Marcel Fohrmann, co-founder of blockchain indexing service Subsquid, recently revealed that Subsquid's native token SQD is scheduled to be launched this Friday and listed on multiple cryptocurrency exchanges. The main function of the SQD token is to support Subsquid's network of independent node operators, whose collective computing power can parse large amounts of on-chain data.

It is understood that Subsquid has sold $6.3 million worth of tokens to the public through CoinList in January this year, bringing the total fundraising amount of the project to $17.5 million, involving multiple rounds of financing involving Blockchange, Hypersphere, Zee Prime, DFG and Lattice.

Fohrmann added that the release of the SQD token is "99% confirmed" to be released on Friday, but the date may be postponed to next week or the week after. He said the timing depends on "a major exchange" planning to launch another token on Thursday.