Original - Odaily
Author - Nan Zhi
According to official news, CoinList announced that it will launch 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 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 combines 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 ingestion of large amounts of data, and currently offersMore than 100 EVM and Substrate network on-chain data, including event logs, transaction receipts, tracking, and status differences for each transaction. According to Subsquid, in the future it will also support general-purpose 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: SubsquidPlan to build and prepare all data from all chains, plans to support expansion to massive data chains like Solana, and large ecosystems like ETH and its L2s.
Innovative growth economic model: As the volume of blockchain data explodes 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:
A high-level code base 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 saves data to Postgres, local files, or BigQuery;
Equipped with a 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 on-chain data 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 ingestion and indexing costs by up to 90% compared to direct indexing through RPC providers like 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 a decentralized data layer (the Subsquid network) rather than directly from blockchain nodes. It makes indexing 100 times faster, ensuring data consistency and reliable indexing even for small networks.
Development friendly: Can be accessed using a variety of programming languages, and the stack has been integrated with a comprehensive set of popular Web2 and Web3 development tools.
Subsquid Network usage fees
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 2021, 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, 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, etc. participated in the investment.
Community public sale details
CoinList announced that it will be announced at 02:00 on January 19th (UTC+ 8)Open Subsquid (SQD) community sale, 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 of linear release, TGE is expected to be conducted on May 15, 2024;
Initial purchase limit: minimum $50, maximum $2000 (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 capitalization of SQD is US$5.02 million or US$6.28 million, and that of FDV is US$125 million。
If you participate in the Subsquid community sale, you need to ensure that you meet the deadlineRegister before 20::00 on January 15th (UTC+ 8), CoinList Wallet requires a minimum purchase amount (50 USDT or USDC). Additionally, users must ensure that they have their planned purchase amount deposited into their wallets before the sale begins at 02:00 (UTC+ 8) on January 19th.
Tokenomics
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 governance 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 Series I Investors -4.6% -Linear 12-month unlock after TGE;
Strategic Round II 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 Release 20%, 6-month linear unlock.
