Skale (SKL)
Skale is a decentralized network of blockchains built on Ethereum, with a focus on running decentralized applications with speed and low cost.
| Type | L2 |
|---|---|
| Total supply | 7.000.000.000 |
| Website | https://skale.network/ |
Basics
- Founded in: 2017
- Mainnet release: 30-6-2020 (first of three phases). Phase 2 got live on 1-10-2020 with Over $80 Million USD in Total Value Locked.
- Based in:
History
- Skale Labs raised nearly $10M to develop a second layer scalability infrastructure for Ethereum. They were going to launch the first implementation on a Plasma chain since they had plans to go live at the end of 2018. In the end it took until the summer of 2020.
Audits & Exploits
- Bug bounty program can be found here (12-2020).
Bugs/Exploits
Governance
Admin Keys
DAO
Treasury
- Launched a new $100M ecosystem fund. The first $5M will go towards blockchain gaming projects (19-2-2022).
- Has a treasury which is subjected to lock ups (30-11-2020).
Token
Launch
- Deployment of Proof-of-Use for its token launch. From Formal Verification (24-6-2020):
"SKALE will be the first token launch on Consensys’ new Activate platform. Following on from Consensys’ Token Foundry standards, there is now a requirement for prospective token buyers to also become active participants in the network through its 90 days Proof-of-Use period."
"SKALE sold over 167 million tokens, worth over $5 million in a public token sale. Those tokens will be distributed on September 24, at which point owners can use them to generate staking rewards on the network. SKL buyers can stake the token on ConsenSys Codefi's Activate platform. The platform uses proof of use, which mandates that holders stake the token for a predefined period before they are unlocked for other uses."
Token allocation
- From their Tokenomics page (31-7-2020):
Validator rewards 33%
Delegator allocation 27.3%
Founding team 16%
SKALE Foundation 10%
Dev Fund 7.7%
Core Team 4%
Ecosystem 2%
Utility
- From their Tokenomics page (31-7-2020):
"The SKALE 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. Users pay SKALE in a subscription-based model to rent these resources (computation, storage, bandwidth) for a predetermined amount of time in the form of an Elastic Sidechain. Validators stake SKL into the network and then gain the right to run nodes and earn both fees and tokens via inflation. Delegators may delegate their tokens to validators and earn rewards."
Token Details
Stablecoin
Tech
- Whitepaper can be found here (7-2020).
- Code can be viewed here.
- Built on: Ethereum
- Programming language used:
Transaction Details
How it works
- From Formal Verification (24-6-2020):
"A network of interoperable proof-of-stake elastic sidechains. Chains are ‘elastic’ because they are highly configurable with regards to size, duration, VM, storage capacity, as well as the number of nodes securing the chain. SKALE utilises a work token model. SKALE tokens are staked by validators as well as used in its subscription model when chains are created.
When choosing chain size for example, developers are effectively determining how much of a single node’s resources they want securing its chain. Small chains (where a chain takes 1/128th of a node’s resources) can cater for smaller non-critical dApps while large chains (using 100% of a node’s resources) can target dApps that have larger user bases and require higher throughput capabilities. The number of validator nodes themselves is also customisable allowing any configuration of is 3n+1 where n>=1.
SKALE makes use of BLS signatures that provides a potentially fruitful alternative to scaling network transaction rates without requiring user monitoring, wait periods, or dispute resolution (which can be the case with certain Fraud Proofs set ups). But the most intriguing aspect to the addition of BLS Signatures is that it applies to many facets of the network - it can also facilitate fast but secure interchain messaging between SKALE chains through each chain’s group signature, providing the desired interoperability within the network itself.
- From Our Network #45 (30-10-2020):
"SKALE is rooted in the Ethereum Mainnet (EM) from which it is also managed. The entire $80M volume of SKL that is staked in SKALE nodes is held directly on the EM. The set of smart contracts that orchestrate the SKALE Network operates on Ethereum as well. This connection with Ethereum lets SKALE combine Layer 1 security with fully decentralized Layer 2 performance."
