Acala Welcomes SubQuery to Polkadot Parachain

Acala Welcomes SubQuery to Polkadot Parachain

Key Takeaways

  • Decentralized information indexing and querying answer SubQuery has introduced that it’s going to launch on the Acala parachain.
  • Acala is the primary undertaking to win a parachain public sale and safe its place on the Polkadot community.
  • SubQuery goals to be the fist undertaking to launch a token and an exterior software on Acala.

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SubQuery, a number one information aggregation, indexing, and querying answer on Polkadot, has introduced that it’s going to launch on Acala’s parachain.

SubQuery Heads to Acala Parachain

SubQuery is launching its decentralized indexing and querying answer on Acala.

SubQuery introduced immediately that it’s going to launch its service on the Acala parachain—a number one sensible contract platform hoping to develop into the house of DeFi on Polkadot. SubQuery’s service unlocks blockchain information and transforms it right into a queryable state, permitting builders to index, course of, and question information a lot quicker and with out constructing their very own in-house information processing options.

Acala received the primary Polkadot parachain public sale earlier this month, securing a two-year parachain lease that may final till Oct. 20, 2023. Parachains are particular person, application-specific blockchains that join to Polkadot’s Relay Chain to make the community extra scalable. To be a part of the Polkadot community, initiatives should safe their spot by bidding for one among 100 parachains by means of staking Polkadot’s DOT token in parachain auctions. Acala got here out on prime for the primary slot after narrowly beating Moonbeam in a candle public sale.

Commenting on the choice to decide Acala over different parachains, SubQuery CEO and founder Sam Zou stated: 

“We have bold development plans, however our dwelling will at all times be Polkadot. By partnering with Acala, one of the best DeFi platform on Polkadot, we now have absolute confidence of their skill to assist us not solely in our token launch, but in addition in future areas similar to micropayments for indexers throughout networks.”

In a press launch, SubQuery stated that it thought of varied choices earlier than deciding on a particular parachain however in the end settled for Acala as a result of it can provide EVM compatibility. Once Acala launches on Dec. 18, traders will probably be in a position to seamlessly take part in SubQuery’s token era occasion and buy SQT tokens by means of their MetaMask wallets on the Ethereum community.

Bette Chen, a co-founder of Acala, defined that the undertaking would act as Polkadot’s DeFi hub, aggregating belongings and liquidity from varied blockchains. “We are excited to give you the option to proceed our shut relationship with SubQuery and launch the SQT token and SubQuery sensible contracts on our platform,” he stated, talking of the collaboration between the 2 initiatives.

The SubQuery Network and the SQT token are due to be the primary exterior software and token to launch on Acala.

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