SubQuery

SubQuery is a multi-chain blockchain data infrastructure platform that lets developers index on-chain data into queryable GraphQL APIs, access decentralized RPC endpoints, and explore blockchain data through natural language — all underpinned by a decentralized network of node operators incentivized by the SQT utility token.

The Problem

Building a production blockchain application requires constant access to on-chain data: transaction histories, account balances, program events, and protocol state. Raw blockchain nodes serve this data inefficiently — querying individual blocks is slow and expensive, and maintaining custom backend indexing infrastructure is a significant engineering burden. SubQuery's thesis is that the data layer should be a shared, decentralized public good rather than a bespoke system rebuilt by every team.

What SubQuery Is

SubQuery launched in January 2021, originally as a data indexing framework for the Polkadot and Substrate ecosystem. It has since expanded to cover nearly 300 networks and now operates across three product lines.

Data Indexer. Developers define a GraphQL schema, configure a project manifest, and write ETL mapping functions. SubQuery's indexer nodes fetch, transform, and store on-chain data in a structured format queryable via GraphQL. The platform claims 3.9× faster indexing than The Graph for Solana. Projects can deploy locally via Docker, to SubQuery's managed service, or to the decentralized network.

Decentralized RPC. SubQuery operates a decentralized remote procedure call service across its supported networks, routing calls through a global network of node operators rather than a single centralized provider. Solana RPC was added following a community governance vote in which Solana received 77% of submitted forum votes — the strongest signal among all candidates.

AskSubQuery. Launched in closed beta during 2025 and publicly in 2026, AskSubQuery is a natural language interface for blockchain data. It is powered by a GraphQL Agent MCP that connects to SubQuery's own indexed data alongside third-party sources including The Graph, Covalent, and Codex. Users submit questions in plain English; the system generates and executes the underlying query and returns results in real time. SQT token holders receive free daily queries; other users pay via credit card on a pay-as-you-go basis.

How the Decentralized Network Works

The SubQuery Network operates with three participant classes.

Node Operators (Indexers) run SubQuery nodes that fetch raw blockchain data and transform it into structured, queryable formats. They are compensated in SQT based on service quality, uptime, and query volume.

Delegators are SQT holders who stake their tokens with trusted indexers instead of running infrastructure themselves. Delegators earn a share of indexing rewards in exchange for signaling confidence in specific operators and helping secure the network.

Consumers — developers, protocols, dApps, wallets, and AI agents — query indexed data through GraphQL or AskSubQuery. Consumers pay in SQT or use pre-committed agreements with specific node operators.

Solana Integration

SubQuery's Solana indexer launched in May 2025. The team noted that Solana's architecture — high throughput, compressed transaction formats, and Sealevel parallel execution — required a purpose-built approach rather than adapting its existing EVM or Substrate tooling directly.

SubQuery subsequently integrated with Soldexer, powered by the SQD Network, to accelerate Solana data throughput. Soldexer connects SubQuery to a network of over 2,000 worker nodes, processing over 10MB per request with approximately 2–3 seconds of latency. This architecture filters blockchain data before it reaches the indexer, substantially reducing individual RPC calls while maintaining compatibility with Solana's high-throughput throughput model.

The Solana indexer supports blocks, transactions, instructions, and logs. Developers initialize a project with subql init, configure schema and mapping functions, and deploy either locally or to SubQuery's decentralized network. The Soldexer integration is available as a dedicated adapter within SubQuery's SDK.

The SQT Token

SQT is an ERC-20 utility token deployed on Ethereum mainnet (0x09395a2A58DB45db0da254c7EAa5AC469D8bDc85) and Base (0x858c50C3AF1913b0E849aFDB74617388a1a5340d). It is not a Solana-native asset. SQT is used to pay for data queries and RPC calls, stake as a node operator or delegator, and participate in governance.

The token trades on Bybit, Crypto.com, Gate.io, and decentralized exchanges including Uniswap on both Ethereum and Base, as well as Aerodrome and aggregators like 1inch.

In December 2025, SubQuery implemented Tokenomics 2.0, transitioning SQT to a non-inflationary fixed supply model. The design shift moved away from continuous token issuance toward sustainable demand driven by actual data consumption. The Consumer Rewards Programme was simultaneously expanded from 60 million to 100 million SQT to support ecosystem growth without supply inflation.

Security Incident (April 2026)

In April 2026, an attacker exploited SubQuery's Settings contract on the Base network. The incident affected 359.6 billion SQT tokens. The team published a full public disclosure and recovery plan. This incident is a material consideration for any evaluation of the protocol's current operational state and contract security posture.

Team and Background

SubQuery was founded in January 2021. It was originally incubated within the Polkadot ecosystem and later expanded to EVM chains before pursuing a broader multi-chain strategy. James Bayly has been a visible public spokesperson for the project in media coverage discussing decentralization and indexing infrastructure. The project is community-published on Solana Compass, consistent with its open-network positioning.

2026 Direction

A May 2026 blog post titled "The Next Chapter for SubQuery" outlined a consolidation of the network's products around the AskSubQuery interface and the asksubquery.xyz domain. The 2026 roadmap frames SubQuery as an AI-accessible intelligence layer — positioning its indexing and RPC infrastructure as a data substrate for AI agents and large language models rather than primarily a developer-facing GraphQL tool.

The platform continues to operate as of mid-2026, with AskSubQuery publicly accessible and the decentralized network processing live query traffic.