SubQuery, a leading data aggregation, indexing, and querying solution on Polkadot, has announced that it will launch on the parachain of Acala.
— SubQuery (@SubQueryNetwork) November 25, 2021
SubQuery has announced that it will launch on the Acala parachain
SubQuery announced 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 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 October 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.
“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”, SubQuery CEO and founder Sam Zou commented on the decision to pick Acala over other parachains.
SubSQL claimed that they considered various options before deciding on a particular parachain but ultimately decided on Acala as it would provide EVM compatibility. After Acala launches on December 18, investors will be able to seamlessly participate in SubQuery’s token generation event and purchase SQT tokens through their MetaMask wallet on the Ethereum network.
“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,” 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.
The SubQuery Network and the SQT token are the first external application and tokens to launch on Acala.
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