GateLive AMA Recap-Subquery

Q1: How is SubQuery revolutionizing web3 infrastructure?

SubQuery Network is innovating web3 infrastructure with tools that empower builders to decentralize the future. Our fast, flexible, and open data indexer supercharges dApps on over 170 networks, enabling a user-focused web3 world.

During this time, we have found that Web3 developers face great difficulties aggregating and organizing data to power dApps. Web3 middleware services like indexers and RPC providers are pivotal in blockchain dApp development, but there is a hidden truth behind the mask of “decentralization” most of these middleware services wear. The reality is a significant reliance on centralized middleware components, which poses a substantial threat to the envisioned unstoppability of a web3 future. Middleware is a term used to define key building blocks that are required to power decentralized applications (dApps) that we use on a daily basis. Middleware is everything that exists between the underlying blockchain and the front end application that you interact with.

However, this is where teams are currently cutting corners in decentralization. The sad reality is that many leading dApps are utterly reliant on centralized middleware components in the extreme. We believe that this centralisation poses a substantial threat to the envisioned unstoppability of a web3 future. At any given moment, a single entity can shut things down, they can break web3 applications, and they can completely undermine supposedly decentralized applications and networks. This is a thread to web3 as a whole.

Q2: What makes SubQuery different from the Graph?

SubQuery provides a superior developer experience to The Graph, while maintaining a similar development workflow that makes migration quick and easy. In short, data indexing is 3.9x faster than the Graph. It provides more flexibility and wider chain support, as well as multi-chain indexing support.

Recently we’ve launched our decentralized network, designed to combine two key infrastructure needs into one decentralized network. It provides data indexing (E.g. the Graph GRT) and RPCs (Ankr ANKR or Pokt POKT) combined with one decentralized network with one token SQT. So in short, the SubQuery Network is so much more than just a replacement for the Graph

Q3: What is the utility of SubQuery’s SQT token?

The SubQuery Token (SQT) is designed as a utility token that powers the SubQuery Network. It serves as a medium of exchange for transactions within the SubQuery Network.

In short, consumers of data will commit SQT in exchange for RPC queries from RPC Providers or indexed data from Data Indexers. This SQT will be distributed among Node Operators based on the payment method selected.

Delegators are non-technical participants that can also participate in the Network by supporting their favorite Data Indexers and RPC Providers to earn rewards based on the work those indexers do. There are more than 1,000 delegators taking part in the SubQuery Network already, and it’s a great way to start receiving rewards with your SQT.

Q4: What’s the best way for someone to get started on the SubQuery Network?

There’s a few things you can immediately start doing on the SubQuery Network. The easiest thing to do is start by delegating your SQT. Delegating SQT is an easy way to stake your SQT and earn up to 7% APR. It only takes a few minutes, and can provide solid APR.

If you want, you can use your SQT to purchase a new Flex plan. Consumers can easily create plans to start querying data from their chosen indexed project or RPC endpoint via our decentralized network of Node Operators. Our Flex plan creation process is as streamlined as possible and is similar to any centralized alternative. It only takes a few minutes before you have an API key and a single production endpoint that you can query through. You can today replace infura, chainstack, or alchemy in your platform with a better decentralized alternative.
Otherwise, you can become a Node Operator today. Node Operators run the optimized SubQuery Data Node or data indexing services, and are rewarded in SQT for providing reliable, scalable, and affordable RPC services to the network. Node Operators can receive significant rewards (up to 20% APR) for running nodes for the SubQuery Network. Requires some technical expertise, but can mean a much higher APR.

Q5: What lies ahead for SubQuery?

We’re forging ahead with our roadmap for 2024. Our quest to revolutionize both RPCs and data indexers and make the web3 future a decentralized one is never ending. We need to decentralize these services, without compromise.

The next major task for us is to democratize RPCs (and solve EIP-4444 in the process) by delivering the Sharded Data Node, which will make RPCs cheaper to run and operate by node providers. This will make RPCs cheaper to run and operate by node providers. In many networks, the sheer size of the node makes RPC running an incredible cost that limits these nodes to large centralized infrastructure providers. An Ethereum archive requires about ~12 TB on Geth, an Osmosis archive is at least the same.

SubQuery recognises that in order to decentralize RPCs correctly, you need to be able to make running these nodes easier and more accessible to everyday users.

SubQuery is in the process of extending its custom geth client (the Data Node) to support sharding. That is making each Data Node smaller by splitting up block ranges between node operators. When run on our decentralized network, these shards will combine to expose a single unified endpoint that appears to cover the entire historical state of the chain. Developers will benefit from the entire historical state of the given network, and node operators will benefit from significantly lower running costs, creating a more cost-efficient network.

This is a revolutionary step forward for the RPC industry, and a potential solution to one of the great challenges facing older and larger blockchains with their state bloat size.