SubQuery data indexing solution becomes the first project to be launched on the Acala DeFi hub
A data indexing solution for distributed systems, SubQuery, has decided to launch its network and SQT token on Acala Network (ACA), the decentralized finance hub of Polkadot (DOT).
SubQuery network and SQT token are uploaded to Acala
According to the official announcement shared by the SubQuery team, its network has launched on the parachain Acala. Thus, the product is a pioneering solution to leverage the smart contracts of Acala (ACA).
SubQuery Network will launch its public incentive network in the first quarter of 2022. The choice of parachain for the publication was therefore a crucial decision for its development team.
Acala (ACA) was chosen as the first-ever decentralized finance protocol (DeFi) to go live on Polkadot (DOT). Additionally, launching on an EVM-enabled channel will allow a wide range of investors to participate in SQT token generation events with their Metamask wallets.
Sam Zou, the founder and CEO of SubQuery, emphasized the long-term strategic commitment of his team to strengthening the ecosystem around Polkadot’s parachains:
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.
Advancing Polkadot’s DeFi Ecosystem (DOT)
Bette Chen, co-founder of Acala, is more than excited by the prospects opened up by the new partnership:
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.
Previously, the two products hosted a joint hackathon with Encode Club and introduced Acala SubQuery Projects, an instrument to track the products on Acala and Karura.
SubQuery’s next incentive testnet will be a stress test for Acala’s EVM + mechanism. Its protocol targets the opportunity to process billions of daily API requests.
