What is Subsquid (SQD)? Overview of Breakthrough Web3 Data Storage Platform for Sale on Coinlist

Currently, Web3 applications rely too much on centralized RPC and API providers. This is one of the main obstacles to the development of the entire web3 industry. Therefore, Subsquid was born to solve this problem.

What is Subsquid (SQD)?

Subsquid Network is a decentralized query engine optimized for batch ingestion of large amounts of data. Subsquid currently provides on-chain historical data collected from more than 100 EVMs and Substrate networks, including event logs, transaction data, history and status of each different transaction.

Under the umbrella of ZK technology, Subsquid has a modular architecture with superior scalability while also optimizing developer convenience for blockchain indexing, development, and analysis of dApps.

In addition, the project leverages a decentralized data lake model and SDK toolkit to help billions of users build applications.

Another advantage of Subsquid is that it is built on an infinitely scalable modular model, allowing developers to use the Squid SDK, Subgraph or frameworks to get data from the data lake to customize the star infrastructure to best suit their projects. In particular, developers can effectively access data without permission, aiming to build a neutral, open Internet rooted in Web3 principles.

Ultimately, Subsquid’s economic model is designed to gradually reduce data costs for Web3 developers, making it easier for them to develop applications and services across the entire ecosystem.

Asian squid highlights

No permission data access

With its unique modular architecture and scalable infinite modular model, Subsquid offers unlimited horizontal scalability and allows developers to use the Squid SDK, Subgraph or frameworks to pull data from the data lake to customize what works best for their projects infrastructure. Since then, helping Web3 developers provide long-term solutions for decentralized applications targeting consumer and real-world use cases.

Unified data pool for all Web3

Subsquid stores data on all chains, especially since the project also supports data-heavy chains like Solana and extended ecosystems like Ethereum and its Layer 2.

Subsquid has the ambition to become the leading web3 blockchain data pool and position itself as the Google of Web3.

Open source developer friendly

Subsquid’s modular structure enables developers and analysts to seamlessly access blockchain data. This decentralized data pool can be accessed in multiple programming languages, and the stack is integrated with popular Web2 and Web3 development toolkits.

The economic model focuses on innovative growth

As blockchain data production increases due to innovations such as replacement L1, L2, and danksharding, so does the need for network participants to store this data.

As data storage and network participation grows, the value of the Subsquid Network will continue to grow. To capture this value, the project decided to launch a native SQD token and provide a mechanism to reduce data costs to zero for developers and analysts.

Subsquid’s operating model

The implementation process of Subsquid Index is divided into 2 main parts:

• The process of retrieving on-chain data (called archives),
• The process of converting and displaying data (called Squid).

Squids collects historical data on-chain and processes it using user-defined data processors. Once the amount of storage in each block is maximized, Squids switches to collecting and processing new block data from the RPC endpoint in real time.

Any data from individual blocks will be discarded and replaced with consensus data. The Subsquid SDK provides an integrated server for displaying data processed using the GraphQL API and customizable converters for transactional databases such as Postgres.

*Squid SDK Index Project (squid) is an ETLQ (Extract-Transform-Load-Query) project built using the Squid SDK.

*file is a specialized data lake optimized for extracting and filtering large amounts of on-chain drawing data (on-chain raw data). Until fully decentralized, Subsquid Labs will maintain Archive Endpoints itself and provide free access to the Squid SDK.

The main components of the Subsquid system

data provider

Data provider operating model.

Data providers provide data to serve Subsquid. Currently, Subsquid focuses on on-chain data, and the data provider is the blockchain. Currently, only chains using EVM and Substrate are supported.

Worker

Workers contribute storage and computing resources to the network, provide peer-to-peer data to users, and are rewarded with SQD tokens. Each worker must register on the chain by bonding 100,000 SQD tokens.

scheduler

Scheduler is the part that distributes data between workers. The scheduler monitors data updates and worker activity and then sends requests to workers to download new data or redistribute existing data based on the functionality and backup goals of each data set. When workers receive requests from the scheduler, they download the missing data from the corresponding storage.

