Decentralized data aggregation protocol SubQuery has become the latest to announce a big funding round from venture capital giants.
SubQuery announced that it had completed a strategic funding round for $9 million on Sept 8. The round was co-led by Arrington Capital, DCG, and Stratos Technologies, with participation from Hypersphere Ventures, Neo Global Capital (NGC), Wintermute, and Skynet Trading.
SubQuery completed an initial seed round for $1.8 million earlier this year with participation from the DeFi Alliance and The LAO.
The team behind the protocol has the vision of becoming the standard data indexing infrastructure for all Polkadot and Kusama parachains and applications.
Polkadot data aggregation
SubQuery aims to improve access to decentralized blockchain data by providing tools and technology that enable Polkadot and Kusama developers to explore, transform, and analyze on-chain data.
“Abstracting the backend, SubQuery eliminates the need for custom data processing servers. It lets developers focus on product development and user experience rather than building their own querying systems.”
Ninor Mansor, Partner at Arrington Capital which also invested in Polkadot-based Moonbeam and Acala, said that SubQuery scales to all parachains and could “catalyze the next boom in activity on Polkadot and Kusama.” Matt Beck, Director of Investments at DCG, labeled it as a “critical part of the Polkadot stack.”
SubQuery is already running and serving millions of daily data queries to over 60 projects on Polkadot and Kusama according to the blog post. It has also been integrated into three of the first five Kusama parachain slot winners: Acala’s Karura, Phala’s Khala, and Bifrost.
The team plans to launch a native token for the protocol and scale the platform so that it can be integrated with other Layer 1 chains such as Solana and Terra.
In late August, Parallel Finance raised $22 million to bring DeFi products to the Polkadot ecosystem.
DOT and KSM price update
Both Polkadot-based tokens have taken a heavy hit in this week’s market slump. DOT has found support in the $28 range after dropping 17% since Tuesday. The Polkadot network token is up 35% over the past month but remains down 43% from its May 15 all-time high of $49 according to CoinGecko.
Kusama’s native token, which is used for staking on crowd sales for parachain auctions, slumped 15% this week in a fall from around $400 to the $340 range where it currently trades. KSM has made 55% over the past month but is down a similar amount from its all-time high of $622 which occurred on May 18.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.