SubQuery Network (SQT): Creating a Network for All Web3 Needs

Decentralized apps, or DApps, are increasingly relevant web3 software applications, but DApps built on Web 2.0 are riddled with inefficiencies that ultimately detract from the user experience (UX). In addition, they can make for a complicated, clunky developer experience. 

Middleware services, which bridge operating systems with the apps that run on them, seemingly pave the way for web3 integration. However, while many existing middleware services lay claim to decentralization, they rely heavily on centralized components. Ultimately, this will impair the ability of DApps developers and users to fully harness the power of web3. Now, however, a critical advancement is available that taps into web3 benefits.

Key Takeaways:

• SubQuery Network is an open and reliable web3 infrastructure service that enhances scalability and performance for developers.

• Looking to trade SubQuery Network tokens? Bybit now offers the SQT/USDT Spot trading pair. To celebrate this listing, Bybit is holding two exclusive events where you can earn a share of a 15,000,000 SQT prize pool!

What Is SubQuery Network?

SubQuery Network is an open and reliable web3 infrastructure service that enhances scalability and performance for developers.

The SubQuery Network is revolutionizing web3 accessibility through its decentralized data indexing, which differs from the way other middleware services operate. Moreover, it continues to push the envelope with upcoming enhancements that will benefit indexers and RPC (remote procedure call) providers. Specifically, the SubQuery Data Node will enhance performance and allow widespread access to RPCs through SubQuery's Sharded Data Node. SubQuery Network’s innovative and scalable web3 infrastructure enables developers to benefit from the complete decentralization of their infrastructure stacks.

History of SubQuery Network

SubQuery Network was founded by Sam Zou, Ian He and James Bayly. Its headquarters is in Singapore, and it also holds offices in Sydney, Lisbon and New Zealand. Numerous investors have backed SubQuery Network, including Digital Currency Group, Arrington Capital, Stratos, Hypersphere, DFG, DeFi Alliance and others.

What Does SubQuery Network Aim to Achieve?

SubQuery Network was founded with the mission of moving toward a decentralized future. It provides data and infrastructure services that promote growth and scalability in the web3 space. By doing so, it supports greater speed, improved efficiency and a better UX. More specifically, it allows today’s developers to step into the future with web3 infrastructure.

How Does It Work?

SubQuery Network functions with participation from consumers, RPC providers or node operators, data indexers and delegators. Consumers ask for data and infrastructure services. The RPC providers run a data node and provide reliable and affordable RPC services. In exchange, they’re given SQT rewards. Data indexers, another type of node operator, also receive SQT rewards. These node operators run indexer and query services via their own infrastructure. Delegators play a role in rewarding their favorite node operators.

Features of SubQuery Network

SubQuery Network advances web3 functionality and access for DApps developers and users, accomplishes this through several key features. In addition, several other features are in development and will further advance the DApp experience for developers and users.

SubQuery Kepler

Kepler Network is the pre-mainnet for the SubQuery Network, and it runs on Polygon. Through the Kepler Network, SubQuery Network will see progressively decentralized traffic. Kepler plays a crucial role in achieving the mission of SubQuery Network, and it supports enhanced decentralization for migrating projects.

SubQuery Explorer

SubQuery Explorer is a marketplace for indexers and RPC providers to share their projects with the community. This feature supports test queries, as well as getting GraphQL API endpoints for current projects.

SubQuery Managed Service

In addition to supporting the development of DApps, SubQuery Network offers managed services to the RPC industry. The platform has 220 live projects and a 90-day uptime of 99.95%. In addition, it supports 129 unique networks and has handled more than 24 billion queries. Several managed services plans are available to meet varied needs.

SubQuery Data Indexer

SubQuery Network supports fast, reliable data indexing for web3 projects. Its decentralized data indexers allow DApp developers to build immersive and intuitive designs with ease. Testing, deploying and running DApps is equally easy through an indexed data layer that enables DApps to receive richer data with peak efficiency.

SubQuery RPC

The SubQuery data node takes performance and scalability to the next level. It’s an optimized endpoint that brings about next-generation web3 projects. With this sharded data node, developers have access to more affordable RPC services, as well as faster and decentralized RPCs. These combine to improve DApps on all levels.

