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Subsquid Network Completes $6 Million Community Sale on CoinList in Just 19 Minutes

Friday, 26 January 2024 08:15 AM

The fastest-ever token sale on CoinList wrapped up on January 18, 2024, when Subsquid Network's community bought up all tokens just 19 minutes after the sale began.

ZUG, SWITZERLAND / ACCESSWIRE / JANUARY 26, 2024 / Subsquid Network announces that it has completed the community sale just 19 minutes after its start, selling 5% of the token supply amounting to over six million. The token sale occurred on CoinList on 18 January 2024, 18:00 UTC.

The sale saw massive popularity: It was oversubscribed three times in terms of money and the demand for the token greatly exceeded its currently available supply. Approximately a fifth of those who registered successfully purchased the SQD tokens as 7,299 out of the 41,000 registered managed to get their hands on the tokens. Successful buyers are to receive 20% of the tokens on the Token Generation Event (TGE), scheduled for May 15, 2024, with the remaining tokens to be released in a six-month linear vesting period.

Subsquid Network is an innovative decentralized data lake and query engine secured by ZK proofs. Built with scalability in mind, it has a modular architecture to ensure maximum developer convenience. Sunsquid is a worthwhile alternative to centralized infrastructure firms such as API providers. Subsquid is unlike existing monolithic indexing frameworks, and has been designed to keep pace with the fast-developing blockchain sphere. It offers blockchain indexing, app development, and analytics.

Subsquid Network differentiators:

  • Permissionless data access - modular architecture is a long-term solution for web3 developers, offering infinite horizontal scalability.
  • Unified data lake for Web3 - Subsquid is working on structuring data from all chains to create something akin to Google for Web3.
  • Permissive & open-source access to blockchain data - developers can access data using a range of programming languages, including TypeScript, Python, Rust, and SQL.
  • Innovative growth-focused economic model - tokens are designed to bring costs for developers and analysts down to zero.

The network is continually growing, offering support to sprawling ecosystems, such as Ethereum and its L2s and Substrate (Polkadot and Kusama), with plans to expand to blockchain ecosystems like Solana and Cosmos. The current user base and partners include hundreds of companies, including Manta Network, Parity, and Enjin.

SQD is an ERC-20 protocol token native to the Subsquid Network. In the future, it will be deployed on the Ethereum mainnet and bridged to Arbitrum One to provide a reliable and censorship-resistant ledger. The token is crucial to the Subsquid ecosystem as it is designed to streamline and secure network operations in a permissionless manner. Its use cases include:

  • Incentives for node operators.
  • Curation of network participants - the SQD token design includes built-in curation of nodes that allows for permissionless selection of trustworthy operators for rewards.
  • Fair resource consumption - it can be used to adjust rate limits.
  • Network decision-making -- SQD token holders can participate in governance.

Subsquid's roadmap remains busy. In the coming months, it will extend support to the robust, data-heavy Solana network. The plans for the next three quarters include the launch of a mainnet, cosmos support, and permissionless dataset submission.

About Subsquid

Subsquid Network is a distributed query engine and data lake around which the Subsquid ecosystem is built. It offers developers permissionless cost-efficient access to on-chain data from over 100 chains and is integrated into a large ecosystem of Web2- and Web3-native developer tools.

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Media Contact:

Marjore Barros

[email protected]

SOURCE: Subsquid

Topic:
Company Update
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