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SQD

SQD · Subsquid

UtilityPays for data services on the Subsquid network.

What it is

Decentralized data lake and distributed query engine for blockchain data. Workers and Gateways provide storage, computation, and streaming of indexed chain data to applications.

Technology & consensus

Data providers ingest, hash-verify, compress, and distribute blockchain datasets; Workers and Gateways provide storage, computation, and streaming for queries. Subsquid Labs acts as the sole data provider during the bootstrap phase.

Token utility

SQD is required for network participation and access, for delegation, and for technical and operational governance decisions.

Key risks & notes

Explicit MiCA risks: early centralization with Subsquid Labs as sole data provider during bootstrap, vesting and unlocks, smart-contract and cybersecurity risk, liquidity risk, and no deposit or investor protection.

Primary source

Read the official whitepaper →

Research status

Classification: Whitepaper read · Researched · Source material: official project documents only.

Machine-readable summary →

👁️ Evidence dossier

Verification classClass AFORA-01 scale — verification, not a quality ranking
Claim type · Oracle / data token
What does the holder own?

Title, redemption claim, fractional ownership, reserve exposure — or just narrative.

SQD is the native token of the Subsquid Network: it rewards node operators, enables permissionless selection of trustworthy operators, gates data-consumption limits for users, and is used in network governance. It confers no ownership or asset claim.

high confidence

Evidence: [1] · [2] · [3]

Verified
Who holds the underlying?

Needs an identifiable custodian or entity — not a wallet address or a label.

No underlying exists by design. SQD is a bearer network-utility token for decentralized data indexing; the project's MiCA whitepaper describes it as a utility token required to participate in and interact with the network, with no backing asset.

high confidence

Evidence: [1]

Verified
How are reserves checked?

Custodian records → inventory → third-party audit → supply reconciliation.

No reserves exist by design. SQD has a fixed published supply schedule and is fully auditable on-chain (ERC-20 on Arbitrum, BEP-20 on BNB Chain); no reserve audits apply.

high confidence

Evidence: [1] · [2]

Verified
How does redemption work?

Eligibility, minimums, fees, KYC, settlement — and what happens to the token.

No redemption is promised by the project. Operator stake lock/unlock is release of network collateral, not redemption of an underlying claim.

high confidence

Evidence: [1] · [2]

Verified
Who is liable if redemption fails?

A legally accountable entity and jurisdiction — not a DAO label.

SQD and the Subsquid Network were created by Subsquid Labs GmbH (co-founded by Dmitry Zhelezov), per CoinDesk; the project's MiCA whitepaper names Subsquid Labs GmbH as issuer with home member state Ireland.

medium confidence

Evidence: [1] · [2]

Verified

❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.

❔ Frequently asked questions

What is SQD (SQD)?

Decentralized data lake and distributed query engine for blockchain data. Workers and Gateways provide storage, computation, and streaming of indexed chain data to applications.

What does the holder own?

SQD is the native token of the Subsquid Network: it rewards node operators, enables permissionless selection of trustworthy operators, gates data-consumption limits for users, and is used in network governance. It confers no ownership or asset claim.

What is SQD's verification status?

SQD (SQD) carries verification class A (Class A): every applicable FORA-01 question is VERIFIED — a full verification chain. What would change it: A status change would require new evidence — a status never changes from reinterpreting old evidence.

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