SINGAPORE. SINGAPORE / ACCESSWIRE / November 25, 2021 / SubQuery, the leading data indexing solution in Polkadot, is proud to announce that the launch of the SubQuery Network will be on the Acala parachain. SubQuery and the SQT token will also aim to be the first external application and token to launch with Acala.
As the development of the SubQuery Network accelerates ahead of our public incentivised network in early 2022, SubQuery needed to identify a host parachain. SubQuery considered a variety of options before electing to deepen its existing partnership with Acala by launching on its leading DeFi protocol built on Polkadot. The three main reasons that went into this decision to launch with Acala were community access, domain/technical excellence, and our existing robust relationship.
A key factor for SubQuery's decision was Acala's upcoming EVM+ launch. SubQuery's puts its community first, both developers building future SubQuery projects, and investors that want to be a part of the decentralised data revolution. By launching on an EVM compatible chain, SubQuery's token generation event (TGE) will seamlessly allow participation by investors into SQT 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.
Acala is known across the world for their technical expertise in the Polkadot ecosystem, and SubQuery will work closely with the core Acala development team to help deploy the first version of the SubQuery Network as a smart contract in Acala's EVM+. During our incentivised test network launch SubQuery will be pushing Acala's EVM+ to the limit with performance and load testing to make sure that it will scale to billions of daily API requests.
Sam Zou, the Founder and CEO of SubQuery commented; "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."
Finally, both SubQuery and Acala share a common vision to grow the Polkadot ecosystem and help the world move towards a decentralised future. The two projects are natural partners having established a trusted relationship from the genesis of SubQuery until now. They recently partnered on a joint hackathon with Encode Club and have operated Acala SubQuery Projects which dynamically track data created on Acala and Karura.
Bette Chen, the Co-Founder of Acala explained; "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."
Acala is an Ethereum-compatible smart contract platform optimized for DeFi and scaling DApps to Polkadot. The blockchain has built-in DeFi protocols for application developers to leverage, including a decentralized stablecoin (Acala Dollar - aUSD), a trustless staking derivatives (liquid DOT - LDOT), and a decentralized exchange.
SubQuery is a decentralized data aggregation, indexing & querying layer between Layer-1 blockchains and decentralized applications. This service unlocks blockchain data and transforms it to a queryable state so that it can be used in intuitive applications. It allows DApp developers to focus on their core use case and front-end, without needing to waste time on building a custom backend for data processing. The upcoming SubQuery Network will decentralize and tokenize the ecosystem to allow everyone to participate in the web3 data revolution.
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Branding kit and other resources: https://static.subquery.network/public_branding.zip
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