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SubQuery raises $ 9 million for Polkadot data log

SubQuery has completed a $ 9 million funding round to build Polkadot’s first tier of data aggregation.

SubQuery Network, a data indexing protocol for the Polkadot and Kusama ecosystems, has received $ 9 million in a new round of funding.

This investment round was led by Arrington XRP Capital, Digital Currency Group and Stratos Technologies, with additional participation from Hypersphere Ventures, NGC Ventures, Wintermute and Skynet Trading. Previously, SubQuery had successfully raised $ 1.8 million in a private seed round that closed this March. The seed investors included DeFi Alliance, The LAO and P2P Capital.

With fresh capital, SubQuery plans to decentralize its network and launch a token by early next year. SubQuery also intends to support additional Layer 1 blockchains, including Solana and Terra.

SubQuery currently supports Polkadot and Kusama parachains and applications, which means that it helps them query blockchain data to build these applications. SubQuery says it eliminates the need for custom compute servers and allows developers to focus on product development and user experience rather than building their own query systems.

Polkadot’s parachain architecture is a key differentiator from other Layer 1 blockchains. In contrast to competing single-chain designs, each parachain serves as its own, independent protocol that works with other parachains via a shared relay.

In order to get a place on the relay chain, the Parachains collect capital from the community via a crowdloan campaign in which participants have to use native Kusama or Polkadot tokens against their favorite projects. From the start, SubQuery is built to be integrated with any Parachain with minimal configuration required.

Arrington Capital believes SubQuery will become a core piece of infrastructure for all parachains and applications. Matt Beck, Director of Investments at DCG, reiterated this view by stating that SubQuery is a critical part of the Polkadot stack and that its deep relationships with leading Polkadot projects prove it.

Image @ Pixabay / License

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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