Flare Network Taps Partnership with Subsquid to Empower Developers

Subsquid’s integration with Flare paves the way for greater innovation and collaboration in the blockchain ecosystem. Flare Network, an EVM smart contract platform, has announced its collaboration with Subsquid, a full-stack blockchain indexing solution to make historical data stored on the Flare blockchain readily available to developers utilizing the Subsquid network. Subsquid: A Game-Changer for Blockchain Data Access Subsquid is a full-stack blockchain indexing solution equipped with an open-source Software Development Kit (SDK), specialized data lakes designed for on-chain data, and a hosted service. Its mission is to empower developers to build Decentralized Finance(DeFi) based applications by granting them seamless access to a wealth of historical on-chain data via Subsquid’s distributed data lake. What sets Subsquid apart is its commitment to the principles of decentralization and accessibility. The platform operates as a repository for structured and unstructured data, currently housing data from over 5,000 projects. Impressive as this may be, Subsquid’s data lake processes a staggering 30 billion requests, aiming to become the largest decentralized data lake in the Web3 ecosystem. Central to Subsquid’s offering is its open-source SDK, which features a highly customizable ETL (Extract, Transform, Load) query stack. This stack is immensely beneficial for indexing blockchain events, transactions, and traces. Developers can use the SDK to build bespoke data pipelines and Application Programming Interfaces (APIs) that retrieve data from the Flare ecosystem. Another key advantage of the Subsquid SDK is its ability to make external API calls. This means that developers can aggregate data not only from Subsquid’s data lakes but also from Flare APIs, further expanding their access to valuable historical data. Hugo Philion, Co-Founder and CEO of Flare expressed his enthusiasm for Subsquid’s open-source approach, saying: “As we look to provide developers with the best possible tools, we have been very impressed with Subsquid’s commitment to an open-source approach and the speed of the indexing system they have built from the ground up.” Flare and Subsquid to Unlock the Potential of Decentralized Data Access Subsquid’s integration with Flare paves the way for greater innovation and collaboration in the blockchain ecosystem. By bringing Flare into its decentralized data lake, Subsquid now serves as a data provider in the ecosystem, facilitating rapid and permissionless data retrieval for developers without the need for an archive node. A senior executive from Subsquid expressed excitement about this collaboration, stating, “We are thrilled to bring Flare into our decentralized data lake, serving as a data provider in the ecosystem and enabling developers to rapidly and permissionlessly retrieve data from the network without having to use an archive node.” Both parties express their anticipation for multiple developer engagement initiatives, highlighting their shared commitment to driving innovation and accessibility in the blockchain space. As they collaborate and continue to enhance data accessibility, users can expect to see a flourishing ecosystem of dApps and solutions that leverage the power of historical data for the benefit of all. The future of blockchain development has just become even more promising. nextBlockchain News, Cryptocurrency News, News Author Benjamin Godfrey Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites. Share: Newsletter Your e-mail * subscribe Thank you! You have successfully joined our subscriber list. Beyond Binance’s own commitment, the IRI garnered an additional $100 million in contributions from 18 organizations by February 2023. A recent reportfrom Bloomberg suggests that the $1 billion Industry Recovery Initiative (IRI), launched by Binancehas fallen short of expectations, with only 2.7% of the committed funds deployed. The Industry Recovery Initiative was first announced by Binance in November 2022 as a beacon of hope for the industry following the collapse of the defunct FTX Derivatives Exchange. With a commitment of $1 billion in BUSD, Binance aimed to bolster a sector struggling with regulatory challenges and market turbulence. Binance’s efforts were commendable, and the IRI quickly garnered attention and support. Three months after its launch, Binance claimed to have funded 14 projects through the IRI, although the specific names of these companies were not disclosed. However, the only publicly known expense from the IRI’s $1 billion commitment was Binance’s acquisition of the South Korean crypto exchange Gopax, announced in early February. According to wallet data analyzed by Bloomberg, the IRI has invested less than $30 million since its inception. Among the nine named participants, only DWF Labs and Binance-backed Aptos had spent at least some of the committed funds. The fate of the remaining funds remains uncertain, as the Google Docs applicant form for the IRI is still active, and Binance has not provided a statement regarding its current status. Meanwhile, the IRI’s struggles come at a time when the crypto industry is desperately seeking funding. An earlier reportfrom Coinspeaker revealed that in Q3 2023, crypto VC volumes amounted to just around $2 billion, a significant