SubQuery Network Road Map

SubQuery Network was announced in February 2021 as a next-level solution for indexers and RPC providers. Over the next several months, it released its open-source SDK, raised seed money and launched initial services. In 2022, SubQuery Network launched its Frontier testnet, expanded to support Cosmos, grew to 2,361 data indexers and offered multichain indexing. 

In 2023, SubQuery Network expanded to support NEAR, Ethereum, Oxygen, BNB Chain, Base, Stellar, Soroban and other blockchain platforms. Looking forward, SubQuery Network plans to further support the RPC industry through its Sharded Data Node.

SQT Tokenomics

SQT, the native token of the SubQuery Network, went on sale on Jan 30, 2024. It’s used to facilitate exchanges and incentivize participation within the network. The initial token supply was 10 billion, and inflation will be approximately 1.3% annually. Allocation is as follows: 

• Foundation: 31.81%

• Team and advisors: 15%

• Series A: 14.49%

• Seed: 11.65%

• Mainnet incentives: 8.06%

• Strategic round: 5.5%

• Liquidity: 5%

• Public sale: 4.39%

• Series B: 3.2%

• SQT Seekers Programme: 0.5%

• kSQT conversion: 0.22%

• SQT airdrops: 0.18%

SQT Price Prediction

As of Feb 29, 2024, the SQT price is $0.01427. This reflects an increase of 8.1% over the past 24 hours. Current market cap is $28.5 million, and the 24-hour trading volume is $1 million.

According to BeInCrypto, the price of SQT may hit $0.018 by the end of 2024. This may be followed by $0.022 in 2026 and $0.024 in 2027.

Another source, CoinDataFlow, predicts stronger token value growth, with a forecast of up to $0.031 by the end of 2024, $0.077 in 2026 and $0.10 in 2030.

Where to Buy SQT

Looking to trade SubQuery Network tokens? Look no further — as Bybit now offers the SQT/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, fund it with cryptocurrency and navigate to the SQT/USDT Spot trading page.

To celebrate this listing, Bybit is holding two exclusive events where you can earn a share of the 15,000,000 SQT prize pool!

The first event, Deposit to Earn, will allow the first 4,500 new users who complete the following two steps through Mar 8, 2024, 8:59AM UTC to receive 2,500 SQT each:

1. Sign up for a Bybit account and complete identity verification.

2. Accumulate a deposit volume of at least 8,334 SQT, or deposit 100 USDT and use your Bybit account to buy 50 USDT worth of SQT via your first trade.

If you’re already a Bybit user (prior to Feb 23, 2024, 8AM UTC), no worries — because you can still earn 833 SQT! Simply accumulate a deposit volume of at least 8,334 SQT, or deposit 100 USDT and buy at least 100 USDT worth of SQT using your Bybit account. Please note that rewards will be distributed on a first-come, first-served basis to the first 1,500 existing users.

The second event, Trade to Earn, is being held through Mar 8, 2024, 8:59AM UTC. Simply trade SQT and accumulate a Spot trading volume of at least 300 USDT worth of SQT during the event period to grab a share of the prize pool. The more you trade, the greater your share.

Is SQT A Good Investment?

While there are several middleware services that claim to support decentralization, a closer look reveals that they have centralized components. SubQuery Network’s Sharded Data Node environment can support complex querying languages. Its incredible design allows developers to create and run truly decentralized applications faster and quicker with their specific data. 

While SubQuery Network is a next-level DApp solution, node operator players and developers aren’t the only parties to benefit. Investors who wish to support the future of web3 can invest in SQT — and may see a profit by holding their tokens. Crypto markets are known for their volatility, and there’s always a risk of loss when making crypto investments. However, with multiple sources attesting to the potential for token price growth in the years to come, investing in SQT may be a solid move.

Closing Thoughts

SubQuery Network takes DApp development and management to the next level with its various features and functions. Its ability to support complex querying languages, use Sharded Data Nodes and facilitate specific data migration more efficiently make SubQuery’s Network’s web3 service a game-changer.

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