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Author: M31 Capital’s David Attermann
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The Subsquid network is the first modular blockchain data index and query solution in the industry, enabling developers to easily access and analyze the information on the chain.It provides unique modular and scalable architectures, allowing highly customized data processing pipelines and real -time updates.Because the market does not know much about it, this provides investors with a rare and attractive investment opportunity.
The status quo of blockchain data management
At present, one of the biggest challenges facing Web3 developers is large -scale access data.At present, query and summarize blockchain (transaction and status data), application (decoding smart contract status) and any related link data (such as the price data stored in IPFS and Arweave) are extremely complicated.These data are usually scattered in multiple ecosystems, chains, and technologies, resulting in the appearance of non -standard structures and data islands, and ultimately incomplete data sets, which is difficult to extract meaningful insights.
In Web2, data is stored in centralized data lakes similar to BigQuery, Snowflake, Apache, and Iceberg for access to access.However, storing Web3 data in similar centralized data lakes will violate the original intention of openness and elastic access.If web3 application data can be summarized, filtered, and conveniently extracted, the potential of the industry will be released under the multi -chain paradigm to promote the development of the next generation of application functions.
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Solution:Subsquidnetwork
Subsquid is a decentralized query engine that optimizes it for efficiently extract a large amount of data.It currently process data from more than 100 EVM and Substrate networks, as well as data from Solana and Starknet in the testing stage.These data include detailed information such as EVM event logs, transaction receipts, tracking, and status differences in each transaction.It is also developing collaborators and RAG functions that use its multi -chain function to prove that the market and the trusted execution environment (TEE) are proved to have no trusted connection with the linked data lake resource network through zero -knowledge.
Traditional blockchain data query methods are slow, decentralized and cost -effective, and it is difficult for developers to extract meaningful insights.Subsquid’s decentralized query engine provides scalable modular architecture, allowing customized data pipelines and real -time updates to increase data extraction speed by up to 100 times, and the cost is reduced by 90%.
Current product kit
These tools enable developers to easily access and analyze a large amount of blockchain data, thereby building and expanding complex decentralized applications.
1. 1.Subsquid network: A distributed query engine to process data from more than 100 EVM and Substrate networks and the historical chain of Solana and StarkNet in the test phase.
2.Squid SDK: A TypeScript toolkit package for constructing indexes on the Subsquid network to provide high -end libraries for data extraction, conversion and loading.
3..Subsquid cloud: A platform is the service (PaaS), which is used to deploy the Squid SDK index, which provides POSTGRES resource allocation, zero shutdown migration and high -performance RPC endpoint.
4. 4..Subsquid FireHose: An open source lightweight adapter, which is convenient for development and deployment sub -diagrams without a large number of settings.
Modular structure
Unlike other solutions in the market, Subsquid’s unique modular architecture allows developers to perform best flexibility and customization.This will become a key difference in the next stage of entering the development of web3, making applications and use cases more complex and functional.
1. 1.Customize: Developers can customize each component of the pipeline according to specific needs to achieve more efficient and effective data processing.
2.Scalability: The modular characteristics make the horizontal expansion easier, and to process the continuously increasing data load by simply increasing the processing node.
3..flexibility: It can independently develop and optimize the different stages of pipelines, so that Subsquid can adapt to various cases and performance requirements.
4. 4..efficiency: By fine control of data flow and processing logic, Subsquid can achieve higher performance and efficiency in indexing and query tasks.
In order to explain the powerful function of modular data access methods, we can compare the analysis and real -time data access use cases.Both need to highly efficient data sources (Subsquid network), but the remaining pipelines need completely different technologies.In the Web2 world, real -time data access of applications is usually supported by relatively small transaction databases (Postgres, SQLITE), and analysis requires big data solutions such as Snowflake, BigQuery or Trino.The same distinction is also applicable to web3 use cases, andSubsquid has a unique advantage and can obtain meaningful value share from two vertical fieldsEssence
Target market and use case
Subsquid’s technology is highly correlated in all areas of the blockchain ecosystem:
1. 1.Decentralized application project (DAPP Projects): Improve the performance and user experience of decentralized application in DEFI, NFT, games, social media and other fields.
