Subsquid is pleased to announce that it is playing an essential part in the implementation of the new Basilisk crowdloan by HydraDX which seeks a Kusama parachain slot. The parachain application process requires the collection and submission of a large number of KSM tokens (capped at 222.222 KSM), with the HydraDX team reaching out to the community to help them raise enough to win. At time of this writing Basilisk already raised 50.044 KSM (19.757.871 USD) on the on-chain crowdloan system. This means that thousands of Basilisk supporters will be loaning their KSM tokens to HydraDX, and we are delighted that HydraDX has chosen Subsquid to accommodate this process.
Subsquid was the natural choice for HydraDX because of its unique indexing architecture which ensures that all KSM contributions can be accurately tracked in real time. HydraDX used the Subsquid’s Hydra framework to develop a project specific to their needs, with the highly customisable setup allowing the team to build powerful yet flexible tools for the Basilisk crowdloan campaign. All KSM community contributions will be submitted on-chain as separate transactions, and without using Subsquid the HydraDX team would have had to track the individual contributions, their address, and the amount of BSK tokens they would be due if the parachain application is successful. Alongside this, they would need to develop a way of monitoring the total collected amount and other statistics related to this, something that would have been time consuming, costly and potentially flawed.
Fortunately Subsquid does all this, and more. With Subsquid running in the background and constantly monitoring the Kusama nodes processing the transactions, the Basilisk front end will always be up to date with the latest data on the status of the pool. Evidence of Subsquid’s flexibility and ease of use is showcased by the fact that HydraDX was able to code their own processor using our protocol that fits their needs like a glove — they can track user contributions, bids in auctions, and the baseline incentive data that their UI uses to calculate rewards. The Basilisk crowd loan campaign features HydraDX’s own indexer and processor, showing how easy it is to work with a Hydra framework through Subsquid.
The Subsquid team is rooting for HydraDX and is happy about the partnership!