SubQuery Opens KYC and releases Sale Guide for the SubQuery Public Sale

8 min readJan 4, 2024

SubQuery, the pioneer of fast, flexible, and scalable decentralised infrastructure, is now opening KYC for our upcoming Public Sale, which will take place on Tuesday, the 30th of January 2024 at 6 am UTC (add to your Google or Outlook calendar)

This milestone represents not just the culmination of our team’s dedication and innovation but also the unwavering support and passion of our global community. Your belief in our vision to Decentralise The Future has driven our progress, and we are immensely grateful to each of you.

The Public Sale is an opportunity for our community to purchase the SubQuery Token (SQT). The launch of SQT is the next step in the decentralisation of our innovative decentralised infrastructure service, and is a utility token that powers the SubQuery Network with three main use cases:

To act as a medium of exchange on the network marketplace;
To create a reward incentive mechanism for Delegators, Consumers, on and Node Operators (data indexers and RPC providers);
To facilitate governance within the protocol.

The SubQuery Foundation has a dedicated sale page with all sale details. At the time of the sale, this page will direct you to the funds processing and purchase UI. The website will be kept up to date with any new developments.

Key Public Sale Details

When: Tuesday, 30 January 2024, 6 am UTC (time zone converter, click here to add to your Google or Outlook calendar);
Where: https://subquery.foundation/sale;
Structure: The sale will have two distinct pools that will run in parallel:
General Public Pool will be available for everyone on a “first come, first served” basis; and
Whitelist pool will only be available for the whitelisted participants and offer guaranteed allocation;
SQT Public Sale Valuation: To be released closer to sale;
Price per SQT token: To be released closer to sale;
SQT amount for sale: To be released closer to sale;
Total SQT supply: 10 bil SQT;
Bonus Genesis NFT: 6 am.
Accepted currencies: USDT and USDC on Ethereum, Arbitrum, and BNB Chain (via Metamask or WalletConnect)
Token distribution: SQT distribution to successful participants will take place closer to the mainnet launch via an official UI. There will be no tokens available at the Public Sale;
KYC: All participants must pass KYC (photo ID and liveness checking);
Excluded jurisdictions: USA, China, New Zealand, Philippines, Iran, North Korea, Syria, Cuba, etc;
Duration: 24 hours.

How to Participate

Step 1: Register and Pass KYC

Once we open the registration process, please pass KYC and ensure that your identification shows as “verified” in your profile by the time of the public sale.

To begin KYC, head to: https://sale.subquery.foundation

The KYC check will consist of a photo ID and liveness check. Simply follow the steps on the platform, the check should not take longer than 5 minutes. Once successful, you will see the ‘verified’ status appear and you are good to go when the Public Sale arrives.

Unfortunately, due to KYC regulations, the following jurisdictions are not eligible to participate: USA, China, New Zealand, Philippines, Iran, North Korea, Syria, and Cuba.

Step 2: Fund Your Wallet

Make sure to have your funds available in your wallet before the start of the sale and enough for gas fees.

Use a MetaMask or WalletConnect-supported wallet where you control the keys. If you do not have a MetaMask wallet, you can follow this video guide to install it to a web3 browser, such as Brave or Google Chrome. You can only pay via your MetaMask or WalletConnect browser wallet as no payments from exchanges are possible. The same wallet address will be required to claim tokens when they are distributed.

Fund your MetaMask or Wallet Connect wallet via:

If participating via Ethereum and/or Arbitrum, please first deposit/bridge some ETH for gas and then USDT or USDC for making the purchase;
If participating via Binance Smart Chain, please first deposit some BNB for gas and then USDT or USDC for making the purchase.

Step 3: Participate in the Sale

When the time comes, log in to https://sale.subquery.foundation using your KYC-ed wallet;
Sign in at least 15 minutes before the event starts to reduce wait times;
Please use one device, one browser window, and one payment. Try to avoid mobile internet connection (because IP addresses can change). Any variation may cause an error or violate terms and void eligibility;
Before making a purchase you will have to read and agree with the following: Public Token Sale Terms and Conditions, Disclaimer and Acknowledgement for Token Sale
Details of the SQT Public Sale results and exact distribution instructions will be communicated at a later date both via a follow-up email and the official SubQuery communication channels;
Watch out for fake sale pages — you will always be able to reach the correct sale page via the official SubQuery Foundation Website Sale Guide (https://subquery.foundation/sale)
Watch out for scammers — we will never ask you for any funds, documents, or test transactions;
Watch out for fake tokens — SQT tokens have not been created yet, and will only be minted and distributed with the official announcement and clear communication from our channels;
You must take personal responsibility for securing your private keys and seed phrases.

