According to co-founder Marcel Fohrmann of CoinDesk, the native token of blockchain indexing provider Subsquid, or SQD, is scheduled to go live this Friday and be listed on many cryptocurrency exchanges.With the help of their combined processing capacity, Subsquid’s network of autonomous node operators is able to interpret massive amounts of on-chain data thanks to the utility token. As per a news release, Subsquid offered $6.3 million worth of tokens for sale to the general public via CoinList in January.
That brings the project’s lifetime fundraise to $17.5 million across multiple funding rounds featuring Blockchange, Hypersphere, Zee Prime, DFG, and Lattice, the release said.
Among the few groups indexing on-chain activities to provide blockchain developers with meaningful data is Subsquid. From its beginnings in the Polkadot space, it has expanded into the Ethereum realm and most recently launched a beta for Solana.Analysts and academic researchers are among Subsquid’s clientele, according to CEO Dmitry Zhelezov. As the on-chain engines powering NFT exchanges and Perps DEXes, the majority of users are developers who use the tool to monitor activity on their smart contracts.
In an interview, Fohrmann said Subquid knew early on that it needed a token in order to “incentivize people to run these nodes, to participate in this network” of data indexing. It took a few years for the project to get there, though.
The SQD token launch is “99% confirmed for Friday,” Fohrmann added, but that date could get bumped to next week or the week after. Timing depends on “one big exchange” that has another token launch scheduled for Thursday, he said.