SQD Review: OG Score & Community Audit

The unusual thing about SQD is that I don't think the normal crypto question of a “will anyone use this network?” is the right question anymore. Thousands of workers, petabytes of data, millions of queries, named DeFi protocols, institutional customers and, most recently, Google Cloud using SQD's validated datasets inside BigQuery.
Rezolve acquired Subsquid, later transferred the Subsquid equity to Epicurean while retaining effective control, and granted arrangements involving up to 95M SQD for operations, including a potential 45M SQD distribution to the UBO. My biggest concern therefore isn't whether SQD can build a valuable data business since it already has.
My concern is whether SQD holders remain the right economic owners of the network's success as that business moves deeper into enterprise infrastructure. If the answer is yes, a $35–40M token valuation looks remarkably small against the infrastructure being built. If the answer becomes increasingly “the corporate parent captures most of it,” then SQD could become an excellent business with a surprisingly mediocre token. That ownership question, is the real SQD investment thesis.

What stands out to me with SQD is that it is at least trying to be real infrastructure instead of another empty AI + blockchain. The revenue sharing and decentralized data-layer model gives it a stronger utility case than most mid-cap infrastructure tokens. The token has utility, but treasury and insider allocations are still heavy enough to make dilution.

The vibe here is institutional rug. SQD has the partners and the code to be a titan, but their cap table is a horror movie. Only a fraction of the tokens are circulating, while the team and backers sit on a mountain of locked supply. It’s a slow-motion dilution event. I love the technical backbone, but I hate being treated like a bank for VCs. Proceed with extreme caution.

SQD is one of the closest competitors to The Graph (GRT). Both operate in the Web3 infrastructure space, aiming to make blockchain data more accessible and easier to use. However, Subsquid (SQD) is a newer, more performance-focused platform, with a strong emphasis on speed and scalability. Its use of modular architecture combined with ZK proofs positions it as a more forward-looking, future-proof solution. From an investment perspective, SQD carries higher risk but also offers greater upside potential compared to GRT. Its tokenomics are relatively favorable, particularly due to its fixed supply. Recently, Subsquid (SQD) introduced a major upgrade, shifting from inflation-based rewards to a revenue-driven model https://x.com/helloSQD/status/2042647487635239280?s=20

Real tech, active team, but bad tokenomics. Constant unlocks are killing the price. Watch, don't jump yet.

I am excited about the deflationary mechanism protocol revenue is been used for buybacks and burns. The January 2026 beta phase of the Revenue Pools is seen as a "proof of concept" for sustainable Web3 business models, there are on track

Sqd is the data backbone for over 190 chains, powering hundreds of indexers with free access. Honestly, it’s one of the most solid pieces of Web3 infra we've got. Super essential stuff. But hey, that Rezolve AI acquisition is weirding me out. They've had drama, and I hope this pure blockchain utility doesn't get buried in some overhyped enterprise AI fluff. If that integration goes sideways, it could seriously shake our trust.

The project addresses a critical need for dApp developers, but it faces competition from comprehensive development platforms like Hardhat and Remix.