The SubQuery Network is a data indexing protocol (decentralized data aggregator) for the Polkadot and Substrate Projects. The main objective of SubQuery is to expand access to the Polkadot blockchain data by creating new markets for data indexing and provision.
In mid-December, the SubQuery Network announced its partnership with Solarbeam, the largest DEX on the Moonriver parachain with a peak TVL of over $ 180 million.
Solarbeam, for its part, has recently established Eclipse, a launchpad built for cross-chain token pools and auctions, which allows projects to raise funds in a Moonriver-based decentralized and interoperable environment. The process requires reliable high-speed data query capabilities for the user interface. And that’s exactly where SubQuery comes in.
So this inclusion in Solarbeam’s press release comes as no surprise: “SubQuery has proved to be a reliable tool for querying events and transactions on EVM and Substrate based chains, with a minimal latency for syncing new data and suitable for large amounts of data. As a result, we believe SubQuery will provide as good of an experience on Moonbeam as it has for us on Moonriver.”
The SubQuery service helps provide analytics for Solarbeam’s Eclipse IDO launchpad. Ahead of its Moonbeam launch, Solarbeam is integrating SubQuery with its user portfolio analytics tool, which will enable users to track their pharming and profit history. This is made possible by the recent integration of Moonbeam and Moonriver’s EVM with SubQuery.
The Solarbeam integration is just one (albeit significant) example of how SubQuery is involved in building an entirely new DeFi infrastructure. SubQuery is a data-as-a-service (DaaS) provider that collects and organizes data from Polkadot and Substrate projects, providing developers with well-structured data set for a wide variety of projects. Working between Tier 1 blockchains and decentralized applications (DApps), the service allows creators to focus on their core use case and interface without wasting time building their own data processing back end.
There are three types of contributors on the SubQuery Network:
– Consumers: use the SubQuery Network to make queries for specific data and pay the set amount of SQT.
– Indexers: host SubQuery projects on their own infrastructure, running both a node and a query service to index data and respond to GraphQL queries.
– Delegates: participate in the network supporting their favorite indexers to earn rewards.
James Bayly, SubQuery Head of Business Development, told in a comment: “We built the service to provide essential infrastructure across the top parachains on Polkadot. The Polkadot project is unique in that while there is a core chain, it allows you to build your own compatible blockchain with distinct working principles.”
SubQuery allows you to implement cross-chain projects due to its special architecture that can contain multiple blockchains. The company provides services to various blockchains but so far has faced a major difficulty in attracting developers to the ecosystem.
SubQuery is currently holding on to the market thanks to a substantial demand for data delivery services, the very reason it was created in the first place. It’s a way to transform and collect data efficiently while also storing it in a way that makes it easy for applications to use.
The project has a three-part business model. The first is SDK — open source software that makes it very easy to collect data from the network, transform and convert it into various forms. It uses Graph, a high-level programming language that makes it easy to interact with applications. However, this part of the project is free and will invariably remain so.
SubQuery’s profits come from providing service administration, servicing SubQuery products, and managing the infrastructure. There is a free basic program and its premium version, best suited for large businesses that want a more comprehensive service.
The company is also currently working on the decentralization of the SubQuery Network and the possibility of tokenizing its ecosystem. It is necessary so that everyone can support the infrastructure and directly participate in the network operations. As a result, it has the potential to become the most decentralized data service.
The service now manages over 60 different projects on Polkadot and Substrate. It means about five million daily requests — and, according to the company sources, the number is “increasing dramatically” and the traffic is growing steadily.
SubQuery employs 15 people, most of them based in Auckland, New Zealand. The company CEO Sam Zou says the network decentralization and the token launch are still scheduled for early 2022. The project also intends to add support for Solana and Terra blockchains. Recently, SubQuery raised $ 9 million’s worth of investments, allowing them to accelerate the company’s growth, hire new developers, and focus on constructing their own DeFi network. Another challenge being handled at the moment is building the SubQuery community.
by Rufat Nasibov