The Tokenomics 2.0 proposal is now live on our forum.
This post explains the full design, how the transition works, and includes the governance vote that will decide the next phase of SubQuery’s economic model.
If you care about how SubQuery evolves, then make sure to read, ask questions, give feedback and cast your vote.
True decentralization isn’t just about governance. It’s about ownership.
Initially with Tokenomics 2.0, SubQuery will gradually distribute the existing Foundation treasury tokens as network rewards and over time shift to a full revenue-backed model.. this reduces Foundation ownership and increases the community’s share of the total $SQT supply.
That means more tokens in the hands of the people who actually power the network: Node Operators, Delegators, and Consumers.
Every reward cycle makes the network more decentralized in a measurable way. That’s what we want.. less control at the top, more distribution in the network.
We started with an inflationary model to bootstrap the network, but that phase is over. It made sense when we needed to get Node Operators online, but not so much now when we’re running a real economy.
Under Tokenomics 2.0, we’re ending inflation - permanently. No more new SQT minted each year (previously 1.3% inflation). The total supply will be fixed at 10.20 billion tokens, meaning every token in circulation now truly matters.
Inflation created noise. It hid the real value of the SQT token and disconnected rewards from actual network activity. This change removes the silent dilution that has existed since launch and ties the SubQuery network’s growth directly to real adoption and value creation.
Instead of minting tokens, we’ll grow through usage, demand, and utility - just like any sustainable economy should.
This is how SubQuery builds lasting value for SQT holders.
Astar Network – multi-VM chain (EVM + WASM); relies on fast, stable SubQuery indexing to keep everything in sync.
Moonbeam Network – uses SubQuery to track block production for Orbiter pool; shared indexers allow community operators to verify block performance & rewards.
Zenchain – native staking protocol; SubQuery was the first and only tool they needed for consensus-critical indexing.
XION – uses SubQuery for mainnet & testnet indexing; able to handle massive traffic without degradation.
Satlayer – the economic layer for Bitcoin, turning BTC into a fully liquid, productive, and programmable asset; uses SubQuery to index Cube data, track deposits, and distribute Sats² points with precision.
Japan Open Chain – SubQuery powers network-level monitoring for Japanese ecosystem nodes.
Xcavate – index data using SubQuery to display property listings on the realXmarket app, built on Xcavate blockchain.
Dymension – monitors hub & RollApps (IBC transfers, swaps, burns); moved from Firebase cron jobs to SubQuery for faster, stable indexing.
From block production to staking to appchains, these networks rely on robust indexing to operate smoothly.
In line with our long-term commitment to transparency and sustainability, we will also be announcing an update to our tokenomics. The SQT token is moving fast toward a non-inflationary model. More details to come here, but this change is a reflection of our dedication to maintaining a stable and fair ecosystem for all participants.
As always, the SubQuery team remains committed to supporting our community and ensuring continued access to $SQT and the SubQuery Network 🙏
