What is SKALE Network (SKL)?
SKALE (SKL) is the token that powers the SKALE Network. It’s an ERC-777 token that offers a range of uses for staking and governance.
The SKALE Network is a DeFi solution for Web3. It offers fast and gasless transactions while maintaining full security. The SKALE crypto network is fully decentralized and is interoperable with the Ethereum blockchain.
SKALE offers improved node capacity using modular and linear scalability, ecological sustainability, and instant transaction finality. The SKALE Network processes transactions using a subscription model. The SKL price and market capitalization can be previewed on the chart above.
Who Created SKALE?
The SKALE Network crypto platform was created by Jack O'Holleran and Stan Kladko. O'Holleran is an entrepreneur who has years of experience with decentralized projects. Kladko has formerly co-founded several FinTech and digital security companies, and he has over 15 years of experience in the tech field.
O’Holleran and Kladko teamed up on the SKALE project to work on a solution for the common blockchain scalability issues. As they both have worked with cryptography and blockchain technology, they focused their efforts on developing secure, decentralized blockchain solutions.
The SKALE price has been relatively volatile since the token launch. In December 2020, the asset value was below $1. This threshold was first surpassed in March 2021. The SKALE Network token has undergone periods of sliding upwards and downwards based on general market trends.
What Are the Main Features of SKALE?
The SKL token has several uses. Delegators require SKL tokens for staking. Validators use it as proof of their right to work in the network. The tokens can also be used by blockchain developers to access the available resources and work on on-chain projects.
The SKALE Network functions as a decentralized autonomous organization (DAO). Therefore, the SKL token also allows users to actively participate in the network governance and vote on decisions that concern the protocol.
The max supply of SKL tokens is 7 billion. Based on its tokenomics, the largest share, 33%, is dedicated to the validator rewards. This is followed by the delegator allocation at 28.1%. The tokens are generated using the Proof-of-Stake (PoS) consensus mechanism. Given the asset's deflationary design, the SKALE Network price is expected to increase over time, as supplies grow short.