decline from the all-time high of $17 billion seen in Q1 2021. The IRI’s Initial Promise As the FTX exchange crumbled, the crypto industry plunged into turmoil. Prices plummeted, investors scrambled to mitigate their losses, and startup funding seemed to dry up. In this dire situation, Binance’s CEO, Changpeng ‘CZ’ Zhao, stepped inwith the Industry Recovery Initiative. Beyond Binance’s own commitment, the IRI garnered an additional $100 million in contributions from 18 organizations by February 2023, including notable names like Animoca Brands, Aptos Labs, Jump Crypto, and Polygon Ventures, among others. The project was poised to be a beacon of hope, not just for Binance but for the entire crypto ecosystem. The $1 billion commitment seemed like a lifeline for projects and businesses affected by the FTX collapse, signaling Binance’s commitment to supporting the ecosystem. Shortly after the announcement, Binance made its first move by allocating $15 million in BUSD from the pledged $1 billion. While this was a welcome step, many wondered why the exchange had not released a more substantial portion of the funds. Nonetheless, it was seen as a positive development, and the community eagerly awaited further investments. The IRI took an unexpected turn when, in a surprising move, Binance decided to move the remaining $985 million of the pledged BUSD back to its corporate treasury. The rationale behind this decision was to repurpose the funds for other investments. In March, Binance made another significant decision by converting these funds from BUSD to cryptocurrencies like Bitcoin, citing growing regulatory concerns surrounding stablecoins. nextBinance News, Blockchain News, Cryptocurrency News, News Author Benjamin Godfrey Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites. Share: Newsletter Your e-mail * subscribe Thank you! You have successfully joined our subscriber list. Treasury yields fell in the US as the war between Israel and Hamas rages on, with several thousand dead and wounded. Treasury yields fell in the US on Tuesday as investors consider the economic and geopolitical effects of the ongoing war between Israel and Palestinian militant movement Hamas. Early Tuesday morning, the 10-year Treasury fell over 12 basis points to 4.6571%. The 2-year Treasury yield also fell, hitting 4.9843% after losing nine basis points. Economists and investors are currently monitoring the Israel-Hamas conflict and considering the possibility that it would cause a ripple effect in the world’s financial markets. According to a CBS News report, the death toll on both sides has crossed 1,500. Hamas launched air attacks into Israel early Saturday morning at the end of the Jewish festival of Sukkot. Interestingly, it was also a day after the 50th anniversary of the Yom Kippur War of 1973. Also known as the Ramadan War, the war was an armed conflict between Israel and several Arab states, which ended with thousands dead, wounded, and captured. Israeli Prime Minister Benjamin Netanyahu has publicly statedthat Israel will take revenge and will “destroy Hamas’s capabilities”. On Tuesday, the Israeli military said it now has control of the Gaza-Israel border. Israel is still launching airstrikes into Gaza and will block access to electricity, food, and water for the millions of residents there. Authorities in both regions have announced 900 deaths and 2,600 people injured in Israel, with 687 dead and 3,700 injured in Gaza. US Treasury Yields and Interest Rates The Federal Reserve may consider the increase in Treasury yields in deciding on interest rates. According to Fed Vice Chair Philip Jefferson, the US’ apex bank must tread cautiously as Treasury yields continue to fall. Last Wednesday, Treasury yields fell in reaction to data that indicate a struggling labor market. The 10-year Treasury note fell 7 basis points, while the 30-year Treasury bond also lost 7 basis points. The data released also resulted in the 2-year Treasury note losing 9 basis points. According to the Dallas Fed President, the performance may indicate that there is no need for the Fed to hike interest rates. In July, the Fed’s Federal Open Market Committee (FOMC) decided to raise interest rates by 25 basis points to the 5.25%-5.50% range. The range’s midpoint is the highest seen in the US since 2001. At the time, Fed Chairman Jerome Powellnoted in a news conference that more rate hikes were necessary. He also added that the Fed still maintains its 2% target for the country’s inflation. However, Powell said the decision would depend on data available at the next meeting. Fortunately, the FOMC decided to leave rates unchanged following the September meeting. Since March last year, the Fed has been increasing rates to tackle rising inflation. The International Monetary Fund has raisedits US growth forecast for the year. The IMF increased the forecast by 0.3 percentage points to 2.1%, stating strong business investments and consumer resilience. On the other hand, billionaire investor Ray Daliorecently predicted a debt crisis. According to Dalio, economic growth could fall to zero. nextMarket News, News Author Tolu Ajiboye Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover. Share: Newsletter Your e-mail * subscribe Thank you! You have successfully joined our subscriber list. Created with Sketch. Subscribe to our telegram channel.Join