What is SubQuery Network (SQT)?

Deep Dive

1. Purpose & value proposition

SubQuery addresses fragmented blockchain data access by offering a unified toolkit for indexing, querying, and AI-driven analytics. Its DePIN (Decentralized Physical Infrastructure Network) model supports:
- Data indexing: Organizes raw blockchain data into structured formats for dApps.
- RPC services: Provides scalable API endpoints for real-time blockchain interactions.
- AI inference hosting: Enables integration of machine learning models into decentralized workflows.

This reduces development time and costs for teams building cross-chain applications.

2. Technology & architecture

The network operates as a decentralized layer-agnostic protocol:
- Multi-chain support: Compatible with EVM chains, Polkadot, Cosmos, and others.
- Node operators: Decentralized participants provide computational resources for indexing/RPC services.
- SDK tools: SubQuery’s software development kit (v4.0) offers pre-built templates and optimizations for faster deployment (SubQuery SDK 4.0).

3. Tokenomics & governance

SQT’s 10.44B total supply fuels:
- Service payments: Developers spend SQT to access indexed data/RPC queries.
- Node rewards: Operators earn SQT for providing infrastructure.
- Governance: Planned decentralized decision-making for protocol upgrades.
The self-reported circulating supply is 2.66B (25.5% of total), with token distribution tied to network usage growth.

Conclusion

SubQuery positions itself as critical middleware for Web3 development, combining decentralized infrastructure with AI capabilities. Key watchpoint: Can SQT’s utility-driven tokenomics gain traction as adoption scales, given competition from centralized alternatives like The Graph?