Blockchain indexing service Subsquid plans to launch SQD token on Friday

ChainCatcher news, according to CoinDesk, Marcel Fohrmann, co-founder of the blockchain indexing service Subsquid, revealed that Subsquid's native token SQD is set to launch this Friday and will be listed on multiple cryptocurrency exchanges. The utility token is designed to support Subsquid's network of independent node operators, whose collective computing power can parse large amounts of on-chain data. According to the press release, Subsquid sold $6.3 million worth of tokens to the public through CoinList in January. This brings the project's total fundraising amount to $17.5 million, involving multiple rounds of financing with participants such as Blockchange, Hypersphere, Zee Prime, DFG, and Lattice.

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