- Polkadot parachains are all the rage, but Subsquid could be the diamond in the rough
- The data query protocol is already becoming the go-to solution for many Polkadot projects
- Subsquid’s in-house Hydra protocol takes seconds to do what other query platforms take minutes to achieve
Polkadot parachains have been the talk of the crypto town ever since the concept was revealed in 2019, and the first parachain auction is going live right now. Some names such as Acala, Moonbeam, and Centrifuge, have been talked about for months as potentially big players in the Polkadot space, but one project that has gone under the radar so far is Subsquid. Subsquid is different from these other names because not going for a parachain slot, but it has its eyes on a bigger prize.
Subsquid Could Polkadot’s Data Workhorse
Subsquid is a data query protocol that has the potential to act as the workhorse for any Polkadot project, not just parachain auction winners. Based on the technology behind The Graph but optimized for the Polkadot blockchain, Subsquid uses its proprietary Hydra protocol to constantly monitor and organize the data on the blockchain as it comes in, making it easy for developers to search for data on the Polkadot blockchain.
This may not sound like much to an outsider, but developers have long been hamstrung by slow and unreliable data recall, meaning that they find it difficult to offer insights into the usage of their own platforms. This obviously impacts the developers themselves but also users, who want to know the status of, for example, a Polkadot parachain auction. Subsquid puts an end to this misery, offering lightning fast data recall for any Polkadot project that cares to use it.
Adoption and Development Leads to $3.8 Million Funding
And they have been using it. Social media network Subsocial is using Subsquid to sort its blockchain data in ways other than chronological order, allowing Subsocial to filter user content by various parameters such as key words, phrases, and tags and also filter data on posts themselves such as the number of likes, comments, shares etc. Even something as simple as continuous page scrolling was not possible before Subsquid was integrated.
Subsquid also powered the Basilisk crowdloan for its Kusama parachain slot, allowing developers the chance to effectively track the individual contributions, their address, and the amount of BSK tokens they would be due if the parachain application is successful, alongside offering a simple solution to monitor the total collected and other statistics related to this.
Yesterday, Subsquid announced that it has closed a $3.8 million seed round led by Hypersphere Ventures, showing that its success to date has piqued the interest of outside investors who clearly see the benefits and potential growth in the data indexing platform.
🥰We are humbled to have the backing of an absolute dream-team of investors, led by @hypersphere_, that help us push the limits of #APIs in #web3!🚀 Read more about our seed round and who is officially part of the #squid squad here: https://t.co/Ac5NlV8308🦑 pic.twitter.com/hlGoeyWk4O
— subsquid (@subsquid) November 11, 2021