Web 3.0 data access layer Subsquid has confirmed that its SQD token is to list on several tier-one crypto exchanges.
The native Subsquid token will be simultaneously listed on Gate.io, Bybit, KuCoin, CoinList and MEXC Global on May 17, 2024.
Markets for trading SQD will open at 1:00 a.m. PST with an initial launch price of $0.094.
The multiple exchange listing follows an oversubscribed token sale on Coinlist that raised $6.3 million.
The addition of SQD to tier-one exchanges will increase liquidity and access to the native Subsquid token.
SQD plays a critical role in the Subsquid ecosystem. In addition to aligning incentives between infrastructure providers, the token is used to reward node operators that provide computation and storage resources.
Other use cases include node curation and facilitating protocol governance.
Marcel Fohrmann, co-founder of Subsquid, said,
“We’re excited to see our token go live on various trading venues. We’ve been working on getting Subsquid to market and onboard hundreds of worker nodes.
“With Subsquid Network, even petabytes of on-chain data can be accessed and queried in a trustless and permissionless way, gradually replacing RPC nodes for data reads.
“We believe that this is another step towards powerful, fully decentralized Web 3.0 DApps and analytics.”
The listing of SQD on global exchanges will support Subsquid’s goal of decentralizing its network and opening it up to as many Web 3.0 users as possible.
This will empower SQD holders to utilize Subsquid’s protocol and participate in its permissionless data economy.
About Subsquid
Subsquid Network is a decentralized data access layer and data lake around which the Subsquid ecosystem is built.
It offers developers permissionless, cost-efficient access to on-chain data from over 100 chains and is integrated into a large ecosystem of Web 2.0- and Web 3.0-native developer tools.
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Marcel Fohrmann, co-founder of Subsquid
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