Get Ready for the Launch of Subsquid’s Exciting New SQD Token This Friday!

Subsquid, a prominent blockchain indexing platform, is gearing up for the release of its native token SQD this upcoming Friday, alongside listings on various cryptocurrency exchanges, according to co-founder Marcel Fohrmann.

This utility token is designed to support Subsquid’s network of independent node operators, who collectively process vast amounts of on-chain data. Earlier this year, Subsquid successfully sold $6.3 million worth of tokens through CoinList, as indicated in a press release.

With the latest token sale, Subsquid has accumulated a total of $17.5 million in funding across various rounds, featuring notable investors such as Blockchange, Hypersphere, Zee Prime, DFG, and Lattice, according to the release.

Subsquid stands among a select few teams dedicated to indexing blockchain activities, crucial for making data accessible to blockchain developers. While initially focused on the Polkadot ecosystem, Subsquid has since expanded to Ethereum and recently launched a beta version for Solana.

CEO Dmitry Zhelezov highlighted that Subsquid’s clientele includes academic researchers and analysts, but predominantly comprises developers who leverage the tool to monitor their smart contracts, which power NFT exchanges and decentralized perpetual trading platforms.

In a recent discussion, Fohrmann emphasized the early realization at Subsquid that a token was necessary to “incentivize people to run these nodes and participate in this network” of data indexing. However, actualization of this took several years.

Fohrmann confirmed that the SQD token launch is “99% set for Friday,” though this might shift to the subsequent week depending on scheduling with a major exchange that has another token launch planned for Thursday.