With Acala’s EVM+, users will be able to link their Ethereum addresses with their Polkadot addresses, overcoming the need to manage multiple accounts while accessing the SubQuery Network.
SubQuery Network, a decentralized data aggregation, indexing & querying layer between Layer-1 blockchains and decentralized applications has announced its plans to launch on the Acala parachain, breaking the record as the first external application to launch on the latter since it won the parachain auction on the Polkadot blockchain earlier this month. As contained in a press release shared with Coinspeaker, the SubQuery protocol and its native token, SQT will be launching in early 2022.
Acala was celebrated for winning the first parachain auction on the Polkadot blockchain, riding on the back of its strong community. The recognition of the superiority of the tech brandished by the Acala Network saw over 81,000 people commit more than 32 million DOT tokens to help the protocol win the slot. The strength of the Acala community comes off as one of the three major reasons why the SubQuery team said it chose to pitch tents with the protocol. The other two factors include the domain/technical excellence, and its existing robust relationship.
“We have ambitious growth plans, but our home will always be Polkadot. By partnering with Acala, the best DeFi platform on Polkadot, we have absolute confidence in their ability to help us not only in our token launch, but also in future areas such as micropayments for indexers across networks,” said Sam Zou, the Founder, and CEO of SubQuery.
According to the SubQuery Network, the plans by Acala to launch its EVM+ bridge are also a good factor that influenced the choice of the protocol. The proposed EVM compatibility will permit SubQuery to extend the reach of its Token Generation Event (TGE) to investors outside of the Polkadot ecosystem as users can easily connect to the event using Metamask or other native Ethereum-backed wallets.
With Acala’s EVM+, users will be able to link their Ethereum addresses with their Polkadot addresses, overcoming the need to manage multiple accounts while accessing the SubQuery Network.
SubQuery and Acala to Jointly Advance Polkadot’s Decentralized Blockchain
The partnership between SubQuery, which will provide indexing solutions for applications building on the Polkadot network Acala is centered on advancing the decentralized nature of the broader ecosystem.
Both projects have a history of collaborating on initiatives that help promote the decentralized nature of Polkadot. Some of the duo’s collaborations include a joint hackathon with Encode Club and have operated Acala SubQuery Projects which dynamically track data created on Acala and Karura.
“Acala will play the role of DeFi hub for Polkadot and a landing pad that aggregates assets and liquidity from a variety of blockchains. We are excited to be able to continue our close relationship with SubQuery and launch the SQT token and SubQuery smart contracts on our platform,” said Bette Chen, the Co-Founder of Acala.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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