Overview
SubQuery is a blockchain data indexing protocol that enables developers to build custom APIs (called "SubQuery Projects") for querying on-chain data. The developer defines a data schema and mapping functions that extract and transform blockchain data into a queryable format. The indexed data is served through GraphQL APIs, enabling dApps to query blockchain data efficiently without running their own archive nodes.
Founded in 2021 with initial focus on the Polkadot ecosystem (where The Graph had limited support), SubQuery has expanded aggressively to support 200+ networks including Ethereum, Cosmos, Avalanche, NEAR, Algorand, and many others. This broad multi-chain support is SubQuery's primary differentiator — while The Graph dominates EVM indexing, SubQuery provides a unified indexing solution across diverse blockchain architectures.
The SubQuery Network launched in 2024, transitioning from a centralized managed service to a decentralized network of node operators (called "Indexers") who index and serve data. Consumers pay SQT tokens for queries, and Indexers earn SQT for serving data reliably. Delegators can stake SQT to Indexers to share in rewards.
SubQuery has established itself as the go-to indexing solution for the Polkadot ecosystem and has gained traction in Cosmos and other non-EVM ecosystems where The Graph's presence is limited.
Technology
Indexing Framework
SubQuery's indexing framework is developer-friendly — projects are defined in TypeScript/JavaScript with schema definitions, mapping handlers, and configuration files. The framework supports block handlers, event handlers, and call handlers for extracting data from blockchain transactions. The developer experience is comparable to The Graph's subgraph framework.
Multi-Chain Architecture
The technical achievement of supporting 200+ chains with a unified framework is significant. Each chain requires specific data extraction logic, RPC interfaces, and block processing. SubQuery's modular architecture handles chain-specific differences while maintaining a consistent developer experience.
Query Performance
Indexed data is served through GraphQL endpoints with support for filtering, pagination, and aggregation. Query performance depends on the Indexer's infrastructure and the complexity of the indexed data. The decentralized network adds routing overhead compared to centralized services.
Security
Data Integrity
Indexing protocols must ensure that the indexed data accurately reflects on-chain state. SubQuery Indexers process blockchain data and create indexes — incorrect indexing could cause dApps to display wrong information or make incorrect decisions. The network uses proof-of-indexing mechanisms to detect and penalize incorrect data.
Network Security
The SubQuery Network uses staking-based security — Indexers stake SQT tokens that can be slashed for misbehavior (serving incorrect data, downtime). The economic security is proportional to the total SQT staked, which is moderate relative to the value of data served.
Centralized Service Risk
SubQuery continues to operate a centralized managed service alongside the decentralized network. Many developers still use the centralized service for reliability, creating a transitional period where the decentralized network must prove competitive.
Decentralization
Network Participants
The SubQuery Network includes three participant types: Indexers (who process and serve data), Delegators (who stake to Indexers), and Consumers (who pay for queries). This three-party model distributes roles and creates checks through economic incentives.
Indexer Distribution
The Indexer set has grown since network launch, but concentration exists — a small number of professional Indexers serve the majority of queries. This is similar to The Graph's Indexer distribution and reflects the infrastructure requirements of running reliable indexing nodes.
Governance
SQT governance enables community participation in protocol parameters, reward rates, and network upgrades. Governance activity is growing but still primarily driven by the core team's proposals.
Adoption
Polkadot Ecosystem
SubQuery is the dominant indexing solution in the Polkadot/Kusama ecosystem, with the majority of Polkadot dApps using SubQuery for data indexing. This captive market provides a strong adoption base, though the Polkadot ecosystem itself has limited scale compared to Ethereum.
Multi-Chain Growth
Adoption on non-Polkadot chains is growing — Cosmos ecosystem projects, NEAR dApps, and others are adopting SubQuery as an alternative to The Graph. The broader chain support provides a growth vector that The Graph's EVM-centric approach does not fully address.
Developer Count
Thousands of SubQuery projects have been deployed, with consistent growth in project creation and query volume. The developer community is active, with contributors across multiple blockchain ecosystems.
Tokenomics
SQT Token
SQT is the utility token powering the SubQuery Network. Consumers pay SQT for queries, Indexers earn SQT for serving data, and Delegators earn SQT for staking. The token has a fixed supply with vesting schedules for team and investors.
Query Economy
The query fee market is still developing. Pricing must be competitive with The Graph and centralized indexing services. Currently, much indexing demand is served through the free managed service, and transitioning this demand to the paid decentralized network is a key challenge.
Staking Mechanics
Indexer staking and Delegator staking provide token demand beyond speculative trading. The staking APY and query fee revenue determine the economic attractiveness of participation.
Risk Factors
- The Graph competition: The Graph has a larger network, more subgraphs, and deeper EVM integration
- Managed service dependency: Many developers still prefer the free centralized service over the paid decentralized network
- Polkadot dependency: Core adoption is concentrated in the Polkadot ecosystem, whose growth has been limited
- Indexer concentration: A small number of professional Indexers serve most queries, creating concentration risk
- Query fee adoption: Transitioning from free managed service to paid decentralized queries is a significant business model challenge
- Multi-chain complexity: Supporting 200+ chains creates maintenance burden and potential for chain-specific issues
- Market positioning: Positioned as the "multi-chain alternative to The Graph" — if The Graph expands multi-chain support, SubQuery's differentiation narrows
Conclusion
SubQuery has built a solid indexing infrastructure with genuine multi-chain breadth and established dominance in the Polkadot ecosystem. The developer experience is polished, the chain support is impressive, and the SubQuery Network decentralization is progressing. For developers building on non-EVM chains, SubQuery is often the best or only indexing option.
The 5.4 score reflects SubQuery's strengths in multi-chain support and Polkadot ecosystem position, balanced against the challenges of competing with The Graph in EVM ecosystems, transitioning from free managed services to paid decentralized queries, and the limited scale of its core Polkadot market. SubQuery is well-executed but faces the strategic challenge of being a strong second player in a market that may trend toward winner-take-most dynamics.