Decentralized data indexing and querying solution SubQuery will soon launch its services on the Alcala parachain, a smart contract platform optimized for DeFi on Polkadot, SubQuery said in a blog post on 25 November.
According to the announcement, SubQuery and its native SQT token will become the first external applications to launch on Acala, which recently became the first to win a Polkadot parachain auction with a two year lease. The goal of Acala is to act as Polkadot’s DeFi hub and landing pad, aggregating assets and liquidity from a variety of blockchains. The CEO and founder of SubQuery, Sam Zou, said in a statement:
“We have ambitious growth plans, but our home will always be Polkadot. By partnering with Acala, the best DeFi platform on Polkadot, we have absolute confidence in their ability to help us not only in our token launch, but also in future areas such as micropayments for indexers across networks.”
SubQuery noted there were a number of factors in selecting Alcala as its parachain of choice, amongst which were community access, domain/technical excellence, and the existing relationship between the two projects. In addition, Alcala will soon offer EVM compatibility, which will extend the reach of SubQuery’s upcoming token generation event, and attract investors from outside the Polkadot ecosystem. Bette Chen, the co-founder of Acala, said in a statement:
“Acala will play the role of DeFi hub for Polkadot and a landing pad that aggregates assets and liquidity from a variety of blockchains. We are excited to be able to continue our close relationship with SubQuery and launch the SQT token and SubQuery smart contracts on our platform.”