Subsquid, a Web3 data access layer, has announced that many tier-one cryptocurrency exchanges are about to list its SQD token. On May 17, 2024, the native Subsquid token will be concurrently listed on Gate.io, Bybit, KuCoin, CoinList, and MEXC Global.
SQD trading markets are scheduled to begin at 8:00 UTC, with a $0.094 launch price. The multi-exchange listing comes after Coinlist’s oversubscribed token sale, which raised $6.3 million. Liquidity and availability to the native Subsquid token will both grow with the inclusion of SQD to tier-one exchanges.
SQD is crucial to the Subsquid ecosystem. Not only does the token help infrastructure providers align their incentives, but it also serves as a means of rewarding node operators who provide computational and storage resources. Node curation and supporting protocol governance are two more use cases.
Marcel Fohrmann, Co-Founder of Subsquid said:
“We’re excited to see our token go live on various trading venues. We’ve been working on getting Subsquid to market and onboard hundreds of worker nodes. With Subsquid Network even petabytes of on-chain data can be accessed and queried in a trustless and permissionless way, gradually replacing RPC nodes for data reads. We believe that this is another step towards powerful, fully decentralized web3 dapps and analytics.”
The decentralization of Subsquid’s network and its accessibility to the greatest number of web3 users will be facilitated by the listing of SQD on international exchanges. As a result, SQD holders will have more ability for utilizing Subsquid’s protocol and take part in its permissionless data economy.