2.Blockchain network (Blockchain Networks): Improve data infrastructure of L1 and L2 networks to help developers build more efficient data -driven applications.
3..Analysis and research (Analytics and Research): Help the company processing a large amount of blockchain data, extract insights and trends.
The value of each byte on the chain and web3 data is several magnitude higher than the web2, and it is consumed by smart contracts, indexes, analysis API and marginal technology (such as AI agents).
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Customer case research
1. 1.Railgun: EVM wallet infrastructure with privacy -focused EVM wallet
• Railgun once used internal tools to directly call the RPC scanning balance, but the speed is slow.After trying to use The Graph, it is found that it does not have functional consistency on all chains.Subsquid has improved its new “privacy pool” product in terms of balance scanning.
2.Coinlist: Leading token release platform
· Because CoinList often handles new projects, it is usually troublesome to find node providers that they intend to support.Large providers do not support new small chains, but it may be difficult and unreliable to rely on small providers.It is not advisable to obtain data from the project team itself, because this infrastructure may be tampered with or maintained.SubsquidCOINLIST can completely bypass this problem.
· This platform is very interested in the upcoming native support of Subsquid for Subsquid, because this willCompletely eliminate RPC constraintsEssenceThis provides opportunities for fragments. It is not only suitable for tokens such as coinList, but also for various DAPPs and multi -chain platforms, such as games and social networking, and they may need information from various scale ecosystems.
Ignoring and misunderstanding
Subsquid is currently undervalued by the market that it lacks popularity.Although its technical differences, functional value, early user attraction and huge potential, the project has not received due attention.The reason includes:
InBrand marketing is weak:Subsquid acknowledged that in the first few years, he only focused on product development and customer acquisition, and brand marketing was insufficient.So far, its social media influence and marketing activities have not effectively conveyed its value to a wider audience.
InToken issuance is lackingGiven that its marketing work is not satisfactory, the issuance of SQD tokens does not cause a sensation as other blockchain projects, resulting in a low initial valuation.
InDeep technical differences:The advanced nature and technical of Subsquid products may be difficult to be understood and appreciated by a wider market.
Now the team focuses on brand awareness and with the help of strategic partners such as M31 Capital, we believe that the project will better convey its value to the market, which will promote the great increase in recent valuations.
Competitive pattern
The main competitors of Subsquid include The Graph, Zettablock and Space and Time.Each platform has its unique advantages and disadvantages, depending on the needs of specific projects.We believe that the web3 data lake/warehouse market will be huge in the long run, with multiple large winners.
The GraphThe
InPredetermine: The Graph depends on the sub -chart, and the subgraph is a predetermined instruction set for indexing and querying data.Although this method provides a structured and user -friendly method, it lacks deep customization provided by the Subsquid modular processor.
InIndex mechanism: Graph uses a stricter index mechanism. The change of index logic usually requires major adjustments or re -deployment of sub -maps.
Inperformance: Provide medium to high performance based on the complexity and network load of the sub -map.It provides low latency for query, and can expand more horizontally by adding more indexes.
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ZettablockThe
InConcentrated control and decentralized intention: Zettablock combines centralized infrastructure with decentralized trust mechanism.This method provides real -time data indexes and query functions, but does not provide modular customization of the same level in Subsquid.
InData pipeline: Zettablock focuses on real -time data pipelines with custom ETL (extraction, conversion, loading) process, but compared with the complete dispersing and modular methods of Subsquid, it uses a more concentrated control framework.
Inperformance: Designed for real -time data indexes, the query response time is short.It is highly scalability and is suitable for applications that need real -time data pipelines.
Space and timeThe
· SQL proof and hybrid processing: Space and Time proves data integrity through SQL, and supports hybrid transactions and analysis processing.Although it provides advanced functions for data integrity and processing, its architecture is not modular or customized as Subsquid in terms of index pipelines.
· Data warehouse: The architecture of Space and Time is centered on decentralized data warehouses. Although it has a strong function of large -scale data query, it is more single compared to Subsquid’s flexible modular pipeline.
