USD
{{ currency }}

The SKALE Network is a Layer-2 scaling solution for the Ethereum network that allows developers to avoid mainnet congestion by shifting development off the main chain and onto nearby, SKALE-administered sidechains. Through the use of distinct, dApp-specific SKALE blockchains, SKALE enables decentralized application (dApp) deployment in a dependable, high-throughput, cost-effective environment. Developers pay for the creation of these blockchains with SKL, the SKALE Network's native utility coin. The SKL coin is also used for platform governance and SKALE staking.

The SKALE architecture enables the creation of high-throughput, low-latency "Elastic Sidechain Networks" that are compatible with Ethereum and substantially enhance the number of transactions that may be effectively performed across the Ethereum network. SKALE resulted in performance enhancements that allow Ethereum-built dApps to compete in terms of cost and throughput with Web2 apps. By reducing congestion, SKALE Network sidechains increase Ethereum mainnet scalability overall. Before getting into the SKALE Network's intricacies, it's critical to understand how scalable sidechains work in the blockchain environment.

History

After a successful incentivized testnet that ran without disruption for two months, SKALE Network launched its phase 1 mainnet on 10th of June 2018. SKALE's token was successfully launched in early September as the first proof of use sale on ConsenSys' Activate Platform, employing the Activate framework for conducting highly compliant offers. A 10X oversubscribed auction of 5 million USD in SKL tokens drew over 4,000 participants from 90 countries.

The SKALE Network genesis period coincided with the introduction of the Phase 2 mainnet on 1st of October. Approximately 4,000 delegators staked tokens among 46 Validator Organizations, resulting in a total value lock of 80 million USD. Binance, Huobi Global, and UniSwap all announced the listing of the $SKL coin on their respective exchanges on 30th of November.

The network's constraints were eliminated on 1st of December, allowing tokens that completed the proof of usage criterion to unlock into a transferable, liquid state. Validators and delegators received the first round of staking incentives as well.

How it works

The usage of Elastic Sidechains is key to the SKALE Network project. Elastic Sidechains function as autonomous blockchain systems that are connected with another blockchain ecosystem, in this instance the Ethereum platform. Users may tailor sidechains to their own requirements, which is why these formations are known as "Elastic Sidechains." Devs may customize the sidechain they wish to utilize for Dapps to meet particular requirements, such as choosing consensus protocols, virtual machines, the parent blockchain, and defining the security protocol on the sidechain. Developers can pay monthly fees to utilize sidechains for building and hosting decentralized apps after the sidechain is specified.

SKALE token

The Skale token (SKL) is the native cryptocurrency of the Skale Network, an open-source, decentralized network for constructing Ethereum-based blockchains and decentralized applications (dapps). The Skale Network intends to enable developers to create their own blockchains capable of communicating with the Ethereum network while avoiding Ethereum's gas prices and scale difficulties.

Back to list

© 2023 BITmarkets. All rights reserved.
Dark mode
Light mode

🍪 Cookies

We use cookies to store, access and process personal data to give you the best online experience. By clicking Accept Cookies you consent to storing all cookies and ensure best website performance. You can modify cookie preferences or withdraw consent by clicking Cookie Settings. To find out more about cookies and purposes, read our Cookie Policy and Privacy Policy

Cookies settings


Cookie Control


What are cookies?

Cookies are small text files that enable us, and our service provides to uniquely identify your browser or device. Cookies normally work by assigning a unique number to your device and are stored on your browser by the websites that you visit as well as third-party service providers for those website. By the term cookies other technologies as SDKs, pixels and local storage are to be considered.


If Enabled

We may recognize you as a customer which enables customized services, content and advertising, services effectiveness and device recognition for enhanced security
We may improve your experience based on your previous session
We can keep track of your preferences and personalize services
We can improve the performance of Website.


If Disabled

We won't be able to remember your previous sessions, that won't allow us to tailor the website according to your preferences
Some features might not be available and user experience reduced without cookies


Strictly necessary means that essential functions of the Website can not be provided without using them. Because these cookies are essential for the properly working and secure of Website features and services, you cannot opt-out of using these technologies. You can still block them within your browser, but it might cause the disfunction of basic website features.

  • Setting privacy preferences
  • Secure log in
  • Secure connection during the usage of services
  • Filling forms

Analytics and performance tracking technologies to analyze how you use the Website.

  • Most viewed pages
  • Interaction with content
  • Error analysis
  • Testing and Measuring various design effectivity

The Website may use third-party advertising and marketing technologies.

  • Promote our services on other platforms and websites
  • Measure the effectiveness of our campaigns

Manage Cookies


Crypto assets as unregulated, decentralised and highly volatile assets entail substantial risks and you may lose all invested capital.

Check Risk Disclosure for detail risk information.