Full-chain data query engine, understand CoinList’s new project Subsquid in one article

Subsquid aims to provide developers with low-cost, high-performance, and full range of on-chain data.

Written by: Nan Zhi, Odaily Planet Daily

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

It is understood that Subsquid Network is a decentralized data lake and query engine, focusing on cross-chain indexing and fast query, and ensuring security through zero-knowledge proof. Subsquid launched their rewarded test network on CoinList in September 2023, attracting nearly 20,000 developers to participate in network testing.

Odaliy Planet Daily integrates information from multiple sources to help readers gain an in-depth understanding of the advantages of the Subsquid Network project and token economics.

Project Introduction

Subsquid Network is a decentralized query engine optimized for batch extraction of large amounts of data. It currently provides on-chain data for more than 100 EVMs and Substrate networks, including event logs, transaction receipts, tracking, and status differences for each transaction. According to Subsquid, in the future it will also support general SQL queries as well as growing structured data sets derived from on-chain and off-chain data.

Subsquid Network’s vision and development path include:

• Permissionless data channels: Web3 DApps have become too dependent 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, and plans to support scaling to large data chains like Solana, and large ecosystems like ETH and its L2s.
• Innovative growth economic model: As the volume of blockchain data increases due to innovations such as L1, L2 and danksharding, the need for network participants to store this data will increase. As data storage and network participation grows, the value of access to subnets will increase. Subsquid’s token is designed to capture this value and provide a mechanism to reduce data costs to zero for developers and analysts.

Subsquid Network main products

Squid is an indexing product developed using Squid SDK. Its functions and features include:

• Advanced code library for extracting and filtering Subsquid Network data in the extract-transform-load (ETL) process;
• Human-friendly tools for decoding and normalizing raw data and efficiently accessing network status;
• Pluggable data sink that can save data to Postgres, local files or BigQuery;
• Equipped with GraphQL server, allowing developers to query and obtain data flexibly;
• Seamlessly process unfinalized blocks to achieve real-time data acquisition;
• Fast data extraction and decoding for local analysis.

In short, Squid enables developers to obtain low-cost, personalized, and real-time data on the chain for analysis or coupling with other protocols.

Subsquid Network Advantages

Indexing on-chain data is crucial for building Web3 DApps and analyzing Dashboards. The advantages of Subsquid Network include:

• Comprehensiveness: Subsquid Network and 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 can reduce data extraction and indexing costs by up to 90% compared to direct indexing through RPC providers such as Alchemy or Infura. Finally, by using Subsquid Cloud, developers no longer need to worry about the cost and hassle of indexing infrastructure maintenance.
• High performance: Subsquid is modular - on-chain data is pulled from the decentralized data layer (Subsquid network) rather than directly from the blockchain nodes. It makes indexing 100 times faster, ensuring data consistency and reliable indexing even for small networks.
• Development Friendly: It can be accessed using multiple programming languages, and the stack has been integrated with a comprehensive set of popular Web2 and Web3 development tools.

Subsquid Network usage fee

Accessing data from the Subsquid network is free until the mainnet launch, after which time it is expected to cost between $1 and $5 to extract 1 TB of data. Subsquid Cloud provides free space for developing indexers and hosting for configured indexing channels.

Project financing status

In November 21, Subsquid, a blockchain query node framework based on Substrate, announced the completion of a US$3.8 million seed round of financing, led by Hypersphere Ventures, Zeeprime Capital, LatticeCapital, 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, etc. participated in the investment.

Community public sale details

CoinList 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); *Sale price: $0.094;
• Release rules: 20% TGE release, linear release in the next 6 months, TGE is expected to be carried out on May 15, 2024; *Initial purchase limit: minimum USD 50, maximum USD 2,000 (USDT/USDC only). *Regions that cannot participate: the United States, Canada, China, South Korea and some regions.

Additionally, 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 data, the initial circulating market value of SQD is US$5.02 million or US$6.28 million, and the FDV is US$125 million.

If you want to participate in the Subsquid community sale, you need to make sure to register before the deadline of January 15th at 20::00 (UTC+8), and CoinList Wallet needs to reach the minimum purchase amount (50 USDT or USDC). Additionally, users must ensure that their planned purchase amount is deposited into their wallets before the sale begins at 02:00 (UTC+8) on January 19th.

Token Economics

SQD token use cases focus on streamlining and securing network operations in a permissionless manner, with specific uses including:

• Used to reward node operators who contribute computing and storage resources to the network;
• The design of the SQD token includes built-in node supervision to facilitate permissionless selection and reward of trustworthy operators;
• By locking SQD tokens, data consumers can increase the rate limit;
• SQD holders can participate in governance and vote on protocol changes and other proposals.

The token distribution and locking situation of SQD is as follows:

• Pre-seed round investors -12% - locked for 6 months after TGE, 20% released, and linearly unlocked for the next 24 months;
• Seed round investors -16.3% - locked for 6 months after TGE, 20% released, and linearly unlocked for the next 24 months;
• Strategic I-round investors -4.6% - linear unlocking 12 months after TGE;
• Strategic II round investors -2% - locked for 6 months after TGE, 25% released, and linearly unlocked for the next 18 months;
• Team -15% - locked for 6 months after TGE, 20% released, and linearly unlocked for the next 24 months; *Treasury -28.1% - linear unlocking 36 months after TGE;
• Liquidity Treasury -5% - used for market making and providing CEX/DEX liquidity;
• Node reward -10% - linearly unlocked 84 months after TGE;
• Community sales -5% -TGE releases 20%, 6-month linear unlock.