Subsquid to launch SQD Token for improved blockchain index

Subsquid is preparing to launch its native SQD on May 17 in response to growing demand for crypto indexing services.

The token aims to increase the functionality and accessibility of Subsquid's decentralized indexing solutions on various blockchains.

SQD's role in improving blockchain accessibility

Starting with Polkadot, Subsquid expanded to Ethereum and recently introduced Solana Beta. Venture capitalists have invested more than 17 million dollars in the project, and several cryptocurrency exchanges may soon list the SQD token.

It will be distributed on the Ethereum mainnet and then bridged to Arbitrum One. SQD aims to keep the blockchain secure and independent, empowering node operators to efficiently organize on-chain data by strengthening the Subsquid network. This allows developers to efficiently control and interact with blockchain ecosystems, increasing data accessibility.

The token utility consists of configuring network participants through a proxy system to select trusted operators. By locking SQD tokens, users can get better data rates from a decentralized data lake, ensuring fair resource consumption.

“Encouraging community engagement and increasing our indexing capacity is critical,” said Marcel Fohrmann, founder of SubSquad.

Read more: Which are the best Altcoins to invest in May 2024?

Subsquid is focused on making blockchain data more consistent and accessible. It also offers customizable interfaces that allow developers to tailor data presentations to their needs.

“Our platform provides a solid foundation for developers to focus on innovation while tackling data management challenges,” said Subsquid CEO Mitry Zhelezov.

Therefore, the introduction of the SQD token aims to significantly simplify how developers integrate blockchain technology into their projects.