SKALE Network, the Ethereum as a service platform built to help Ethereum Dapps scale, today announced that Phase 2 of its decentralized mainnet is live with over $78 million in Total Value Locked (TVL). A global cohort of roughly 4,000 people and entities from 90 different countries are securing 130 SKALE Network nodes across 46 validator operators. This represents one of the most distributed decentralization efforts at the launch of a blockchain network to date and a successful model for token holders to earn rewards by backing network security pools.
“This is an incredible time to be a part of the decentralized web,” said Jack O’Holleran, CEO and co-founder of SKALE Labs. “We are at the start of something very big from an industry perspective. It is amazing to see the SKALE Network become a part of this broader story with a truly decentralized and distributed network launch. Validators and delegators alike have real incentives to participate as SKALE’s economic model pools security in a similar manner to how DeFi projects pool liquidity. However, instead of being rewarded for providing liquidity pooling, token holders are rewarded because staking SKL delivers Proof of Stake security to SKALE Chains that will run Defi, gaming, and Web 3 applications.”
With Ethereum Gas fees at all-time highs and network congestion creating significant latency, the need for solutions to mitigate these problems has grown exponentially. DeFi, gaming, and Web 3 applications are gaining momentum and without a reprieve, there will inevitably be a stall in adoption, which couldn’t come at a worse time. SKALE Network Phase 2 launch has set the stage to help Ethereum recover from its burgeoning popularity and reach 1 billion people over the coming years.
SKALE is built to support the growth of the Ethereum blockchain, while providing developers with a full Solidity environment, and maintaining integrations and composability with the Ethereum ecosystem as a whole. By easing traffic and lowering transaction costs dramatically, developers can bring Dapps to market that live up to the high demands of consumers, thereby setting the stage for exponential growth in Ethereum use.
The SKALE Network offers a sophisticated and effective approach to Proof of Stake – it uses a large pooled security model (pooled validation model) in conjunction with random node selection and frequent node rotation to enhance network security. Validators and delegators play a critical role in this approach, ensuring the SKALE Network is scalable, secure, and economically efficient. The SKALE Network also uses containerization and virtualization to turn a single server node into up to 128 virtualized subnodes. This unique network design increases the potential size of the node pool and opens opportunities for network delegators to participate in this growth.
SKALE’s first epoch will begin on October 1, 2020, with each SKALE epoch equal to a one-month calendar period of network activity.