- Summary:
- SubQuery has announced support for Terra blockchain. What does this mean for its users? We give you a detailed breakdown below.
SubQuery, a Web 3 blockchain developer toolkit developer, has become the Terra ecosystem’s first open indexing data protocol support provider. Terra’s developers will now have access to all of the company’s resources, including development tools, documentation, and support. Also, they will be eligible to apply for SubQuery’s Grants Program. Additionally, Terra users will be benefitting from SubQuery’s free managed service. This service provides enterprise-level infrastructure hosting, with a capacity to handle hundreds of millions of queries per day.
The road ahead for SubQuery
SubQuery’s data indexing engine enables protocol and application developers to quickly and simply organize, store, and retrieve on-chain data. As Polkadot’s premier data indexing solution, it serves hundreds of millions of requests each day to major projects. Some of the projects include Moonbeam and Acala. Evidently, SubQuery has achieved fast growth, considering that it launched in 2021.
Decentralization and tokenization are top priorities for SubQuery as it works to establish a native network. The network is scheduled to go live in Q2 2022, and it will allow indexing Terra projects from the beginning. Terra is one of five Layer-1 blockchains that SubQuery plans to support in 2022, and the second one on their priority list. Notably, support for Terra comes on the heels of the company’s recent backing for Avalanche. Therefore, this demonstrates the growing demand for its services.
In addition to its own native governance token, Terra is a blockchain protocol that employs a spectrum of algorithmic decentralized stablecoins which together form a thriving ecosystem that provides DeFi to the public. The LUNA token has achieved great success, and is among the most popular assets in the DeFi ecosystem. LUNA has a market capitalization worth $18 billion, making it the tenth most valuable crypto asset as of this writing.