Understanding CoinList's New Project Subsquid: Products, Advantages, and Token Economics
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Understanding CoinList's New Project Subsquid: Products, Advantages, and Token Economics
Subsquid aims to provide developers with low-cost, high-performance, comprehensive on-chain data.
Navigating Web3 tides with focused insightsWritten by: Nan Zhi, Odaily Planet Daily
According to official announcements, CoinList will launch the Subsquid (SQD) community sale at 02:00 AM on January 19, and registration is now open.
Subsquid Network is a decentralized data lake and query engine focused on cross-chain indexing and fast queries, secured through zero-knowledge proofs. In September 2023, Subsquid launched its incentivized testnet on CoinList, attracting nearly 20,000 developers to participate in network testing.
Odaily Planet Daily compiles information from multiple sources to help readers gain deeper insights into the Subsquid Network project advantages and token economics.
Project Overview
Subsquid Network is a decentralized query engine optimized for bulk extraction of large volumes of data. Currently, it provides on-chain data from over 100 EVM and Substrate networks, including event logs, transaction receipts, traces, and state diffs for every transaction. According to Subsquid, it will also support universal SQL queries and an expanding set of structured datasets derived from both on-chain and off-chain data.
The vision and development roadmap of Subsquid Network includes:
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Permissionless Data Channels: Web3 DApps have become overly reliant on centralized RPC and API providers. Subsquid aims to provide infinite scalability, offering long-term solutions for Web3 developers building consumer-facing and real-world use case DApps.
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Unified Data Center for Web3: Subsquid plans to build and prepare all data from all chains, with future support extending to high-data-volume chains like Solana and large ecosystems such as ETH and its L2s.
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Innovative Growth-Oriented Economic Model: Innovations such as L1, L2, and danksharding are causing explosive growth in blockchain data volume, increasing demand among network participants to store this data. As data storage and network participation grow, so does the value entering subnets. Subsquid's token design aims to capture this value and offers a mechanism to reduce developers' and analysts' data costs to zero.
Main Products of Subsquid Network
Squid is an indexing product developed using the Squid SDK, featuring the following capabilities:
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Advanced codebase for extracting and filtering Subsquid Network data within the Extract-Transform-Load (ETL) process;
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User-friendly tools to decode and normalize raw data and efficiently access network states;
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Pluggable data sinks that save data to Postgres, local files, or BigQuery;
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Integrated GraphQL server enabling developers to flexibly query and retrieve data;
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Seamless handling of non-finalized blocks for real-time data acquisition;
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Fast data extraction and decoding for local analysis.
In short, Squid enables developers to obtain on-chain data at low cost, personalized, and in real time, for analytics or integration with other protocols.
Advantages of Subsquid Network
Indexing on-chain data is crucial for building Web3 DApps and analytical dashboards. Key advantages of Subsquid Network include:
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Comprehensiveness: Subsquid Network and its sub-products offer a fast and cost-effective way to extract and index historical data—even from lesser-known chains.
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Low Cost: Subsquid claims it can reduce data extraction and indexing costs by up to 90% compared to direct indexing via RPC providers like Alchemy or Infura. Additionally, using Subsquid Cloud eliminates developer concerns about infrastructure maintenance costs and complexities.
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High Performance: Subsquid is modular—on-chain data is extracted from the decentralized data layer (Subsquid Network), not directly from blockchain nodes. This increases indexing speed by up to 100x and ensures data consistency and reliable indexing even for small networks.
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Developer-Friendly: Supports multiple programming languages and integrates seamlessly with a comprehensive suite of popular Web2 and Web3 development tools.
Usage Fees for Subsquid Network
Prior to mainnet launch, accessing data from the Subsquid Network is free. Afterward, the expected cost to extract 1TB of data will range between $1 and $5. Subsquid Cloud offers free space for developing indexers and provides hosted services for configured indexing pipelines.
Project Funding History
In November 2021, Subsquid, a blockchain query node framework based on Substrate, announced it had raised $3.8 million in seed funding led by Hypersphere Ventures, with participation from Zeeprime Capital, Lattice Capital, Illusionist Group, Digital Finance Group (DFG), Jsquare, SMAPE Capital, 0xVentures, Signum Capital, BwareLabs, SignalVentures, D1 Ventures, Faculty Group, DIA Association, Zeitgeist, Chainflip, Astar Network, Shiden Network, and KodaDot.
Community Sale Details
CoinList will launch the Subsquid (SQD) community sale at 02:00 AM on January 19 (UTC+8), with registration currently open. Details are as follows:
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Token Supply: 53,480,000 SQD (4% of total supply);
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Sale Price: $0.094;
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Release Schedule: 20% released at TGE, followed by linear vesting over 6 months. TGE is expected on May 15, 2024;
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Initial Purchase Limits: Minimum $50, maximum $2,000 (only USDT/USDC accepted);
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Restricted Regions: United States, Canada, China, South Korea, and certain other jurisdictions.
Additionally, Subsquid reserves the right to sell an additional 13,370,000 SQD tokens (1% of total supply) during the community sale.
Based on the above figures, the initial circulating market cap for SQD is $5.02 million or $6.28 million, with a fully diluted valuation (FDV) of $125 million.
To participate in the Subsquid community sale, users must register before the deadline of 20:00 on January 15 (UTC+8). The CoinList Wallet must hold at least the minimum purchase amount (50 USDT or USDC). Users must also ensure their intended purchase amount is deposited into their wallet prior to the sale start time at 02:00 AM on January 19 (UTC+8).
Token Economics
The SQD token is designed to simplify and secure network operations in a permissionless manner. Specific use cases include:
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Rewarding node operators who contribute computing and storage resources to the network;
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Built-in node governance mechanisms within the SQD token design facilitate permissionless selection and rewarding of trusted operators;
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Data consumers can increase rate limits by staking SQD tokens;
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SQD holders can participate in governance and vote on protocol upgrades and other proposals.
The SQD token distribution and lock-up schedule is as follows:
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Pre-seed investors – 12% – 20% unlocked at TGE after 6-month cliff, then linearly over 24 months;
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Seed round investors – 16.3% – 20% unlocked at TGE after 6-month cliff, then linearly over 24 months;
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Strategic Round I investors – 4.6% – linear unlock over 12 months starting at TGE;
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Strategic Round II investors – 2% – 25% unlocked at TGE after 6-month cliff, then linearly over 18 months;
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Team – 15% – 20% unlocked at TGE after 6-month cliff, then linearly over 24 months;
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Treasury – 28.1% – linear unlock over 36 months starting at TGE;
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Liquidity Treasury – 5% – allocated for market making and providing CEX/DEX liquidity;
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Node Rewards – 10% – linear unlock over 84 months starting at TGE;
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Community Sale – 5% – 20% released at TGE, remainder linearly over 6 months.
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