Polkadot initiatives continue to receive increasing funding from blockchain venture investors. SubQuery’s goal is to deliver network-based data indexing technology.
A $9 million fundraising round for the development of Polkadot’s first data aggregation layer has been completed by decentralized data aggregator SubQuery, a move that could improve data indexing for the growing interoperability network.
Specifically, the money will be used to continue developing SubQuery’s data indexing infrastructure for all Polkadot and Kusama applications, according to the company’s announcement on Wednesday.
SubQuery further stated that the funding would aid in the expansion of its technological capabilities as well as the support of open-sourcing its software.
It was led by Arrington XRP Capital with participation from Digital Currency Group and Stratos Technologies. Hypersphere Ventures, NGC Ventures, Wintermute and Skynet Trading also participated in this funding round.
A private seed round that closed in March of this year raised a total of $1.8 million for SubQuery, which had previously been successful. Among those who contributed to the seed round were DeFi Alliance, The LAO, and P2P Capital.
Creating new markets for data indexing and provisioning is the major goal of SubQuery, which was founded to increase access to blockchain data on Polkadot and Kusama.
It is predicted that SubQuery would eventually become a vital infrastructure for all Polkadot-based parachains and applications, according to Arrington XRP Capital, which invested in the Moonbeam parachain.
Within the Polkadot network, parachains connect to a single main blockchain, providing a concept akin to the hub-and-spoke paradigm found in airports and other transportation hubs.
The Polkadot ecosystem has gotten a great deal of attention recently, especially since Kusama launched its sixth batch of parachain auctions on September 1.
The parachain mechanism allows users to vote on projects by locking up Polkadot’s native DOT tokens for a specified period of time as a means of assisting their preferred initiatives to get off the ground and become successful.
Polkadot is a cryptocurrency project that ranks among the top ten in terms of market valuation, with a total market capitalization of over $29 billion. When Bitcoin (BTC) had a flash crash this week, the whole cryptocurrency market took a hit, sending DOT’s price soaring to nearly four-month highs.
