What is SubQuery (SQT)?

Quick Facts

  • Token: SQT — ERC-20 utility token
  • Blockchain: Ethereum mainnet, commonly bridged to Base
  • Mainnet launch: February 2024
  • Core service: Decentralised data indexing, RPC, and AI inference
  • Supported chains: Nearly 300 blockchain networks
  • Roles: Consumers, Node Operators, and Delegators
  • Governance: Protocol governance enabled via SQT
  • Annual inflation: 2% to bootstrap network growth

Introduction

SubQuery Network is a decentralised web3 infrastructure marketplace. It connects developers who need reliable blockchain data with node operators who index and serve that data — all without centralised intermediaries.

SQT is the native utility token that makes this economy work. It serves as the medium of exchange between Consumers and Node Operators, and as the incentive layer that rewards participants for keeping the network running.

History & Background

SubQuery began as an open-source data indexer, originally focused on helping developers query blockchain data efficiently using GraphQL APIs. Over time, it expanded into a fully decentralised network with its own token economy.

The SQT Token Generation Event (TGE) and mainnet launch took place in early 2024. Since then, the network has grown to support RPC services and AI inference hosting alongside its original data indexing capabilities.

How SubQuery Works

The SubQuery Network operates through three participant types:

  • Consumers — dApp developers who pay SQT to access indexed blockchain data, RPC endpoints, or AI model hosting.
  • Node Operators — technical participants who run indexers or RPC nodes and earn SQT for serving data.
  • Delegators — token holders who stake SQT to a Node Operator of their choice, sharing in rewards without running infrastructure themselves.

This structure allows anyone — technical or not — to participate and earn from the network's growth.

Tokenomics

SQT has three core use cases: payment for on-network services, reward incentives for Node Operators and Delegators, and governance of protocol parameters.

The token distribution prioritises community and foundation programmes, with the team and launch partners receiving a portion subject to a vesting schedule designed to align long-term incentives. A modest annual inflation rate supplements rewards during the network's early growth phase, helping bootstrap sufficient node operator participation before consumer demand fully matures.

Circulating supply ? 3.79 billion SQT
Total supply ? 10.21 billion SQT
Max supply ? -- SQT
Updated 2mo ago

Ecosystem & Use Cases

SubQuery's infrastructure suite covers three pillars: fast data indexing, scalable RPC services, and AI inference hosting. Thousands of developers use SubQuery APIs to power dApps across nearly 300 networks.

Delegators can stake SQT to Node Operators with no minimum requirement, making participation accessible to all token holders. Node Operators, in turn, can host SubQuery projects and serve data directly to paying Consumers on the open marketplace.

Team, Governance & Community

SubQuery is overseen by the SubQuery Foundation, which manages a large allocation of tokens dedicated to community programmes and network growth. Protocol governance is accessible to SQT holders, allowing the community to participate in key decisions.

The project maintains active communities on Discord, Telegram, and Twitter, with developer resources available through SubQuery Academy.

Advantages

  • Multi-service platform — covers data indexing, RPC, and AI inference in one network
  • Broad chain support — compatible with nearly 300 blockchain networks
  • Accessible participation — no minimum stake required for Delegators
  • Open-source roots — transparent, developer-friendly tooling from the start
  • Decentralised infrastructure — no single point of failure or central gatekeeper

Risks & Challenges

  • Competition — faces rivals in the data indexing and RPC infrastructure space
  • Adoption dependency — token value is tied to actual developer demand for services
  • Security risks — smart contract vulnerabilities remain an inherent risk for any on-chain protocol
  • Inflation pressure — ongoing token emission can dilute holders if network demand does not keep pace

Long-Term Vision

SubQuery aims to become the backbone of web3 infrastructure — a fully decentralised marketplace where any developer can access fast, reliable, and affordable blockchain data without depending on centralised providers.

With expanding support for AI inference and sharded RPC nodes, the network is positioning itself at the intersection of blockchain data infrastructure and emerging AI-driven dApp development, targeting a future where decentralised applications run entirely on open, permissionless infrastructure.

Frequently Asked Questions

SQT serves three main purposes: paying for data services on the network, rewarding Node Operators and Delegators, and enabling governance of the SubQuery protocol.

SQT is an ERC-20 token deployed on Ethereum mainnet and is commonly bridged to the Base network, where the SubQuery Network app primarily operates.

A Delegator is a token holder who stakes SQT to a Node Operator to support the network and earn a share of that operator's rewards. There is no minimum amount required to delegate.

Node Operators are technical participants who run data indexers or RPC nodes on the SubQuery Network. They earn SQT by serving blockchain data and RPC queries to Consumers.

The SubQuery Network mainnet launched in February 2024, coinciding with the Token Generation Event for SQT.

In addition to decentralised data indexing, SubQuery offers scalable RPC endpoint services and AI inference hosting, making it a multi-service web3 infrastructure marketplace.

SQT includes a modest annual inflation rate used to reward Node Operators during the early network phase, helping attract sufficient infrastructure providers before consumer demand fully scales.

SubQuery supports data indexing across nearly 300 blockchain networks, making it one of the broadest multi-chain data infrastructure providers in the web3 space.