The SKALE Network is Live on Mainnet!
Today, the SKALE Network went live on mainnet. SKALE is specifically designed to solve layer 2 scaling on the Etheruem mainnet. Codefi Activate will soon offer SKL staking services.
In February, ConsenSys Codefi announced SKALE Network as the first decentralized network to launch a token on the Activate platform. The product and engineering teams at the SKALE Network have been deep in the trenches, and reached a laudable milestone today.
The SKALE Network exists both on the Ethereum Mainnet and on SKALE Network nodes, and is designed specifically to improve the user experience of dApps, while significantly increasing transaction speeds, dramatically lowering costs, and creating seamless workflows for end users and devs.
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.
When is staking available on Activate?
Activate has been accepting early registrations for those who want to participate in the SKALE Network Launch (register here). Registered users will be able to purchase SKL tokens during a three-day dutch auction. The price of the tokens will be set during the dutch auction, which allows the free market to determine the price of SKL, and makes for a more transparent and fair determination of price. When the sale concludes, everyone who successfully submitted a bid will receive tokens at the same price. Dutch auctions are demand-based and at a first come, first served basis, which means the sale will conclude once A) demand for the available token supply has been met or B) the 3-day auction period has elapsed.
Activate’s novel platform will make it easy for participants to immediately use their SKL tokens and receive rewards for delegating their tokens as soon as the auction concludes. Too many tokens have been launched and distributed before the network was even available, which we believe reinforces the ‘HODL’ mentality, where token holders speculate or wait for their tokens to accrue in value without actually using the tokens for their intended purpose. To this end, we’ve made sure to align the SKL token launch with a fully functional SKALE Network.
Now that the SKALE Network’s mainnet is live, we’re close to launching the most seamless, efficient, and secure user experience to future participants on the Activate platform. This has taken a bit longer than we anticipated (because good things take time), but we’re on track and excited to announce the date of the token auction in the coming weeks. We look forward to seeing you there!
Scaling Ethereum with Layer 2 technologies is more important than ever
Have you checked Eth Gas Station lately? Gas fees to send transactions across the Ethereum network are quite high, which is a positive indicator about the demand of ETH and improving the security of the network. But it’s not so great if you are trying to use your favorite dApps without breaking the bank.
Now more than ever, Ethereum needs more flexible Layer 2 technology. The SKALE Network is specifically designed to solve these problems. SKALE pricing supports Ethereum by giving dApps their own blockchain that charges based on the amount of server space over a period of time, rather than by transaction. SKALE will be orders of magnitude less expensive to run transactions, while not losing sync with the Ethereum mainnet.
And since SKALE is Ethereum Virtual Machine compatible, dApp developers can easily integrate their existing Ethereum smart contracts with SKALE. Many dApps in SKALE’s innovator program are already running their smart contracts on SKALE’s elastic sidechains.
Stay tuned for the upcoming SKALE auction date announcement and register on Activate here!
UPDATE: The SKALE Auction will go live on 17 August 2020, 12pm EST!
Read more about the auction here.