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Data indexing solution SubQuery has announced that its upcoming SubQuery Network launch will be on Acala parachain.
SubQuery announced the news in a blog post on Thursday, November 25. By launching on Acala, Subquery aims to become the first external application on the DeFi hub of Polkadot. SubQuery will be leveraging the upcoming Acala EVM+.
🚀 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+ đź’Ą
More:https://t.co/rgh6q4PCfq pic.twitter.com/UxrDI1cXcL
— SubQuery (@SubQueryNetwork) November 25, 2021
SubQuery is a>announced a $9 million funding round.
To bring the project to life, the team has chosen Acala, the defi hub of Polkadot. As reported, Acala is going to be the first real-world parachain on the Polkadot as it has won the first Polkadot parachain auction.
According to the announcement, the reason that went into this “decision to launch with Acala were community access, domain/technical excellence, and our existing robust relationship.” SubQuery is eyeing for the upcoming Acala EVM+ launch. When Acala will connect to its parachain slot, any DApp team can deploy their EVM-based smart contracts onto the Acala EVM+.
SubQuery said:
“By launching on an EVM compatible chain, SubQuery’s token generation event (TGE) will seamlessly allow participation by investors from the Ethereum ecosystem through the use of Metamask. With Acala’s EVM+ users can even link their Ethereum addresses with their Polkadot addresses, overcoming the need to manage multiple accounts.”
Bette Chen, the Co-Founder of Acala, commented:
“Acala will play the role of DeFi hub for Polkadot and a landing pad that aggregates assets and liquidity from a variety of 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.”
The Polkadot ecosystem is entering a new era and the combination of Acala and SubQuery can help Polkadot to deliver best-in-class Dapps to the  crypto community.