Original｜Odaily Planet Daily (@OdailyChina)
Recently, Binance Alpha announced the listing of the SQD token. Users with 210 Binance Alpha points can claim 424 SQD tokens by consuming 15 points, valued at approximately $80, which can be considered a luxurious pig trotter rice meal. Many people have become curious about this project: why has this project, which focuses on the concept of "AI Agent Data Lake," gained favor on the Binance Alpha platform?
At the same time, Coinbase also officially announced that it will soon list the SQD token. Notably, the contract address for the former (BSC chain) is 0xe50e3d1a46070444f44df911359033f2937fcc13; the contract address for the latter (Arbitrum) is 0x1337420dED5ADb9980CFc35f8f2B054ea86f8aB1.
Odaily Planet Daily will provide a brief introduction to the SQD token (@helloSQD) listed on Binance Alpha for readers' reference.
helloSQD: A Decentralized Data Network Seizing Opportunities in the AI Era
The Journey of SQD: From Blockchain Query Node Framework to AI Agent Data Lake
As early as 2021, Subsquid (the predecessor of SQD) officially announced the completion of a $3.8 million seed round financing, led by Hypersphere Ventures, with participation from Zeeprime Capital, Lattice Capital, Illusionist Group, Digital Finance Group (DFG), Jsquare, SMAPE Capital, 0xVentures, Signum Capital, Bware Labs, Signal Ventures, D1 Ventures, Faculty Group, DIA Association, Zeitgeist, Chainflip, Astar Network, Shiden Network, KodaDot, and others.
At that time, the project was positioned as a blockchain query node framework based on Substrate, planning to launch new blockchain indexing technology in February 2022. The project aimed to address issues such as high costs, low efficiency, and lack of transparency in the reliance on centralized API services (like The Graph's hosted service) for traditional blockchain data queries; it aimed to help developers access and process on-chain data in a cost-effective and efficient manner. Subsequently, it also collaborated with Polkadot ecosystem prediction market Zeitgeist and blockchain venture capital fund NewTribe Capital.
However, due to the inherent limitations of the data query node sector, its application and collaboration scope were confined to a narrow framework, and the Subsquid project developed quietly. It later participated in the $6 million Series A financing of distributed API infrastructure startup Bware Labs 600万美元A轮融资. In the past two years, with the rapid development of the AI field, Subsquid (hereinafter referred to as SQD) gradually became one of the data supports in the AI Agent field based on its original decentralized data network.
Recently, SQD also officially announced a partnership with Deutsche Telekom MMS, which will operate dedicated working nodes as part of Subsquid's decentralized "data lake," contributing to the security and efficiency of blockchain data retrieval and delivery.
In simple terms, the main core advantages of SQD include:
Decentralized Data Lake: SQD stores and indexes blockchain data through a distributed node network, ensuring high availability and censorship resistance.
High-Performance Queries: The project has developed a proprietary Squid SDK that allows developers to customize data query logic flexibly, significantly improving query speed compared to traditional solutions.
Cross-Chain Compatibility: Supports multiple mainstream public chains (such as Ethereum, Arbitrum, BSC, etc.) and plans to expand to more L1 and L2 networks.
Low Cost: Through a decentralized architecture and economic incentive model, SQD significantly reduces data access costs, making it particularly suitable for small and medium-sized developers and DApp projects.
SQD's Multi-Chain Addresses: From Arbitrum to Base to BSC
By the time it re-entered the market spotlight, it was early 2024, and CoinList announced it would soon launch the Subsquid (SQD) community sale, with a public sale price of $0.094 per SQD token and a token supply of 53,480,000 SQD tokens (accounting for 4% of the total supply); the minimum subscription amount was $50, and the maximum was $2000 (limited to USDT/USDC). Subsequently, the project's TGE was held as scheduled on May 17, 2024, and the token is the project listed on Coinbase, with the contract address 0x1337420dED5ADb9980CFc35f8f2B054ea86f8aB1.
In March of this year, SQD's official announcement stated that the token would soon expand to the Base network, with the token contract address being 0xd4554bea546efa83c1e6b389ecac40ea999b3e78.
On June 2, the day SQD tokens were listed on Binance Alpha, SQD's official account again issued an announcement stating that the official token contract address for SQD on the BSC network is 0xe50e3d1a46070444f44df911359033f2937fcc13. Users can bridge SQD tokens from the Arbitrum chain to Binance Smart Chain (BSC) through the Wormhole Portal.
Overall, SQD is the native token of the Subsquid network, designed to incentivize network participants and support the operation of a decentralized data economy. The main functions of the SQD token include:
Data Access Fees: Developers pay SQD tokens to access blockchain data, reducing data query costs;
Node Incentives: Data node operators earn SQD token rewards by providing indexing and query services;
Governance: SQD token holders can participate in the decentralized governance of the network, deciding on protocol upgrades and key parameter adjustments;
Staking: Users can stake SQD tokens to support network security and earn rewards.
The design of the SQD token aims to build an efficient and transparent decentralized data market through economic incentive mechanisms, breaking the monopoly of traditional centralized data services.
The Future of SQD: Leveraging Data for AI, Solana Ecosystem, and TradFi Sector
According to SQD official information, the current status and future plans of the project are as follows:
SQD Project Achievements: Over $30 Million Raised, TVL Exceeds $80 Million
Raised over $30 million;
Indexing > 1 million blocks/second;
Processing 4 million queries daily;
Provided 3.5 TB of data in just the past 24 hours;
3000 working nodes;
6500 representatives;
TVL exceeding $80 million;
3000 TB database network capacity;
Data from over 200 chains, including EVM, Substrate, Fuel, Tron, and Hyperliquid;
Blue-chip partners, including @PancakeSwap, which uses SQD indexed data to support over $7 billion in TVL.
Meanwhile, the vast data capacity of SQD means that it can store 7 times the information currently contained in Wikipedia, which has 410 TB of information, and still have space left.
SQD Official Partners
Future Development of SQD: AI, Solana Ecosystem, and Traditional Finance
Given the increasing demand for data in the future, billions of AI Agents are about to be launched.
The first case of SQD data x AI is a trading AI Agent SQDGN built on the Virtual ecosystem.
Additionally, SQD plans to release a Solana product that enables real-time data flow transmission and provides historical data tracing back to January 2024.
Finally, regarding the upcoming on-chain TradFi data, SQD's official plan is to launch an institutional-level data platform this month, marking its first entry into the traditional finance sector.
In summary, SQD's goal is to significantly reduce the overall cost of managing and accessing big data, which will shine brightly in the current and future AI era.
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