What is Subsquid (SQD)?
Subsquid is a leading decentralized data infrastructure network and query engine designed to provide Web3 developers with fast, permissionless access to blockchain data.Acting as a “data lake,” it aggregates, structures, and indexes data from over 200 blockchain networks, enabling developers to efficiently query historical and real-time on-chain data through a single API interface, thereby supporting the development of decentralized applications (dApps), analytics platforms, and artificial intelligence (AI) applications.
Launched in 2021, Subsquid’s core technical strengths lie in its modular architecture and the use of zero-knowledge proofs (ZK proofs) to ensure data integrity and computational verification. This addresses the limitations of traditional indexing frameworks in terms of speed, flexibility, and decentralization, while offering high scalability and ease of development.As of this writing, Subsquid supports over 100 EVM-compatible networks and Substrate ecosystem chains, and plans to expand to additional blockchains such as Solana and Starknet.
SQD Token: Core Features and Economic Model
SQD is the native cryptocurrency of the Subsquid network. Issued as an ERC-20 token on Ethereum, it has been bridged to the Arbitrum One L2 network. SQD plays several key roles within the network ecosystem:
- Data Access: Developers must stake SQD to gain access to data; the more tokens staked, the higher the query throughput they can obtain.
- Incentivizing Node Operators: SQD is used to reward node operators (Workers) who contribute computing and storage resources to the network, ensuring the stability and decentralization of network services.
- Governance: SQD holders have the right to participate in the Subsquid network’s decision-making process and vote on protocol changes, collectively shaping the project’s future development.
- Revenue Sharing: Token holders can lock their SQD into revenue pools to support network capacity and earn a share of the stablecoin fees paid by enterprise customers based on their contributions.
Development History and Recent Key Milestones
Since its inception, Subsquid has continuously advanced its technological development and ecosystem building:
- September 2023: Launched an incentivized testnet, attracting nearly 20,000 developers to participate in testing.
- January 2024: The community public sale of SQD tokens began on January 18.
- Q2 2024: The Subsquid mainnet launched as scheduled, marking the official launch of its decentralized data network.
- June 2025: SQD was included in Coinbase’s listing roadmap and subsequently began trading on the Coinbase main app, significantly enhancing its liquidity and market visibility.
- October 2025: Rezolve AI PLC, a company listed on the Nasdaq, announced the acquisition of Subsquid with the aim of integrating its data layer into an AI-driven business ecosystem.
- December 2025: The SQD Network launches a revenue pool, allowing token holders to lock up SQD to support network capacity and earn fees paid by actual customers.
- June 2026: Subsquid Labs announced a strategic realignment, appointing a new CEO and board of directors, and shifting its focus to enterprise and institutional clients with the goal of becoming an institutional-grade on-chain data provider.
- Recent Partnership: Deutsche Telekom Multimedia Solutions (Deutsche Telekom MMS) has joined the Subsquid network, providing Worker nodes to strengthen and secure permissionless data access for Web3 developers.
Market Overview and Ecosystem
As of July 2026 at the time of publication, SQD’s market data is as follows:
- Real-time price: Approximately $0.02909 – $0.030307 USD.
- 24-hour trading volume: Approximately $4.23M – $4.66M USD.
- Market Capitalization: Approximately $29.39M – $30.62M USD, ranked roughly #561 – #568 on CoinMarketCap (rankings may change over time and are for reference only).
- All-Time High (ATH): $0.2865 USD.
- Total Supply / Max Supply: 1,337,000,000 SQD.
- Circulating Supply: Approximately 1.01B SQD, accounting for about 75%–76% of the total supply.
Subsquid’s founders include Dmitry Zhelezov and Marcel Fohrmann. The project has received investment from well-known institutions such as Hypersphere Ventures, Zeeprime Capital, and Lattice Capital.In the competitive landscape, Subsquid is often viewed as an alternative to The Graph (GRT), demonstrating unique advantages in network coverage and cloud access. Protocols and organizations such as Morpho, GMX, PancakeSwap, RAILGUN, zkVerify, and Deutsche Telekom are already utilizing Subsquid’s infrastructure.
How to acquire SQD?
As an ERC-20 token circulating on the Arbitrum network, SQD can be traded on centralized cryptocurrency exchanges that support it, such as Coinbase. Users can also connect to decentralized exchanges (DEXs) via Web3 wallets (such as MetaMask) that support the Ethereum and Arbitrum networks to trade.
