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Data Indexer Subsquid plans to launch the SQD token on Friday
Blockchain indexing service Subsquid, the native SQD token, is scheduled to launch this Friday with listings on multiple cryptocurrency exchanges, co-founder Marcel Fohrmann told CoinDesk.
The utility token is set up to support Subsquid’s network of independent node operators, whose collective computing power analyzes reams of on-chain data. In January, Subsquid sold $6.3 million worth of tokens to the public via CoinList, according to a press release.
This brings the project’s lifetime fundraising to $17.5 million across multiple funding rounds with Blockchange, Hypersphere, Zee Prime, DFG and Lattice, the release said.
Subsquid is one of the few teams that index on-chain activity to make the data useful to blockchain developers. It started in the Polkadot space, but has since branched out into the Ethereum world and recently launched a beta version for Solana as well.
CEO Dmitry Zhelezov said Subsquid’s customers include academic researchers and analysts. Most, however, are developers using the tool to see what’s happening on their smart contracts, the on-chain engines behind NFT exchanges and Perps DEXs.
In an interview with Coindesk, Fohrmann said that Subquid knew from the beginning that it needed a token to “incentivize people to run these nodes, to participate in this network” of data indexing. However, it took a few years for the project to reach its destination.
The SQD token launch is “99% confirmed for Friday,” Fohrmann added, but that date could be pushed back to next week or the week after. The timing depends on “a large exchange” that has another token launch scheduled for Thursday, he said.