Subsquid is gearing up to launch its native token, SQD, on May 17, responding to the growing demand for crypto indexing services.

The token aims to enhance the functionality and reach of Subsquid’s decentralized indexing solutions across various blockchains.

Starting with Polkadot, Subsquid expanded to Ethereum and recently introduced a Solana beta. Venture capitalists have invested over $17 million in the project, and several cryptocurrency exchanges could soon list the SQD token.

It will be deployed on the Ethereum mainnet and then bridged to Arbitrum One. SQD aims to keep the blockchain reliable and impartial, strengthening Subsquid’s network by empowering node operators to organize on-chain data efficiently. This allows developers to effectively monitor and interact with blockchain ecosystems, enhancing data access.

The token’s utility includes curating network participants via a delegation system to select trustworthy operators. By locking SQD tokens, users can access better data rates from the decentralized data lake, ensuring fair resource consumption.

“It’s vital to encourage community engagement and enhance our indexing capabilities,” Marcel Fohrmann, co-founder of Subsquid, said.

Read more: Which Are the Best Altcoins To Invest in May 2024?

Subsquid has focused on making blockchain data more coherent and accessible. It also offers customizable frontends, allowing developers to tailor data presentations to their specific needs.

“Our platform provides a solid foundation that lets developers focus on innovation while we handle data management challenges,” mitry Zhelezov, CEO of Subsquid, explained.

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

The post Subsquid Announces SQD Token Launch This Friday appeared first on BeInCrypto.

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