Fees
Upgrades
- Skale v2 launched in March 2022: "v2 will allow users to hop between Skale chains in under a minute and without having to pay high gas fees."
- From Our Network #45 (30-10-2020):
"On October 1, the SKALE MainNet Phase 2 launched into a fully decentralized state with over $80M Total Value Locked (TVL), over 3700 delegators from 90 different countries, 46 validator orgs, and 140 nodes; many well-reputed validators such as BlockDaemon, Chorus One, Figment, and others launched and ran nodes in the network."
Staking
Validator Stats
- 25 validators participated (30-6-2020) in onboarding, training, TestNet, and have completed qualifications to run in the Phase 1 and 2 Mainnet.
- Early Skale Validator Partners are (31-7-2020):
BisonTrails, Blockdeamon, Certus.One, Chainflow, Chorus, Cypher, Dokia Capital, Figment Networks, #Hashed, Consensys Labs, NGC Ventures, Staked, StakeWith.Us and Stake.Fish
- Some got added as of 10-8-2020:
Stakin, Blockware, Ankr, Hashquark, Audit.One, 01 Node, Anonstake and WolfEdge Capital.
- 95% of token holder addresses have been staked by MainNet launch on October 1st.
Liquidity Mining
Scaling
Interoperability
Other Details
Oracle Method
Privacy Method
Compliance
"It says that over 14,000 people from over 130 countries wanted to participate in the launch and had indicated they were ready to purchase $43 million worth of the token—far more than total supply. SKALE used a “more compliant” know-your-customer process to pare down the list of potential buyers."
Their Other Projects
Roadmap
- Can be found [Insert link here].
- From this article (1-7-2020):
"Since this is the first phase of SKALE Network’s mainnet, staking and transfers are not yet enabled. However, SKALE’s incentivized testnet has been running smoothly with over 12 validators since May 20th with no downtime, to ensure that SKALE’s mainnet is secure and maximally performant when staking becomes available on Activate. You can read more about the phases of SKALE’s Mainnet launch here."
- From their blog (30-6-2020):
"Phase 1: A restricted Mainnet that does not have staking or transfers enabled. Live on June 30th.
Phase 2: A Proof of Use Mainnet with staking and bounty enabled, but transfers and exchange listings not active for a 90 Day period. Target early Q3. ConsenSys will announce the date their platform will be ready which is required for Phase 2.
Phase 3: Restrictions come off the network and unlocked tokens can be transferred. This will be 90 days after the Phase 2 Launch."
- From Our Network #45 (30-10-2020):
"SKALE is now getting ready for the MainNet Phase 3 launch on Dec 1st, which will mean a liquid release of the token. Dapps will commence onboarding over the next few months."
Usage
Says they have 18 SKALE chains (12-12-2022) with ~90k users over the last 30 days.
Projects that use or built on it
- From their blog (30-6-2020):
"48; The number of dApps signed up in the SKALE Innovator Program. In addition there are over 100 dApps at some point in the pipeline."
Competition
Pros and Cons
Pros
Cons
Team, Funding, Partners
Team
- Full team can be found here (31-7-2020).
- Jack O'Holleran; CEO & Co-founder
- Stan Kladko; CTO & co-founder
Funding
- Raised $100M and turned it into an ecosystem fund (19-2-2022):
"Instead of a single entity awarding the $100 million in funds, Skale will feature a number of different groups collaborating around the issuance process, which includes prominent corporations, DAO and nonprofits."
"SKALE sold over 167 million tokens, worth over $5 million in a public token sale."
- Has support from (31-7-2020):
Arrington XRP Capital, Acrew, BlockChange, Canaan, Consensys Labs, Floodgate, Galaxy Digital, Hashed, Multicoin Capital, MW Partners, Neo Global Capital, Spartan, Winklevoss Capital.
Partners
"SKALE Labs, the core team behind the SKALE Network, has announced over 40 integration partners and validators, in addition to the Dapps that joined the SKALE Innovator program and are currently building on the platform."
- It mentions Synthetix, Maker, Connext and Threefold in its blog (10-8-2020) and says "over 50 Dapps are currently building on SKALE".
