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+ 💥
— SubQuery (@SubQueryNetwork) November 25, 2021
SubQuery is a data-as-a-service provider that aggregates and organizes data from Polkadot and Substrate projects, serving up well-structured data for developers to use for a wide array of projects. It operates between the layer-1 blockchains and decentralized apps (dApps)
The project aims to provide developers with powerful tools to process and query their data faster so that focus on their core use case and front-end, without needing to waste time on building a custom backend for data processing.
SubQuery is a team and the SubQuery Network is the product they are delivering. Developers can create and run their own SubQuery project by using open-source Subquery SDK, or they deploy their projects to its high-performance nodes. The project itself will be powered by an SQT token.
According to the team, its upcoming SubQuery Network will decentralize and tokenize the ecosystem to allow everyone to participate in the web3 data revolution. To fund the development of the SubQuery Network, the team 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+.
“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.