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SubQuery, a leading data aggregation, indexing, and querying solution on Polkadot, has announced that it will launch on Acala’s parachain.
SubQuery Heads to Acala Parachain
SubQuery is launching its decentralized indexing and querying solution on Acala.
🚀 We are proud to announce that the launch of the SubQuery Network will be on the @AcalaNetwork #Parachain!
SubQuery aims to be the 1st external application to launch on Acala's #DeFi hub & will leverage on their upcoming #EVM+ 💥
More:https://t.co/rgh6q4PCfq pic.twitter.com/UxrDI1cXcL
— SubQuery (@SubQueryNetwork) November 25, 2021
SubQuery announced today that it will launch its service on the Acala parachain—a leading smart contract platform hoping to become the home of DeFi on Polkadot. SubQuery’s service unlocks blockchain data and transforms it into a queryable state, allowing developers to index, process, and query data much faster and without building their own in-house data processing solutions.
Acala won the first Polkadot parachain auction earlier this month, securing a two-year parachain lease that will last until Oct. 20, 2023. Parachains are individual, application-specific blockchains that connect to Polkadot’s Relay Chain to make the network more scalable. To join the Polkadot network, projects must secure their spot by bidding for one of 100 parachains through staking Polkadot’s DOT token in parachain auctions. Acala came out on top for the first slot after narrowly beating Moonbeam in a candle auction.
Commenting on the decision to pick Acala over other parachains, SubQuery CEO and founder Sam Zou said:
“We have ambitious growth plans, but our home will always be Polkadot. By partnering with Acala, the best DeFi platform on Polkadot, we have absolute confidence in their ability to help us not only in our token launch, but also in future areas such as micropayments for indexers across networks.”
In a press release, SubQuery said that it considered various options before deciding on a specific parachain but ultimately settled for Acala because it will offer EVM compatibility. Once Acala launches on Dec. 18, investors will be able to seamlessly participate in SubQuery’s token generation event and purchase SQT tokens through their MetaMask wallets on the Ethereum network.
Bette Chen, a co-founder of Acala, explained that the project would act as Polkadot’s DeFi hub, aggregating assets and liquidity from various blockchains. “We are excited to be able to continue our close relationship with SubQuery and launch the SQT token and SubQuery smart contracts on our platform,” he said, speaking of the collaboration between the two projects.
The SubQuery Network and the SQT token are due to be the first external application and token to launch on Acala.