Performance: Provide high -performance optimization for the data of the blockchain and chain.Support hybrid transactions and analysis processing to ensure low latency and scalability.
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Subsquid differentiation
Subsquid’s unique modular and customized data processing methods, coupled with its attention to flexibility, performance, and scalability, make it stand out in the blockchain data index and query platform.As the industry matures and applications become more and more chain and complex, this function will become more and more valuable.
1. 1.Customized indexer and processorThe
• Flexible index: allow developers to build highly customized indexes and processors to facilitate processing complex data integrated tasks and extract meaningful insights from blockchain data.
• Performance optimization: Custom processors can optimize performance to ensure that indexes and query are efficient and scalable.
2.Multi -stage processing pipelineThe
• Data stream architecture: Multi -stage processing pipelines divide data extraction, conversion, and storage into independent stages to improve the managementability and scalability of data processing tasks.
• Modification: Each stage of the pipeline can be developed and optimized independently, providing larger data processing workflow control.
3..Support multiple data sourcesThe
• Various blockchain mergers: Support a variety of blockchain and integrate various databases, making it a multi -functional tool for developers to work in different blockchain ecosystems.
• Adaptability: The ability of the platform to process multiple data sources to ensure that it can meet the changing needs of the blockchain industry.
4. Developers’ friendly tools andSDK
IncomprehensiveSDK: Provide a software development toolkit (SDK), including the tools and libraries that simplify the development of customized data indexes and processors.
InAPI support: Support a variety of API for data query, including GraphQL and SQL, providing developers with flexibility.
5. Decentralization and scalability architecture
InDecentralization: Similar to The Graph and Space and Time, Subsquid uses decentralized node network processing and index data to ensure high availability and fault tolerance.
InScalability: The platform design is horizontal extension, which can efficiently handle the increased data and query quantity.
6. Performance and efficiency
Inhigh performance: Customized optimizations through the stages of data processing pipelines, Subsquid can achieve high performance in data indexes and query tasks.
InResource use efficiency: The platform architecture ensures the efficient utilization of computing resources and reduces the cost and complexity of data processing.
When comparing Subsquid with the most mature competitors in this field, the last point is particularly important. The latter’s network operation efficiency is extremely low, and the economic benefits are unsustainable.As shown in the figure below, token incentivesMonthly exceeds 50 to 100 times the network income every monthThe
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From the perspective of architecture, The Graph’s “single” index node is a black box that is used to execute the sub -diagram compiled into WASM.The data is directly from the archive node and the local IPFS, and the processed data is stored in the built -in Postgres database.In contrast, Subsquid Network provides almost zero -cost data access, more fine -grained data retrieval from multiple blocks, and excellent batch processing and filtering functions.
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Relative valuation
Subsquid’s best tokens are GRT, and its transaction price is 18 times that of the FDV premium of SQD.Space and Time will be another direct similar tokens. When the tokens started trading later this year, this should also become the catalyst of SQD, which attracts the value of the market to pay attention to the value of the web3 big data field.
In the long run, with the maturity of the Web3 industry, it is reasonable to compare Subsquid with today’s similar web2 companies, which means that if the project (and the entire Web3) is successful, its rise is as high as 270 times.
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Tam and rising potential in 2030
Although blockchain data management and web3 are generally in its infancy, we can use Web2 as a reference for long -term TAM TAM in Subsquid.I have estimated the whole beforeThe potential rise of the web3 market in 2030By 2030, web3 GDP (total income) will reach $ 5.6 trillion.If we account for a percentage of Web2 data lakes and warehouse markets, we can apply it to Web3 GDP forecast, and by 2030, the Web3 data lake and warehouse market will reach $ 23.6 billion.
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(source:omnichain observationAs well as>Future market insightAs well as>Expert market research.
If we assume that Subsquid has a market share of 20% in 2030, and uses a 10 -fold income multiple (it is reasonable for high -growth assets, the following will be introduced in detail), the value of SQD will reach 47 billion U.S. dollars.240 times!
