Full-chain data query engine, one article to understand CoinList's new project Subsquid

Original | Odaily

Author | Aurantium aurantium

According to official information, CoinList announced that it will open the Subsquid (SQD) community sale at 2 a.m. on January 19, and registration is now open.

It is understood that Subsquid Network is a Decentralization Data Lake and Query Engine that focuses on cross-chain interaction indexing and fast queries, and guarantees security through Zero-Knowledge Proof. Subsquid launched their rewards testnet on CoinList in September 2023, attracting nearly 20,000 developers to test the network.

Odaliy Planet Daily combines multiple sources of information to help readers understand the benefits of the Subsquid Network project and the Token Economics.

Project Introduction

Subsquid Network is a Decentralization query engine optimized for batch extraction of large amounts of data, and currently provides on-chain data for more than 100 EVM and Substrate networks, including event logs, transaction receipts, traces, and state differences for each transaction. In the future, according to Subsquid, it will also support general-purpose SQL queries as well as growing structured datasets derived from on-chain and off-chain data.

Subsquid Network’s vision and development path include:

• Permissionless data channels: As Web3 DApps have become too reliant on centralized RPC and API providers, Subsquid aims to provide unlimited scalability, providing Web3 developers with a long-term solution for consumer and real-world use case DApps.
• Unified Data Center for Web3: Subsquid plans to build and prepare all data from all chains, plans to support scaling to massive data chains like Solana, and large ecosystems like ETH and its L2s.
• Innovative growth economic model: As innovations such as L1, L2, and danksharding lead to a surge in the volume of Blockchain data, the need for network participants to store this data will increase. As data storage and network engagement grow, the value of access to subnets will increase. Subsquid’s Token Design is designed to capture this value and provide a mechanism to reduce the cost of data to zero for developers and analysts.

Subsquid Network main products

Squid is an indexing product developed using the Squid SDK, and its functions and features include:

• Advanced code base for extracting and filtering Subsquid Network data in an extract-transform-load (ETL) process;
• User-friendly tools for decoding and normalizing raw data and efficient access to network status;
• Pluggable data receiver to save data to Postgres, local files, or BigQuery;
• GraphQL server to enable developers to flexibly query and fetch data;
• Seamless processing of unfinalized blocks for real-time data acquisition;
• Fast data extraction and decoding for local analysis.

Put simply, Squid enables developers to get on-chain data in real-time at low cost, personalization, and in real-time for analytics or coupling with other protocols.

Subsquid Network Benefits

Indexing on-chain data is critical for building Web3 DApps and analytics dashboards, and the benefits of Subsquid Network include:

Comprehensiveness: The Subsquid Network and its sub-products provide a fast and cost-effective way to extract and index historical data, even from lesser-known chains. Low cost: Subsquid Network says it drops data extraction and indexing costs by up to 90% compared to indexing directly through RPC providers such as Alchemy or Infura. Finally, by using Subsquid Cloud, developers no longer need to worry about indexing infrastructure maintenance costs and hassles. High performance: Subsquid is modular – on-chain data is extracted from DecentralizationData Layer (the Subsquid network) rather than directly from the BlockchainNode. It enables up to 100x faster indexing, guaranteeing data consistency and reliable indexing, even for small networks. Development-friendly: It can be accessed using multiple programming languages, and the stack is already integrated with a comprehensive set of popular Web2 and Web3 development tools.

Subsquid Network usage fees

Access to data from the Subsquid network is free until the Mainnet launches, after which it is expected to cost between $1 and $5 to extract 1 TB of data. Subsquid Cloud provides free space for developing indexers and managed services for configured indexing channels.

Project Financing

In November '21, Subsquid, a Substrate-based Blockchain query Node framework, announced the closing of a $3.8 million seed round led by Hypersphere Ventures, Zeeprime Capital, Lattice Capital, Illusionist Group, Digital Finance Group (DFG), Jsquare, SMAPE Capital, 0x Ventures, Signum Capital, Bware Labs, Signal Ventures, D1 Ventures, Faculty Group, DIA Association, Zeitgeist, Chainflip, Astar Network, Shiden Network, KodaDot, and others participated.

Community sale details

CoinList has announced that it will launch the Subsquid (SQD) community sale at 02:00 (UTC+8) on January 19, and registration is now open. Details are as follows:

• Token Supply: 53, 480, 000 SQD (4% of total supply);
• Sales price: $0.094;
• Release Rules: 20% TGE release, followed by 6 months linear release, TGE is expected to take place on May 15, 2024;
• Initial purchase limit: minimum $50, maximum $2000 (USDT/USDC only).
• Regions not available: the United States, Canada, China, South Korea, and some regions.

In addition, Subsquid may, at its sole discretion, sell an additional 13, 370, 000 SQD Tokens (1% of the total supply) during the Subsquid Community Sale.

Based on the above figures, SQD has an initial outstanding Market Cap of $5.02 million or $6.28 million and an FDV of $125 million.

To participate in the Subsquid Community Sale, you need to make sure to register by the deadline **January 15 20::00 (UTC+8), and the CoinList Wallet needs to reach the minimum purchase amount (50 USDT or USDC). In addition, users must make sure to deposit their planned purchase amount into the Wallet before the sale starts at 02:00 (UTC+8) on January 19.

Token economics

SQD Token use cases focus on simplifying and securing network operations in a permissionless manner, including:

• Node operators who contribute computing and storage resources to the network;
• The design of the SQD Token includes built-in Node Governance, which facilitates permissionless selection of trusted operators and rewards;
• By locking SQD Tokens, data consumers can increase rate limiting;
• SQD holders can participate in governance and vote on protocol changes and other proposals.

Token distribution and lock-up of SQD are as follows:

• Pre-Seed Investors -12% - 6 months locked after TGE, 20% vested, 24 months linear vesting;
• Seed Investor -16.3% - 6 months cliff after TGE, 20% vesting, 24 months linear vesting;
• Strategic Series I Investors -4.6% - 12 months linear vesting after TGE;
• Strategic Series II Investors -2% - 6 months locked after TGE, 25% vested, and 18 months linear vesting;
• Team -15% - 6 months locked after TGE, 20% vested, 24 months linear vesting;
• Treasury -28.1% - 36 months linear vesting after TGE;
• Liquidity Treasury -5% - for market making and providing CEX/DEX liquidity;
• Node Reward -10% - 84 months linear vesting after TGE;
• Community Sale -5% - 20% release at TGE, linear vesting over 6 months.