SubQuery Publishes the SQT Public Sale Date and Sale Guide

SubQuery Network, the universal Web3 data indexing toolkit, is delighted to announce the date and details on our upcoming Public Sale, which will be held across three consecutive rounds on TokenSoft.io.

  • Registration deadline: 18th of July 2022, 2pm UTC.
  • Round 1: 19 July 2022, 2pm UTC (invite-only for whitelisted participants);
  • Round 2: 20 July 2022, 2pm UTC (all welcome with capped allocations);
  • Round 3: 21 July 2022, 2pm UTC (all welcome without capped allocations).

The Public Sale is the first opportunity for our community to purchase the SubQuery Token (SQT). The launch of SQT is the next step in the decentralisation of our indexing solution and a move towards community governance.

SQT is a utility token that powers the SubQuery Network with three main use cases:

  1. To create a reward incentive mechanism for Delegators and Indexers (node operators);
  2. To act as a medium of exchange on the network marketplace;
  3. To enable governance of the protocol.

The SubQuery Foundation has a dedicated sale pageopen in new window with all sales details and a comprehensive sales guide.

We've outlined below a compressed version of the SQT Sale Guide below, but please refer to the full version hereopen in new window. Note the splits between the token allocations for Community and Public Sale as well as between Rounds 1 and 2 have changed slightly since we first published it in December 2021.

Specifically the allocation towards the Public Sale reduced from 12% to 9.1% with the balance moved to the Foundation and Community to help promote and sustain the growth of the SubQuery Network. This is conditioned by us optimising the structure of the public sale due to various factors including current market conditions. No other areas were changed. The updated version is located in the guide.

SQT Sale Guide

Key Details

  • When: 19 July 2022, 2pm UTC (time zone converteropen in new window).
  • KYC Deadline: 18 July 2022, 2pm UTC.
  • Where: TokenSoft.ioopen in new window
  • Structure: 3 sequential rounds. The first is for whitelisted users, the second and the third are for anyone.
  • Tokens Allocated for the Event: ~900,000,000 SQT (~9% of the total SQT supply). In case of elevated demand, the percentage of tokens for sale may be increased to ~12% (this will not affect the sale price).
  • Public Sale Price: $0.0275.
  • Accepted Currency: USDC on Ethereum (ERC20).
  • Token Distribution: SQT distribution to successful participants will take place closer to the mainnet launch via an official UI. There will be no tokens available at Public Sale.
  • KYC: All participants must pass KYC with the launchpad. Prohibited jurisdictions: USA, China, New Zealand, Philippines, Iran, North Korea, Syria, Cuba.

By choosing to participate in this public sale, you are deemed to have read, understood and acknowledged this disclaimer and acknowledgementopen in new window.

Public Sale Rounds

Round 1: Whitelisted Participants

Round 1 is an invite-only round for the key community members and network participants.

Whitelisted participants are valuable participants in the SubQuery Ecosystem. As these users are expected to become active network participants we are providing them guaranteed allocation for the sale.

Whitelisting starts approximately four weeks before the Public Sale date. We will be collecting your emails and wallet addresses and passing them to the launchpad.

  • Indexers & Technical Testnet Participants Phase 1-2 - your details will be collected during the testnet;
  • VIP SubQuery Partners (Grant Recipients, Customers, Strategic Partners, Ambassadors) --- your details will be collected manually as we will be reaching out to each of you individually. Ambassadors --- your details will be collected via a Discord bot;
  • Spartans --- your details will be collected via a Discord bot;
  • Expression of Interest Winnersopen in new window --- your details will be collected via email communication.

The above categories have higher max caps and a discounted price (for some). To balance these benefits, between 30--50% of your tokens will be locked for 12 months depending on your participation category.

How to participate: If you are whitelisted, you will be informed of your individual allocation caps and lock-ups via an email from us. You will still need to register on TokenSoft with the same email address and wallet address and pass KYC. When Round 1 opens, you will have 24 hours to purchase tokens within the allocation amount that we have reserved for you. Sign-in at least 30 minutes before the event starts to reduce wait times.

