🔎 Coins Research — Subsquid (SQD) — 25 December 2025

TL;DR

• Idea: Decentralized data lake and query engine enabling permissionless, cost-efficient multi-chain on-chain data access for dApps and AI agents
• Catalyst: Recent high-profile exchange listings on BingX, Poloniex, XT and strategic acquisition by Rezolve AI
• Risks: Small market cap with limited liquidity, nascent adoption among developers, competition from centralized RPC providers, reliance on node operator infrastructure
• Score: 7.00/ 10

Coin

• Name/ Ticker: Subsquid (SQD)
• Segment: Data Infrastructure
• Status: active
• Price: $0.041110

Key Metrics

• Market Cap: $38 094 146
• FDV: $54 961 192
• Circulating Supply: 926 687 920
• Total Supply: 1 337 000 000
• Inflation: 0.00%

Sources

1. https://www.coingecko.com/en/coins/sqd-2/usd
2. https://coinmarketcap.com/currencies/subsquid/

Technology

• USP: Decentralized data lake and query engine for permissionless, cost-efficient access to multi-chain on-chain data
• Core Technology: Modular architecture with Squid SDK (NodeJS/Typescript), decentralized P2P data lake secured by ZK proofs, multi-VM support (EVM, Solana, Substrate), built-in GraphQL API endpoints

Roadmap

• 2023-04-20: Boba Network integration for EVM indexing
• 2024-04-25: Neon EVM partnership to support Solana indexing
• 2025-06-03: Listing on BingX (SQD/USDT)
• 2025-06-16: Poloniex listing and TGE (SQD/USDT)
• 2025-12-01: XT.com listing in Innovation Zone (SQD/USDT)

Team & Investors

Team

• CEO & Co-founder — Dmitry Zhelezov: PhD in Mathematics; former Chief Scientist at Helix Cognitive Computing; Wallenberg Research Fellow at Renyi Institute
• Co-founder — Marcel Fohrmann: Technology entrepreneur; led strategic partnerships including Rezolve AI acquisition
• Growth Lead — David Langellotti: Growth operations and ecosystem development at Subsquid

Investors

• Hypersphere Ventures — Seed • 2021-11-12
• Zeeprime Capital — Seed • 2021-11-12
• Illusionist Group — Seed • 2021-11-12
• Digital Finance Group — Seed • 2021-11-12
• Jsquare — Seed • 2021-11-12
• Lattice Capital — Seed • 2021-11-12
• SMAPE Capital — Seed • 2021-11-12
• 0x Ventures — Seed • 2021-11-12
• Signum Capital — Seed • 2021-11-12
• Signal Ventures — Seed • 2021-11-12

Total funding: $3.80M

Tokenomics

• Utility: Staking, delegation, node curation, rate-limiting, governance
• Vesting: Pre-Seed: 6-month lockup then 20% release + 24-month linear; Seed: 6-month lockup then 20% release + 24-month linear; Strategic I/II with 12-month and staggered locks
• Next Unlock: 2025-12-16 (2.40% of circulating)

Pros & Cons

Strengths

• Decentralized data infrastructure
• Highly scalable modular architecture
• Multi-chain support
• Open-source SDK
• Permissionless access secured by ZK proofs

Weaknesses

• Niche developer adoption
• Low token liquidity
• Competition from centralized RPC providers
• Dependence on node operator reliability
• Complex technical differentiation

Price Scenarios (target: 2026-06-25)

• Bear: $0.020000 — Discounted scenario assuming minimal adoption and centralization risks
• Base: $0.050000 — Linear growth model based on current developer usage and market cap expansion
• Bull: $0.100000 — Aggressive adoption scenario with AI-agent integration and revenue capture increasing demand

How to Buy & Store

CEX

• Coinbase
• Gate.io
• Binance
• KuCoin
• Crypto.com

DEX

• Uniswap
• SushiSwap
• PancakeSwap
• 0x
• Balancer

Storage

• MetaMask
• Trust Wallet
• Ledger
• Trezor
• Coinbase Wallet

Verdict

SQD presents a compelling technical solution in blockchain data infrastructure with strong utility and growing ecosystem support. Market cap remains small, posing liquidity risks, but multiple exchange listings and strategic partnerships underpin a solid mid-term growth thesis.

Official Links

• Whitepaper
• GitHub