Step 4: Wait for the Token Claim Event

When: Both SQT tokens and Genesis NFTs will not be distributed at the time of the Public Sale. The distribution will take place after sudo keys have been removed on the SubQuery Network, approximately 2–6 weeks after the Public Sale. The SubQuery Network mainnet will launch once we sunset the Kepler Network and conclude all security preparations.
Where: The public sale tokens will be available to claim via an official SubQuery UI hosted on the official website. We will publish an announcement (including details on how to claim) in advance.
How: The wallet you use to participate in the Public Sale is also the wallet you will have to use to claim your tokens.

Note: this graph is only indicative and the actual timeline of the events may differ.

FAQ

What is the Whitelist pool?

This is a SQT Public Sale pool that offers guaranteed allocation for eligible participants, whose wallets have been added to the whitelist. If you are not on the whitelist, you will not see this pool and you will only be able to participate in the General pool on a first-come first-serve basis.

Who is on the Whitelist?

We have run a few whitelists and wallet collection exercises over the last couple of years. This includes the winners of the expression of interest task, ambassadors, testnet participants, discord users who interacted with the tge-bot, hackathon winners, grant recipients, customers and partners, as well as community members who performed various social tasks.

If I participate in the Whitelisted pool, can I also participate in the General Public pool (i.e. in both pools)?

Yes, you can still participate in the general pool in addition to the whitelisted pool, subject to the General pool still having tokens available for purchase. This is a privilege of being an early project backer.

How do I know if I’m whitelisted?

If you are whitelisted, you will be able to see and switch between 2 distinct pools on the sale page after you log in at the time of the sale (when it goes live) — see picture below. If you are not whitelisted, you will simply see the General pool.

I’m not whitelisted, though I believe I should be. What can I do?

While we always endeavoured to accurately track all eligible participants, there is the possibility of errors in wallet collection and database management. We apologise in advance to users who may have been left out unfairly. In the first instance, please try to participate in the General pool. In case this allocation gets sold out before you get a chance to participate within the stated timeframes AND you can prove that you should have been whitelisted, reach out to us in Discord.

Can I update my wallet in the whitelist?

No.

I’m a whitelisted participant, do I still need to KYC?

Yes. You must register and KYC regardless of your status. No KYC — no sale.

Can I update my wallet after KYC?

No. You have to resubmit your KYC again with a new wallet.

My KYC failed. What can I do? Can you help me?

Try resubmitting using another type of document (e.g. passport instead of a driving licence). Our KYC partner will have both a chatbot and human support that will aid during the entire process. They will also have a dedicated helpdesk that answers frequently asked questions.

The SubQuery team has no access or control over the KYC process. Passing identity verification is a legal requirement. If you do not pass identity verification, you cannot participate, and our team cannot override it.

Why are participants in certain regions unable to participate?

Due to the regulatory environment and actions of certain countries, we are not allowing participation from nationals of those countries. While we want to encourage as much participation as possible, we need to be mindful of the laws and regulations.

I’ve encountered a UI bug on the website while doing KYC, what do I do?

If you experience difficulties with registration / KYC caused by UI bugs, you may contact our KYC partner via the support chatbot.

Questions and Support?

All Public Sale-related questions will be addressed via the #public-sale-support channel in the SubQuery Discord. Do not respond to direct messages from anyone even if they appear to be SubQuery team members and do not click any unusual links or emails. Please be patient with the team.

Resources

SubQuery Foundation website: https://subquery.foundation/sale
SubQuery Network website: https://subquery.network
Token Economic Model Explainer
Public Token Sale Terms and Conditions
Disclaimer and Acknowledgement for Token Sale

About SubQuery

SubQuery Network is innovating web3 infrastructure with tools that empower builders to decentralise the future. Our fast, flexible, and open data indexer supercharges dApps on over 125 networks, enabling a user-focused web3 world. Soon, our Data Node will provide breakthroughs in the RPC industry, and deliver decentralisation without compromise. We pioneer the web3 revolution for visionaries and forward-thinkers. We’re not just a company — we’re a movement driving an inclusive and decentralised web3 era. Let’s shape the future of web3, together.