If you have qualified for several categories (and accidently received multiple emails), you will be assigned to the highest category available. You can only participate in Round 1 once.

Round 2: All Welcome (Capped)

Round 2 is open to all and any users that pass the KYC process. The sale will be conducted on a "first come, first served" basis. There is no guaranteed allocation. If there are any unsold tokens left from Round 1, they will be added to the Round 2 allocation.

You will only be able to purchase up to the indicated amount. We impose a hard ceiling of maximum individual cap in order to maximise distribution of the SQT token to as many community members as possible.

How to participate: register on TokenSoft and pass KYC. When Round 2 opens, you will have 24 hours to purchase tokens within the allocated cap limit (unless sold out prior). The earlier you participate, the higher the likelihood that you will be able to purchase. Sign-in at least 30 min before the event starts to reduce wait times.

Should you wish to, you can also participate in Round 3. Round 3 may require you to pass additional KYC, but after the sale. See the details below.

Round 3: All Welcome (Uncapped)

Round 3 is open to all and any users that pass the KYC process.

If there are any unsold tokens left from Round 1 and Round 2, they will be offered in Round 3 with no maximum purchase limits. This means that any user will be able to purchase as much as they want until the entire round allocation is run out. The sale will be conducted on a "first come, first served" basis. There is no guaranteed allocation.

Critical Information: if you spend more than $15,000 you will be required to provide proof of your address (either a utility bill or a bank statement). After you make a purchase and the sale is closed, you will be contacted via email with the instructions. The reason for having an additional document as proof of residence is to corroborate authentication of documents, that the identity is not "stolen", and residence of the purchaser. SubQuery may be compelled to withhold tokens and may have to pass sale proceeds to relevant authority if ordered to do so.

How to participate: register on TokenSoft and pass KYC. When Round 3 opens, you will have 24 hours to purchase tokens without any purchase limits (unless sold out prior). The earlier you participate, the higher the likelihood that you will be able to purchase. Sign-in at least 30 minutes before the event starts to reduce wait times.

Token Distribution

Please note that the SQT tokens would not be distributed yet at the point of the Public Sale.

SQT distribution to successful participants will take place after sudo keys have been removed on the SubQuery Network, targeted for Q3-Q4 2022. The SubQuery Network mainnet will launch once we complete testing of SubQuery Frontier and conclude all security audits.

We have already engaged with several leading centralised exchanges to organise listings for around the same date as the SubQuery Network mainnet launch. We also expect to have support for a DEX/AMM liquidity available at the same time.

The wallet you use to participate in the sale is also the wallet you will have to use to claim your tokens. The genesis tokens will be available to claim via an official SubQuery UI hosted on the official web-site. We will publish an announcement and a claim guide in advance.

Please note:

  • Details of the SQT Public Sale results and distribution instructions will be communicated at a later date both via a follow-up email and via the official communication channels (Website, Medium, Twitter, Telegram, Discord);
  • Watch out for scammers --- we will never ask you for any funds or test transactions;
  • Watch out for fake tokens --- SQT tokens have not been created yet, and will only be minted and distributed with the official announcement and clear communication from our channels;
  • You must take personal responsibility for securing your private keys and seed phrases.

Resources:

About SubQuery

SubQueryopen in new window is the Universal data indexing toolkit facilitating the construction of Web3 applications of the future. A SubQuery project is a complete API to organise and query data from Layer-1 chains. Currently servicing Polkadot, Substrate, Avalanche, Terra, and Cosmos (starting with Juno) projects, this data-as-a-service allows developers to focus on their core use case and front-end without wasting time building a custom backend for data processing activities. In the future, the SubQuery Network intends to replicate this scalable and reliable solution in a completely decentralised manner.

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Contributors: James Bayly