Why is 20% market share?Throughout the competitive dynamics of Web2 data management providers, market leaders have maintained a share of more than 40% for a long time.Considering the more scattered nature of Web3, we think that 20% is a reasonable assumption of Subsquid’s upward scene.
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Why is it 10 times income?This is the 10 -year average of public cloud computing companies (reached 22 times in 2020!).
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The sensitivity table of Subsquid in 2030 FDV (one billion US dollars) and the return multiple is as follows:
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Investment theory
· Highly asymmetric risk/return investment opportunities; Subsquid’s current FDV provides 18 times the room for rising space to realize the valuation of the valuation with The Graph (GRT). We believe that the technology and network economy of The Graph (GRT) are objectively.Poor, while long -term rising space is more than 240 times.
· Web3 technology stack (data lake and warehouse) very valuable and differentiated assets in the very valuable part. As the complexity of the application continues to accelerate, the surge in decentralized AI, and the expansion of the general industry, it will become more more moreIt is important to lead to index growth in the chain.
· Due to the ineffective brand marketing, lack of good token issuance activities, and profound technology, it is neglected and the pricing is seriously wrong.
· Despite the lack of market concerns, Subsquid has an exciting roadmap that is better than the network architecture better than large existing companies, impressive early customer attraction, and providing complete data warehouse functions, and collaborative processing and RAG functions.
· Multiple recent catalysts include the launch of the main network in June, the upcoming website update and brand reinstation, and new attention to the marketing and strategic partner plan.
Technical design
Subsquid aims to provide unlimited levels of scalability, data access without permission, query of minimizing trust, and low maintenance costs.The architecture guarantees:
· Original data was uploaded from the data provider to permanent memory.
· Data is compressed and distributed between network nodes.
· Node operating business will pay a deposit, which may be reduced due to Byzantine behavior.
Each node uses DuckDB to check local data efficiently.
· You can verify the inquiries by submitting the signature response to the intelligent contract on the chain.
Network architecture
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1. 1.Data provider: Data providers ensure the quality and timely provision of data.In the startup phase, Subsquid Labs GMBH is the only data provider, and the proxy data extracted from various chains.These data are verified by comparing hash, and then divided into small compressed blocks and saved into long -lasting storage.These blocks are randomly assigned to workers.
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2.Worker: Store and computing resources to the network, provide data in point -to -point way, and get SQD token as compensation.Each worker must register and mortgage the 100,000 SQD tokens on the chain, and the violation of the agreement will be reduced.SQD holders can also entrust the token to specific workers to indicate their reliability and get some rewards.
3..Scheduling: Data blocks submitted by the data provider for workers.It monitor the update of the data set and the workers’ set, send a request to the workers to download the new block or redefine the existing block according to the capacity and redundant target.After receiving the update request, workers downloaded missing data blocks from long -lasting storage.
4. 4..Log collector: Collect the active ping and query execution logs of the workers, batch it and save it in public persistent storage.These logs are signed by the workers’ P2P and fixed on IPFS.These data are stored for at least six months for other network participants.
5.Reward manager: Visit the log, calculate the reward and submit a promise that can be recognized at each cycle.Workers then receive their rewards, and the rewards may expire after a period of time.
6.Data consumer: Inquiry network by operating the gateway or using the services (public or private) provided by the outside.Each gateway is bound to a chain address.The number of requests submitted by the gateway is determined by the number of locking SQD token. The longer the locking cycle, the more virtual “calculation unit” (CU).All query costs are 1 CU, until complex SQL query is implemented.
Query verification
The Subsquid network provides the effectiveness of query data through economic guarantee, and may be verified on the chain.All query responses are signed by workers who execute the query as a commitment to the response.If it is determined to be incorrect, the worker’s deposit will be cut.Verification logic may be specific, including the following options:
1. 1.Authority proof: The white list on the chain determines the effectiveness of the response.
2.Verification on optimism: After verifying the request, anyone can submit a proof of an error response.
3..Zero knowledge certificate: Zero -knowledge certification verification response is fully matched with the request.The proof is generated by the proof of the chain and is verified by the smart contract on the chain.
