SKALE Network
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Information about SKALE Network (SKL)
SKALE Network is an open-source protocol that aims to increase the scalability of Ethereum. Jack O’Holleran, a technology entrepreneur specializing in blockchain and decentralized systems, and Stan Kladko, co-founder of Galactic Exchange and Cloudessa, founded SKALE Network in December 2020.
SKALE Network can develop smart contracts, create decentralized applications in the “cloud,” and pay almost no transaction fees. SKALE Network aims to provide developers with a fast and functional experience while remaining secure and decentralized.
The SKALE Network token (SKL) is a utility token that is part of the SKALE Network network and operates on the Ethereum platform in accordance with ERC20 standards. It is used for the following purposes:
- Network security and staking: SKL holders can authorize and stake SKL for validators running nodes to ensure the network functions appropriately by validating blocks, executing smart contracts, and securing the network.
- Payment: Elastic blockchain subscriptions can be purchased with SKL by developers (S-chains).
- Governance: Users use SKL to participate in network governance, on-chain voting, and control all economic parameters.
News
According to Cointelegraph, gaming and eSports platform Moxy has partnered with blockchain firm Skale Labs to develop a Web3 ecosystem featuring gasless transactions for end-users.
The major selling point for the partnership is the speed and efficiency of the Skale Network, a “gasless” blockchain alternative.
The announcement of these partnerships has been a catalyst for the surge in SKALE (SKL) price.
In the past 24 hours, SKL has risen 7.38%, with trading volume hitting $8.33 million, more than double the 10-day average.
According to Odaily, LayerZero Labs has announced the launch of its open-source Ethereum scaling network, SKALE.
With this integration, developers within the SKALE ecosystem can now seamlessly connect to over 70 other chains through LayerZero.
Ethereum system SKAKE Network launches $100 million ecosystem fund
SKALE Network, an open-source protocol that aims to increase the scalability of Ethereum, announced that it has created a $100 million ecosystem program to give developers incentives to build on its platform.
SKALE Network’s first $5 million in grants will be awarded to projects focused on the rapidly-growing blockchain gaming sector, including play-to-earn (P2E) games and the metaverse.
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