Home Crypto Acala Welcomes SubQuery to Polkadot Parachain

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 venture to win a parachain public sale and safe its place on the Polkadot community.
  • SubQuery goals to be the fist venture 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 right this moment that it’s going to launch its service on the Acala parachain—a number one good 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 gained 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, tasks should safe their spot by bidding for certainly one of 100 parachains by way of staking Polkadot’s DOT token in parachain auctions. Acala got here out on high 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 formidable progress plans, however our residence will all the time be Polkadot. By partnering with Acala, one of the best DeFi platform on Polkadot, we’ve absolute confidence of their capacity to assist us not solely in our token launch, but in addition in future areas corresponding to micropayments for indexers throughout networks.”

In a press launch, SubQuery stated that it thought of varied choices earlier than deciding on a selected parachain however finally settled for Acala as a result of it can supply EVM compatibility. Once Acala launches on Dec. 18, buyers shall be ready to seamlessly take part in SubQuery’s token technology occasion and buy SQT tokens by way of their MetaMask wallets on the Ethereum community.

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

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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