The team at SubQuery was blown away by your support in our $SQT Public Sale! In less than 2 hours, over $5 million worth of SQT was sold to individuals across the world, despite over 10,000 participants immediately taking the sale platform offline, and then having to wait up to an hour in a virtual queue - thank you for being patient and waiting with us. This monumental success means we are ready to take the next step forward.
The $SQT public sale was conducted at 8 am UTC on 30 January 2024 and immediately at the open the sale platform collapsed under overwhelming load. Although we worked with our sales platform partner weeks in advance, both parties were unprepared for the huge load in the first few seconds. The team at Presail quickly managed to get the system online, and quickly thousands of buyers were able to get access to $SQT. We apologise for the technical difficulties, sales this size rarely go off without load issues.
The goal of our public sale was to distribute the $SQT to as many ecosystem participants as possible, to put the power of SubQuery in our community. We intentionally chose a lower valuation at the public sale to allow more to benefit from the potential upside of the SubQuery Network as we revolutionise fast, flexible, and scalable decentralised infrastructure over the coming months.
With 417 million SQT Tokens up for grabs (4.17% of the total SQT supply and worth just over US$5 million at public sale price), it was a lively and competitive sale from the get-go. The general public pool held the majority of the tokens and the pool was sold out in under 2 hours! There was also a separate smaller pool for whitelisted participants which also sold out over 8 hours.
In the Numbers
- 3,964 contributors will be proud owners of the SubQuery native token from the public sale, and will soon be receiving their SubQuery Network Genesis NFTs
- SQT purchases came from a diverse 109 countries across the globe on all continents (except Antarctica).
- The average purchase amount was $1,318.12.
- 417 million SQT Tokens were sold in 2 hours, meaning a rate of 3.5 million tokens were purchased every minute.
- Most investors (1,405 of them) maximised their bags, purchasing over US$1,500 worth of tokens at the same
Our Next Steps
The launch of SQT is the first step in the decentralisation of our innovative decentralised infrastructure service, and is a utility token that powers the SubQuery Network with three main use cases:
- To act as a medium of exchange on the network marketplace;
- To create a reward incentive mechanism for Delegators, Consumers, on and Node Operators (data indexers and RPC providers);
- To facilitate governance within the protocol.
Our Token Generation Event (TGE) will take place in approximately 2-3 weeks (more on this soon!) and our mainnet will launch on Base by the end of February 2024. Also coming up we have the exciting addition of RPC node operators to our proficient network of indexers already operating in our decentralised network. SubQuery identified the fundamental issues with existing RPC solutions being expensive, largely centralised, posing high barriers to entry, and resulting in no decentralisation or redundancy for dApp developers. As laid out in the recently updated SubQuery roadmap, SubQuery is well and truly on track to solve these issues, starting with full RPC support in the Mainnet in February 2024.
SubQuery Network is innovating web3 infrastructure with tools that empower builders to decentralise the future. Our fast, flexible, and open data indexer supercharges dApps on over 150 networks, enabling a user-focused web3 world. Soon, our Data Node will provide breakthroughs in the RPC industry, and deliver decentralisation without compromise. We pioneer the web3 revolution for visionaries and forward-thinkers. We’re not just a company — we’re a movement driving an inclusive and decentralised web3 era. Let’s shape the future of web3, together.