Subsquid Launches SQD Token on May 17
Subsquid is set to release its native token, SQD, on May 17 in response to the increasing demand for crypto indexing services. This token is designed to enhance the functionality and reach of Subsquid’s decentralized indexing solutions across different blockchains.
SQD’s Contribution to Enhancing Blockchain Accessibility
- Initially expanding to Polkadot, Subsquid has since entered the Ethereum space and recently introduced a beta version on Solana.
- Venture capitalists have shown confidence in the project, investing over $17 million, and several cryptocurrency exchanges are considering listing the SQD token.
- The token will be first deployed on the Ethereum mainnet before being bridged to Arbitrum One.
- SQD aims to maintain blockchain integrity by empowering node operators to efficiently organize on-chain data, enabling developers to monitor and engage with blockchain ecosystems effectively.
The Utility of SQD Token
- Utilizes a delegation system to curate network participants and select reliable operators.
- Locking SQD tokens provides users with improved data rates from the decentralized data lake, ensuring equitable resource consumption.
“Encouraging community engagement and enhancing our indexing capabilities are crucial,” stated Marcel Fohrmann, co-founder of Subsquid.
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Subsquid’s primary focus has been on making blockchain data more coherent and accessible. Additionally, they offer customizable frontends that enable developers to tailor data presentations to their specific requirements.
“Our platform provides a robust foundation, allowing developers to concentrate on innovation while we manage data management challenges,” said Dmitry Zhelezov, Subsquid’s CEO.
Therefore, the introduction of the SQD token is expected to streamline the integration of blockchain technology into developers’ projects.
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