Log collector

The log collector is solely responsible for collecting active ping and query execution logs from worker threads, collecting them and saving them to the repository. These logs are signed by the worker’s P2P identifier and pinned to IPFS. This data will be stored for at least 6 months and used by other entities.

reward manager

The reward manager is responsible for calculating the rewards for each cycle and sending them to on-chain workers. Rewards depend on:

• The running time of each worker in each epoch.
• The number of authorization tokens.
• Number of queries divided (in bytes; both scan size and return size are counted).
• Running time is calculated from the date of registration

validator

Validator operating model.

The validator will verify the log of the executed query and resend the query to randomly verify the response. If the initial response to a query differs from the majority of responses, a complaint is sent up-chain. Public claims will be subject to arbitration proceedings, initially handled by Subsquid Labs GmbH.

data consumer

To query the network, data consumers must operate a gateway or use an external service (which may be public or require any form of payment). Ports are associated with addresses on the chain. The number of requests the gateway can send to the network is limited by a number calculated based on the number of SQD tokens locked. Therefore, the more tokens a gate operator locks, the more bandwidth is allowed to be used.

Asian squid ecosystem

Subsquid is one of the few platform and data providers dedicated to developer-friendly decentralization. As a result, the inherent modularity of the network combined with an ever-evolving ecosystem of popular tools provides seamless integration or full compatibility with dispersed data pools.

Now, developers can access Subsquid Network using their favorite programming languages ​​and frameworks. They can retrieve data from virtually any source and route it to custom destinations. This extraordinary flexibility not only empowers Web3 developers, but also opens up the potential for large enterprise use cases.

Subsquid’s main products:

• Squid SDK – Typescript toolkit for high-performance batch indexing that fetches data from the Subsquid network without accessing storage RPCs.
• Asian squid cloud – Managed service for custom indexers and GraphQL API.
• Squid fire hose – A lightweight adapter for running subgraphs against the Subsquid network without access to storage RPC nodes.

Tokenomics

Token indicators

• Name Token: Subsquid Network
• Tickets: SQD
• Blockchain: Ethereum
• Standard: ERC-20
• Smart Contract: Deployed on the Ethereum mainnet and connected to Arbitrum One.
• Total supply: 1,337,000,000 SQD

Coinlist announces the launch of Subsquid Network (SQD) project token sale: details and how to participate

Token utility

The SQD token is an important part of the Subsquid ecosystem. Uses of SQD tokens include:

• Payment: Is a way to pay workers running Subsquid data pipelines and other workers to service API requests.
• remuneration: SQD is used to reward SQD token stakers and node operators who contribute computing and storage resources to the network.
• Reasonable resource consumption: By staking SQD tokens, data consumers from decentralized data pools can increase the rate limit.
• administrative: SQD token holders can participate in governance and vote on proposals and protocol changes.
• authority: Stake SQD tokens to a Subsquid node or worker to share a portion of the fees earned by that node or worker.

Token distribution

• Pre-seed backers (12%)
• Seed supporters (16.3%)
• Strategy I supporters (4.6%)
• Strategy II supporters (2%)
• Team(15%)
• Reserve treasury (28.1%)
• Liquidity (5%)
• Worker bonus (10%)
• Community sales (5%)
• Testnet participants (1%)
• Testnet staff (1%)

route map

Investors and partners

In November 2021, Subsquid completed a US$3.8 million seed round of financing led by Hypersphere. Other investors include Zeeprime, Illusionist Group, Zeitgeist, Chainflip, Astar Network, Dia Data, DFG, 0x Ventures, Faculty Group…

To date, the project has not raised any additional funds, but in September 2023, the project announced a testnet event to attract users and developers.

Official information channels

get conclusion

Although it was born during an upswing, two years later, the market entered an extremely downturn. Subsquid also worked hard to support the project and develop products and the entire system ecosystem.

Now, with the launch of Coinlist, Subsquid has officially returned and promoted its products to many users, thereby gradually achieving its goal of becoming a new standard for blockchain data.

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