SubQuery, a leading data aggregation, indexing, and query solution on Polkadot, has announced its launch on Acalas Parachain.
Subquery come to P.arachain of Acala
SubQuery introduces a decentralized query and indexing solution on Acala.
SubQuery announced today that it will launch services on Acalas Parachain – a leading smart contract platform hoping to become the “home” for DeFi on Polkadot. SubQuery’s service unlocks blockchain data and turns it into a queryable state, allowing developers to index, process, and query data much faster without having to create processing solutions for their own internal data.
Acala won the first Polkadot Parachain auction earlier this month and secured a 2-year Parachain lease until October 20, 2023. Parachains are individual, application-specific blockchains that connect to Polkadot’s relay chain to make the network more scalable close. In order to participate in the Polkadot network, projects must win a spot of 100 parachains in the auction by staking the Polkadot DOT token. Acala, which tops the leaderboard, took first place after defeating the nearby Moonbeam in a candle auction.
Commenting on the decision to choose Acala over other parachains, SubQuery CEO and Founder Sam Zou commented:
“We have ambitious growth plans, but our stop 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 with token adoption but also in future areas like micropayments for indexers on networks.
In a press release, SubSQL said it considered several options before deciding on a particular parachain, but ultimately chose Acala because it offers EVM compatibility. After the launch of Acala on December 18, investors will be able to seamlessly participate in SubQuery’s token generation and purchase SQT tokens via their MetaMask wallet on the Ethereum network.
Acala co-founder Bette Chen stated that the project will act as Polkadot’s DeFi hub, aggregating assets and liquidity from different blockchains. He spoke about the partnership between the two projects:
“We look forward to continuing our close relationship with SubSQL and introducing the SQT token, the SubSQL Smart Contract, on our platform.”
SubQuery Network and the SQT token will be the first external applications and tokens launched on Acala.
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