About Skale Labs
Skale Labs is estimated to launch Q4 2020.
Skale Labs is a fully decentralized Ethereum compatible Layer 2 PoS network. The market cap is $0 and the 24h volume is $0.
Staking Skale Labs
Skale Labs blockchain consensus is achieved via Asynchronous BFT. Investors can leverage their crypto via staking. Currently there is 1 option to earn passive income and staking rewards with your Skale Labs investment as outlined below.
- What is the "Proof of Use" requirement on the Activate platform?
Proof of Use is a requirement for ConsenSys Codefi Activate launch participants that necessitates that a certain percentage of SKL tokens purchased during the public launch be actively delegated/staked on the SKALE Network through the Activate platform before a set of tokens can be unlocked. In order to satisfy the Proof of Use requirement and be able to transfer tokens, participants of the public launch must delegate/stake at least 50% of their tokens for a minimum of 60 days. Please note that regardless of the amount of tokens staked, 100% of a user’s tokens are locked until the Proof of Use requirement is met.
- How do I delegate SKL tokens on the Activate platform?
Token holders can delegate their tokens to approved validators using the interface on the Activate platform. The list of validators will be available on Activate no later than the token distribution, which is planned for the week of September 21, 2020.
- Can I delegate directly from my wallet ?
The SKL token is built on the ERC-777 standard. It is fully backwards compatible with the ERC-20 standard and supports delegation on the token level. This compatibility means you will be able to delegate directly from your wallet (i.e. Metamask) and do not need to send your tokens to a smart contract as might be the case in other Proof of Stake networks.
- When should I delegate in order to have my tokens become transferable on December 1?
You need to submit your delegation for 50% or more of your SKL tokens by September 28, 2020 (recommended date) in order to be approved by a validator and be included in the staking epoch that will begin on October 1, 2020. Proof of Use requirement is satisfied after 60 days of delegated staking of 50% or more of your tokens.
- What happens if I start delegating *after* October 1, 2020?
If you miss the delegation deadline for the epoch that starts on October 1, the next epoch begins on November 1. You will be able to submit delegation at any point in the month of October and validators will be able to accept it for the next epoch (again, it is recommended you submit no later than October 28, 2020). Please note that while you may be accepted prior to the start of a month, active staking will not take place until the beginning of the next epoch (November 1, 2020). The Proof of Use period in this instance will end 60 days after the start of staking which will be on January 1, 2021 at 12:00 AM UTC.
Similarly, If you miss the delegation deadline for the epoch that starts on November 1, the next epoch begins on December 1. You will be able to submit delegation at any point in the month of November in which case the same 60-day Proof of Use period will apply although in this case beginning December 1, 2020.
- Can I undelegate in the middle of the delegation period?
You can elect to undelegate your SKL tokens at any time but the undelegation will not take effect until after the initial 60-day Proof of Use delegation period is over and the tokens are unlocked. Once undelegated, the current epoch must be completed before the delegation lock ends and tokens become transferable. By way of example, if tokens are delegated in time for the Oct 1 epoch (or the first day of any delegation period), the token holder can send an undelegation request at any time prior to the end of the delegation period. Upon completion of the Proof of Use period (or any delegation period), the tokens will be unlocked and undelegated.
- Will tokens be re-delegated automatically for the next period?
Yes, unless the token holder submits an undelegation request. By default, delegated tokens are re-delegated at the end of the delegation period, unless an undelegation request is received prior to the end of the delegation period. Token holders will receive delegation rewards up to the time tokens are no longer delegated.