SQD Token: An Overview of the Subsquid Data Processing Project

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21 May 2024

What is a Subsquid?

Subsquid is a data processing system and infrastructure tailored for Web3. The project employs a decentralized data lake model along with an SDK toolkit. Developers can collect data from over 100 blockchains using optimized tools like Squid, Subgraph, and the framework.

The benefits of the project include lowering data costs for various projects and aiding in the growth of the blockchain ecosystem. The platform is optimized for data retrieval, processing, Dapp development, and on-chain information analysis.

Currently, Subsquid has deployed over 50,000 indexers, processed more than 40 billion data lake requests, and supported over 5,000 dApps. The project has successfully raised over $10 million through two funding rounds.

Key Features of Subsquid

provides decentralized data access with unlimited horizontal scalability, enabling long-term solutions and enhancing the practical application of blockchain technology.

constructs a unified data lake to standardize data across multiple platforms, benefiting data-centric blockchains such as Solana, Ethereum, and various Layer 2 solutions.

open-source and compatible with multiple programming languages, allowing integration with popular toolkits.

features an innovative economic model with carefully designed tokenomics to boost the value of the SQD token, aiming to reduce data costs.

Subsquid's Operational Model

Subsquid collects data through two main processes: on-chain extraction (Archives) and data transformation and display (Squids).

Archives function as optimized data lakes for extracting and filtering data. Subsquid Labs maintains Archive Endpoints and offers free access to the Squid SDK.

Squids (Index Squid SDK) handle the collection and processing of historical on-chain data based on user-provided resources. When the volume in a block reaches its capacity, Squids continue to gather and process new blocks in real-time from the RPC endpoint, replacing personal data with consensus data.

Key components of the network include:

Data Providers: Supply data to Subsquid.
Workers: Contribute storage and computing resources.
Schedulers: Monitor, update parameters, and distribute data to workers.
Logs Collectors: Gather liveness pings and execution logs from workers, storing them in the data warehouse.
Reward Managers: Calculate and distribute rewards in each epoch.
Data consumers are the end-users who utilize the data.

SQD token information

Token name: Subsquid
Symbol: SQD
Blockchain: Ethereum
Standard: ERC20
Total supply: 1,337,000,000 SQD
Circulating supply: 161.4 million SQD (self-reported)

Allocation

Pre-seed Round: 12%
Seed Round: 16.3%
Strategic Round I: 4.6%
Strategic Round II: 2%
Team: 15%
Reserve Treasury: 28.1%
Liquidity Treasury: 5%
Rewards: 10%
Community Sale: 5%
Testnet Participants: 1%
Worker Testnet: 1%

Features

Payments
Delegation
Governance
Staking tokens to participate in the network and use data

Token Utility

The SQD token is a critical component of the Subsquid ecosystem. Use cases for the SQD token are focused on streamlining and securing network operations in a permissionless manner:

Alignment of incentives for infrastructure providers: SQD is used to reward node operators that contribute computation and storage resources to the network.
Curation of network participants: Via delegation, the SQD token design includes built-in curation of nodes, facilitating permissionless selection of trustworthy operators for rewards.
Fair resource consumption: By locking SQD tokens, consumers of data from the decentralized data lake may increase rate limits.
Network decision-making: SQD tokenholders can participate in governance and are enabled to vote on protocol changes and other proposals.

The SQD token’s innovative curation component allows the Subsquid community to delegate SQD to node operators of their choice, ensuring trustlessness. SQD’s utility as a tool for adjusting rate limits is unique in that it increases trustless performance by locking SQD tokens without having to pay a centralized provider for quicker or more efficient data access.

Sale Structure

Sale Date: Thursday, January 18, 2024, 18:00 UTC
Pre-funding Deadline: Monday, January 15, 2024, 12:00 UTC
Fixed Sale Price: $0.094
Allocated Supply : *4%
Fully Diluted Network Value: $125,678,000.00
Lockup Terms: 20% release at TGE followed by a 6-month linear vesting; TGE is expected to occur on or around May 15, 2024
Total Token Supply: 1,337,000,000 SQD
Purchase Limits: Minimum: $50; Maximum: $2,000
Additional Allocation Request: Minimum Request: $100; Maximum Request: $2,000
Funding Methods: USDT, USDC
Sale FAQ: Subsquid Sale FAQ
Eligible Participants: Excluded participants include residents of the US, Canada, China, the Republic of Korea, and certain other jurisdictions.

*An additional 13,370,000 $SQD tokens (1% of the total supply) may be made available for purchase during the Subsquid Community Sale at the discretion of Subsquid.

Informations about Exchange and price

SQD is presently priced at $0.1511, marking a 6.88% increase since its launch on May 17. The project boasts a market capitalization of $24.36 million and a 24-hour trading volume of $20.61 million. Users can trade SQD on platforms such as Bybit, Gate.io, KuCoin, and MEXC.

Project Roadmap

Subsquid Ecosystem

Subsquid is unique among data platforms and providers through its commitment to developer-friendly decentralization. For that reason, the network’s intrinsic modularity is combined with a continuously growing ecosystem of popular tools, seamlessly integrated or fully compatible with the decentralized data lake.

Presently, developers can access Subsquid Network using their preferred programming language and frameworks. They can retrieve data from virtually any source and route it to custom targets. This remarkable flexibility not only empowers Web3-native developers but also unlocks potential for large enterprise use cases.