Subsquid, a company that indexes blockchain data, is preparing for the distribution of its Native token, SQD which will be listed in multiple major crypto exchanges this Friday according to Marcel Fohrmann one of the co-founders of Subsquid.
The SQD tokens will be used to support Subsquid’s network of independent node operators who contribute their computing power together to process and organize lots of on-chain data. In a press release in January this year, the company raised $6.3 million through selling tokens to the public on CoinList.
This latest development brings total funding for Subsquid to $17.5m from multiple investment rounds participated by notable investors including Blockchange, Hypersphere, Zee Prime, DFG, and Lattice.
Among the few teams that index on-chain activity that is usable by blockchain developers is Subsquid. The project started with Polkadot ecosystem but later expanded to Ethereum network and recently launched a beta version for Solana too.
Dmitry Zhelezov, the CEO of Subsquid, stated that the company’s clients include researchers from academia, analysts, and developers who use the tool to monitor the activity of their smart contracts, which power NFT marketplaces and perpetual decentralized exchanges (DEXes).
According to Fohrmann in a recent interview with him, Subsquid was “realizing early on that
we needed some kind of token to incentivize people to run these nodes and participate in this network” but it took several years for the project to achieve this milestone.
However, Fohrmann noted that the SQD token launch is “99% confirmed for Friday”, but depending on another token launch by “one major exchange” scheduled for Thursday, it may be pushed back till next week or even two weeks after.
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