Future product development
Although we firmly believe that the current indexing and query capabilities and user attraction of the Subsquid platform are seriously undervalued. Its long -term growth potential will be driven by the upcoming product, such as Tee/ZK collaboration processing and RAG functions, which will become the future efficient web3 application is indispensable.Lack of infrastructure.
1. 1.Tee/ZK collaboratorThe
• The Subsquid is under the development association processor solution to combine its powerful multi -chain indexing capabilities with third -party Tee and ZK proof (such as Brevis, PolyHedra, Phala) to achieve the no smart contract and the data lake resources network on the chain chain.Trust connection.Subsquid believes that providing multiple verification options is an ideal way to optimize specific use cases and work load performance, rather than developing a single ZK solution.
• This opens the door for high -computing and data -driven chain applications (such as order book DEX, lending agreement, and permanent contract), which can be realized even on the low TPS and strict blockchain with strict programming language.
2.AI proxy/RAG functionThe
• It is foreseeable that in the next 10 years, most Internet traffic will be generated and consumed by AI agents.A reverse point of view believes that none of the use AI agent platforms may dominate the market, similar to the website construction platform (such as WordPress) only serves specific fields of amateur hobbies.At the same time, the largest share of growth after 2000 is occupied by the Amazon Cloud Service (AWS) on the infrastructure side.
• We expect similar dynamics in AI and blockchain space.However, the key bottleneck may be data access.The goal of Subsquid is to provide the minimum feasible interface with high throughput, making data access a growth flywheel.
Customer attraction and strategic partner
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Since the launch of the test network at the end of last year, the number of users, Squids (cloud index) and archive query (network query) and network data traffic have shown an upward trend.
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In order to compare with The Graph, we need to compare the end user inquiries.Subsquid end user query can be sent from cloud (can be tracked) or self -custody solution (currently cannot be tracked).For the first quarter of 2024, Yun Quere was 1.2 billion times.Since the archive query implemented by the self -hosting is about 9 times (the distribution of the archive source above), we can assume that the number of end users of the self -host user is also 9 times.Therefore, we can estimateIn the first quarter, Subsquid’s total number of end -user queries in the first quarter was about 10 billion times, which greatly exceeded The Graph, and the number of end -user queries in the same period was 1.6 billion.
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Google Cloud Partnership (Bigquery integration)
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Google Cloud’s BigQuery is a powerful corporate data warehouse solution that allows companies and individuals to store and analyze PB -level data.Designed for large -scale data analysis. Bigqury supports cloud -made deployment and provides built -in machine learning functions, enabling data scientists to use simple SQL to create ML models.BigQuery is also fully integrated with Google’s own business intelligence and external tools, allowing users to run their code in BigQuery, and use the Jupyter Notebooks or Apache Zeppelin.
The multi -chain project can use the combination of Subsquid and BigQuery to quickly analyze its use on different chains and obtain insights on costs, operating costs and trends.Save the custom planned data to BigQuery. Developers can use Google’s analysis tools to understand the use of their products and surpass the background of a single chain or platform.
Route diagram and upcoming catalyst
1. 1.Main network: It was officially launched on June 3, and it is planned to increase SQD incentives in July to expand the scale of participation.
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2.Brand reshaping: Website refresh and new brand strategy is expected to start in the next few weeks.
3..Cosmos support: Extend the function of the COSMOS ecosystem and expand the user base.
4. 4..No license numberAccording to the set submission: Currently maintaining data sets by Subsquid GMBH, and planning to be decentralized submission and planning.
5.DecentralizationSQL database flow: Divide and synchronize databases in data lakes to ensure accuracy and timeliness.
6.Corporate tool: Realize Kafka for real -time data processing, Snowflake is used for big data analysis and storage.
7.Collaborative treatmentRAG function: Currently in the POC stage, the team will release more specific product roadmap in the near future.
Short -term re -valuation and long -term growth story
SQD is one of the most attractive liquid tokens I have ever seen.With multiple upcoming catalysts, we believe that the token can be appreciated by 10-20 times in the short term, but its long-term TAM provides more than 240 times the exciting upward potential.Essence
