquid Network, compatible with over 100 networks, supports various high-profile projects and clients. Contributing to projects with a combined valuation exceeding $11 billion, including multiple unicorns, Subsquid’s notable clients include Polkado, Kusama, Manta Network, Skale Network, Enjin, and many others.
Further demonstrating its formidable and inherent worth is the fact that the network achieved a remarkable feat by selling 5% of the token supply in less than 20 minutes, with the sold volume soaring past $6 million.
While the sales went overboard by registering a threefold oversubscription in monetary terms, the demand outstripped the available supply. The sale could not cater to all those who had registered for it, as only 7,299 of 41,000 could successfully purchase the native token of Subsquid, SQD.
May 15th, 2024, has been fixed as the date when successful SQD buyers will receive 20% of the tokens as part of the Token Generation Event distribution. However, there’s a possibility that it might even occur sooner. As for the release of the remaining 80%, a six-month linear vesting period has been decided upon.
With more than 60,000+ indexers in deployment and over 5,000 decentralized apps powered through it, Subsquid’s exceedingly quick sell-out points towards the reputation it has built through its features and specialties.
What Makes Subsquid Network Stand Out?
Subsquid is built for the developers, as it makes their lives easy by offering a modular architecture. This flexibility sets it apart from many of its peers, making it an agile solution to the fast-evolving blockchain scenario around us, which often gets limited in its use of centralized infrastructure firms’ services, such as API providers.
The modular architecture also helps with infinite horizontal scalability. With permissionless data access, growth becomes seamless, accelerating development.
Subsquid is also building a unified data lake for Web3, akin to a Web3 version of Google. Here, data from all chains will be structured in a systematic and easily accessible manner. The network will keep access to blockchain data open source, where developers can lay their hands on data through a variety of programming languages, including TypeScript, Python, Rust, and SQL.
SQD as the Fuel for the Subsquid Network
SQD, an ERC-20 protocol token, will ensure that all these advantages cited above remain available to the users for a very long time.
Apart from streamlining and securing the operations, the SQD will incentivize node operators, help curate network participants, and adjust rate limits to ensure a fair resource consumption mechanism. The SQD holders will also have governance rights. And with SQD being available on the Ethereum mainnet and bridged to Arbitrum One, it guarantees a reliable and censorship-resistant ledger.
With its proposition being unique, efficient, and game-changing in many ways, the rapid token sale was well justified more so because the future looks promising as the network has already planned for a mainnet, cosmos support, and permissionless dataset submission in the next three quarters.
