Token launched on Binance Alpha and Coinbase, how ambitious is SQD's "data lake"?

Original｜Odaily Daily Report (@OdailyChina)

Author｜Wenser（**@wenser 2010 ）

Recently, Binance Alpha announced the launch of the SQD token. Users with 210 Binance Alpha points can claim 424 SQD tokens by consuming 15 points, valued at approximately 80 USD, which can be considered a luxurious pig trotters rice bowl. Many people have become curious about this project: why has this project, which focuses on the "AI Agent Data Lake" concept, gained the favor of the Binance Alpha platform?

At the same time, Coinbase also officially announced the upcoming launch of the SQD token. It is worth noting that the contract address (BSC chain) of the former is 0xe50e3d1a46070444f44df911359033f2937fcc13; The latter contract address (Arbitrum) is 0x1337420dED5ADb9980CFc35f8f2B054ea86f8aB1.

Odaily will provide a brief introduction to the SQD (@helloSQD) listed on Binance Alpha in this article for readers' reference.

helloSQD: A Decentralized Data Network Seizing Opportunities in the AI Era

Starting Point SQD Past: Blockchain Query Node Framework to AI Agent Data Lake

Back in 2021, Subsquid (the predecessor of SQD) officially announced the completion of a $3.8 million seed round led by Hypersphere Ventures, Zeeprime Capital, Lattice Capital, Illusionist Group, Digital Finance Group (DFG), Jsquare, SMAPE Capital, 0x Ventures, Signum Capital, Bware Labs, Signal Ventures, D 1 Ventures, Faculty Group, DIA Association, Zeitgeist, Chainflip, Astar Network, Shiden Network, KodaDot, and others participated.

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 insufficient transparency in the reliance on centralized API services (such as the hosted services of The Graph) during traditional blockchain data queries; it was dedicated to helping developers access and process on-chain data in a low-cost and high-efficiency manner. Subsequently, it also collaborated with the Polkadot ecological prediction market Zeitgeist and the blockchain venture capital fund NewTribe Capital.

However, due to the natural limitations of the data query node, the scope of its application and cooperation are limited to a narrow framework, and the development of the Subsquid project is in the stage of muffled development, and it has subsequently participated in the $6 million Series A funding round of Bware Labs, a distributed API infrastructure startup. In the past two years, with the rapid development of the AI field, Subsquid (hereinafter referred to as SQD) has gradually become one of the data supports in the field of AI Agent on the basis of the original decentralized data network.

Recently, SQD announced a partnership with Deutsche Telekom MMS, which will operate dedicated work nodes as part of Subsquid's decentralized "data lake", contributing to improving 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 querying: The project has developed a proprietary Squid SDK that allows developers to customize data query logic flexibly, resulting in a significant improvement in 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: By leveraging 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.

The multi-chain address of SQD: from Arbitrum to Base to BSC

When it returns to the market, it is already early 2024, when CoinList announced that it will soon launch the Subsquid (SQD) community sale, at that time, the public sale price is $0.094 per SQD token, and the token supply is 53, 480, 000 SQD tokens (4% of the total supply); The minimum subscription amount is $50 and the maximum subscription amount is $2000 (USDT/USDC only). **Subsequently, the TGE of the project will be carried out as scheduled on May 17, 2024, and the token is the Coinbase listing project, with a contract address of 0x1337420dED5ADb9980CFc35f8f2B054ea86f8aB1. **

In March of this year, SQD officially announced that the token will soon expand to the Base network, and the token contract address is 0xd4554bea546efa83c1e6b389ecac40ea999b3e78.

On June 2, on the day SQD token was listed on Binance Alpha, SQD official once again issued a statement, stating that the official token contract address of SQD token on the BSC network is 0xe50e3d1a46070444f44df911359033f2937fcc13. Users can bridge SQD tokens from Arbitrum 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 obtain blockchain data by paying with SQD tokens, reducing the cost of data queries.
• Node Incentives: Data node operators receive SQD token rewards for 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 support network security and earn rewards by staking SQD tokens.

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 to Unlock AI, Solana Ecosystem, and TradFi Sectors

According to official information from SQD, the current situation of the project and future plans are as follows:

SQD project achievements: fundraising exceeded 30 million USD, TVL exceeded 80 million USD

• Fundraising exceeded 30 million USD.
• Index > 1 million blocks/second;
• Processing 4 million queries daily;
• Provided 3.5 TB of data in the last 24 hours;
• 3000 working nodes;
• 6,500 representatives;
• Over 80 million USD in TVL;
• 3000 TB database network capacity;
• Data from over 200 chains, including EVM, Substrate, Fuel, Tron, and Hyperliquid;
• Blue chip partners, including @PancakeSwap, which supports over $7 billion TVL using SQD index data.

At the same time, the massive data capacity of SQD can be compared to the current Wikipedia, which contains 410 TB of information, meaning SQD can store it 7 times and still have space.

SQD official partner

SQD Future Development: AI, Solana Ecosystem, Traditional Finance Sector

In view of the continuously increasing data demand in the future, billions of AI Agents are about to go live.

The first case of SQD data x AI is the trading AI Agent SQDGN built on the Virtual ecosystem.

In addition, SQD plans to release a Solana product that will enable real-time data streaming and provide historical data dating back to January 2024.

Finally, regarding the upcoming on-chain TradFi data, the SQD official plans to launch an institutional-level data platform this month, making its first foray into the traditional finance sector.

In summary, SQD aims to significantly reduce the overall cost of managing and accessing big data, which will shine in the current and future AI era.