SKALE is a fully decentralized Ethereum compatible Layer 2 PoS network. The market cap is $78,180,557 and the 24h volume is $22,207,571.
- What is the SKALE token and how does it work?
The SKALE Network token ($SKL), is a hybrid use token which represents the right to work in the network as a validator, stake as a delegator, or access a share of its resources by deploying and renting an Elastic Sidechain or Elastic Blockchain for a period of time as a developer.
- What is the SKALE Network?
The SKALE Network helps developers run smart contracts with sub-second block times, at high throughput, and extremely low costs. The network is built to support thousands of independent blockchains, elastic sidechains, file storage chains, and other types of subchains – all deeply integrated into the Ethereum public MainNet and fully compatible with the entire Ethereum ecosystem.
- How was SKALE Launched? SKALE Network was launched in three phases.
- Phase 1: June 30, 2020 was a restricted Mainnet that did not have any bounty, transfers, or issuance active in the Network. This phase supported the initial strengthening and security of the network, which was further hardened and decentralized throughout Phase 2. The network was restricted to validators who had run in the TestNet and had gone through an onboarding process.
- Phase 2: September, 2020 launched following the ConsenSys Activate Launch. A public allocation of tokens was distributed via the Activate platform. All early supporters and public launch participants received their respective token allocation at the same time during Phase 2, following the conclusion of the Activate launch. Genesis epoch began October 1, 2020 the network ran in a delegated state with no token liquidity, but issuance and bounty was live and distributed to token holders that were staking and securing the network.
- Phase 3: December 1, 2020 after the 60 Day Proof of Use Period the network changed into an open state where tokens that finished Proof of Use were unlocked and could be transferred and exchanged. The only unlocked tokens at this phase were tokens purchased in the Activate launch and tokens earned by staking or validating during the Proof of Use Period. All team and early supporter tokens are locked for a period of 6-48 months following the Phase 2 launch conducted on Activate. The token was launched on several exchanges including Binance, Huobi, Crypto.com and Uniswap.