TL;DR
- Idea: Subsquid (SQD) is a decentralized query engine and data lake providing permissionless, cost-efficient access to petabyte-scale Web3 data across EVM and Substrate networks via its Squid SDK and SQD Cloud.
- Catalyst: Increasing demand for scalable on-chain data indexing, strategic partnerships with M31 Capital and Google Cloud, adoption by 800+ dApps and 800+ worker nodes, and recent trending surge with a 400%+ CEX volume increase.
- Risks: High competition from established indexing protocols, reliance on distributed node operators for data integrity, prolonged vesting schedules delaying token unlocks, and potential token dilution risks.
- Score: 7.00/ 10
Coin
- Name/ Ticker: Subsquid (SQD)
- Segment: Blockchain Infrastructure
- Status: active
- Price: $0.092857
Key Metrics
- Market Cap: $70 391 855
- FDV: $124 140 000
- Circulating Supply: 758 067 505
- Total Supply: 1 337 000 000
Sources
Technology
- USP: Petabyte-scale, permissionless decentralized data lake enabling near-zero latency on-chain data access with modular indexing.
- Core Technology: Decentralized query engine using incentivized workers and light indexers, supporting GraphQL APIs, ZK/TEE data validation, multi-chain support (EVM, Substrate, Solana), and optional SQD Cloud service.
Roadmap
- 2024-07-01: Gateway 2.0 release
- 2024-10-01: Permissionless Datasets launch
- 2024-10-15: Light Squids deployment
- 2025-04-15: Data Validation via ZK Proofs & TEEs
- 2025-06-30: SQL Support launch
Team & Investors
Team
- Co-Founder & CEO — Marcel Fohrmann: Co-founded Subsquid Labs and led development of decentralized data indexing solutions.
- Co-Founder & CTO — Dmitry Zhelezov: Designed core architecture of SQD network and SDK for high-performance indexing.
- Head of Partnerships — Roman M. Kemper: Managed strategic partnerships, media relations, and ecosystem growth.
Investors
- Hypersphere Ventures — Seed • 2021-11-12 • $3.80M
- Lattice Capital — Seed • 2021-11-12 • $3.80M
- Zeeprime Capital — Seed • 2021-11-12 • $3.80M
- Faculty Group — Seed • 2021-11-12 • $3.80M
- 0xVentures — Seed • 2021-11-12 • $3.80M
- CoinList Launchpad — IEO • 2024-05-17 • $6.30M
Total funding: $10.10M
Tokenomics
- Utility: Aligns incentives for infrastructure providers, secures and governs decentralized data access, enables rate-limit increases via token locking, and facilitates community governance.
- Vesting: Pre-Seed & Seed: 6-month lockup, 20% TGE release, 24-month linear vesting; Strategic: 6–12-month lockup with linear vesting; Team: 6-month lockup, 20% release, 24-month vesting; Reserved Treasury: 36-month linear vesting; Worker Rewards: 84-month vesting; Community Sale: 20% TGE, 6-month vesting.
- Next Unlock: (0.00% of circulating)
Pros & Cons
Strengths
- Permissionless, cost-efficient petabyte-scale data access
- Decentralized indexing across 200+ networks
- Unique token curation via delegation
- Multi-chain support (EVM, Substrate, Solana)
- Governance and resource control through token locking
- Strategic partnerships with M31 Capital and Google Cloud
Weaknesses
- High competition from The Graph, Aleph.im
- Reliance on distributed node operators for data integrity
- Token volatility and low liquidity
- Long vesting schedules delaying unlocks
- No native transaction fee revenue model
Market Signals (7d)
- TVL trend: N/A
- CEX volume trend: ↑401.7%
- Active addresses trend: N/A
Price Scenarios (target: 2026-03-28)
- Bear: $0.050000 — Assumes a 50% decline from current price under adverse market conditions based on technical support at $0.05.
- Base: $0.120000 — Projects modest adoption growth and sector average P/S valuation applied to indexing revenues.
- Bull: $0.200000 — Extrapolates 10% market share in Web3 data indexing and rapid CEX volume expansion.
How to Buy & Store
CEX
- Gate.io: SQD/USDT
- Bybit: SQD/USDT
- KuCoin: SQD/USDT
- CoinList: SQD/USDT
- MEXC: SQD/USDT
DEX
- Uniswap V3: SQD/USDC
- SushiSwap (Arbitrum): SQD/USDT
- Balancer (Arbitrum): SQD/ETH
- 1inch: SQD/ETH
- Curve: SQD/DAI
Storage
- MetaMask (Arbitrum)
- Ledger (ERC-20)
- Trust Wallet
- Trezor
- Gnosis Safe
Verdict
Subsquid offers robust decentralized data infrastructure with strong partnerships and growing adoption, balancing high technical potential against tokenomics and competitive risks, making it a solid mid-risk infrastructure play.
Official Links
Source: Coin Research (internal)
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