SubQuery

SubQuery is a Web3 data infrastructure company that began as an open-source blockchain indexing toolkit and has since evolved into an AI-powered platform for querying on-chain data across multiple networks, including Solana. Founded in 2021 and headquartered in Singapore, the project was built to solve a persistent pain point in Web3 development: reliably accessing, transforming, and querying blockchain data at scale.

From Indexer to AI Data Layer

SubQuery initially gained traction in the Polkadot ecosystem, providing developers with a flexible SDK for building custom indexers that transform raw on-chain data into structured APIs served over GraphQL. As the project expanded, the core offering widened to include RPC infrastructure and managed data services through its OnFinality brand.

In 2026, SubQuery announced a significant strategic pivot, winding down its decentralized indexer network to consolidate around AskSubQuery, an AI-powered platform at asksubquery.xyz. AskSubQuery replaces GraphQL queries with conversational natural language interaction: users describe what blockchain state they want to explore in plain English, and the platform routes requests across data sources including SubQuery, The Graph, Covalent, and Codex through a GraphQLAgent MCP layer. SQT token holders receive complimentary daily query credits on the platform.

Solana Integration via Soldexer

SubQuery launched Solana indexing support in March 2025 as Solana overtook Ethereum as the top platform for new developers. Built with the Soldexer team on SQD network infrastructure backed by 2,000+ worker nodes, the integration avoids querying Solana RPC slot by slot. Developers can filter blocks, transactions, instructions, and logs at roughly 2-3 second latency with 10MB+ payloads per request. SubQuery allocated 60 million SQT through its Consumer Rewards Programme to incentivize Solana indexer deployments.

The SQT Token

SQT is an ERC-20 utility token deployed on Ethereum mainnet and Base. In the decentralized network model, consumers committed SQT to pay for indexed data or RPC queries from node operators. With the AskSubQuery pivot, token utility is shifting to query credit access: locking SQT grants free daily queries on the AI platform. SQT trades on Bybit, Crypto.com, Gate.io, Uniswap on Ethereum and Base, Aerodrome, and 1inch. SubQuery's Tokenomics 2.0 updates shift SQT economics from bootstrap-phase inflation toward platform revenue alignment. The token does not confer equity, governance rights, or profit entitlement.

Security Incident (April 2026)

On April 12, 2026, an access-control vulnerability in the SubQuery Network Settings contract on Base was exploited, draining approximately 359 million SQT from the staking contract. Attackers exploited the absence of owner or role guards on two Settings contract functions, temporarily redirecting the protocol's staking and rewards contracts to an attacker-controlled address. SubQuery provided full public disclosure and distributed compensation on-chain to affected stakers, delegators, and deployment boosters by April 15. The incident contributed to the decision to wind down decentralized staking infrastructure and consolidate around AskSubQuery.

Team and Backing

SubQuery was co-founded by Ian He, CTO, who led technical development on the CENNZnet blockchain at Centrality and placed second in the first Substrate/Polkadot hackathon in 2019. He previously held infrastructure roles at Alipay and Yihaodian.com. Scott Twiname, Principal Developer of the SDK, has shipped smart contracts, dapps, and wallet integrations across Bitcoin, Ethereum, Tezos, and CENNZnet. The team operates across Singapore, New Zealand, Lisbon, and Sydney. Investors include Arrington XRP Capital, Digital Currency Group, and the Web3 Foundation.

Solana Relevance

SubQuery's indexing SDK gives Solana developers a standardized framework for transforming on-chain data into queryable APIs without building custom backend infrastructure. The Soldexer-powered adapter delivers low-latency indexing that scales with Solana's transaction throughput. As SubQuery transitions to AskSubQuery, Solana data is expected to be accessible through the natural language interface, extending AI-powered blockchain queries to the Solana ecosystem. The open-source SDK and decentralized network remain active for Solana indexing in the interim.