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Polkadot initiatives continue to be funded with increasing certainty by blockchain venture capitalists. The goal of SubQuery is to deliver data indexing infrastructure to the network.
SubQuery, a decentralised data aggregator, has closed a $9 million fundraising round to construct Polkadot’s first data aggregation layer, a move that might improve data indexing for the network’s emerging interoperability.
According to the business, the investment funds will be utilised to continue creating SubQuery’s data indexing infrastructure for all Polkadot and Kusama applications. SubQuery further stated that the funding would aid in the expansion of its technological capabilities and the open-sourcing of its software.
Arrington XRP Capital, Digital Currency Group, and Stratos Technologies co-led this investment round, with Hypersphere Ventures, NGC Ventures, Wintermute, and Skynet Trading also participating. SubQuery had secured $1.8 million in a private seed round that ended in March of this year. Among the early investors were DeFi Alliance, The LAO, and P2P Capital.
SubQuery’s main goal is to increase access to blockchain data on Polkadot and Kusama by establishing new marketplaces for data indexing and provisioning. SubQuery has the potential to become a vital infrastructure for all Polkadot parachains and applications, according to Arrington XRP Capital, which invested in the Moonbeam parachain. Parachains inside the Polkadot network connect to one main blockchain, similar to the hub-and-spoke approach seen in airports.
The Polkadot ecosystem has recently gained a lot of attention, as Kusama launched its sixth round of parachain auctions on September 1. Users vote on projects on the parachain by locking up Polkadot’s native DOT tokens for a specific term in order to bootstrap their prefered efforts.
Polkadot is a top-ten cryptocurrency project, having a market valuation of over $29 billion. DOT reached over four-month highs earlier this week until a Bitcoin (BTC) flash crash dampened the broader cryptocurrency market.