Ethereum Layer SKALE Launches Mainnet Phase 2 With $78M Already Staked

SKALE, an “elastic blockchain network” working to support Ethereum-based projects, has successfully deployed phase two of its mainnet.

  • With the news, announced Thursday, the Ethereum-as-a-service platform said it now has over $78 million in total value locked (TVL).
  • These staked millions come from more than 4,000 users and entities from 90 countries helping to secure some 130 network nodes across 46 validators, SKALE said in an announcement.
  • Jack O’Holleran, CEO and co-founder of SKALE Labs, said staking SKALE’s token, SKL, “delivers proof-of-stake security to SKALE Chains that will run DeFi, gaming, and Web 3 applications.”
  • The modular cloud-based network claims to offer developers of Ethereum-based dapps (decentralized apps) the ability scale to thousands of transactions per second at low cost, while reaching large numbers of Ethereum users.
  • With Ethereum’s gas fees having skyrocketed in recent months due to a surge in demand for DeFi products, stablecoins and more, SKALE says it can help reduce that burden with its “elastic” and configurable chains.
  • A representative said that the phase two launch “is significant because it will ease traffic and lower transaction costs on the Ethereum blockchain … so that developers can build dApps that live up to the high demands of consumers.”

Read more: SKALE Completes $5M Token Sale on ConsenSys’ Anti-Speculation Platform

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