SKALE’s Phase 2 Decentralized Mainnet Goes Live with Over $80 Million USD in Total Value Locked From Over 4,000 Users Spread Across 90 Countries Globally

The network has an estimated capacity of over 1,000 decentralized elastic SKALE chains, each with a throughput of the entire ETH Blockchain and subsecond blocktimes.

SAN FRANCISCO — October 1, 2020 — SKALE Network, the Ethereum as a service platform built to help Ethereum Dapps scale to more users with lower costs and better performance, today announced that Phase 2 of its decentralized mainnet is live with over $80 Million USD in Total Value Locked.  A global cohort of roughly 4,000 people and entities from 90 different countries are securing 135 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 massive 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 an 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.

About SKALE

SKALE is an elastic blockchain network that gives developers the ability to easily provision highly configurable fully decentralized chains that are instantly compatible with Ethereum. SKALE chains can execute sub-second block times, run up to 2,000 tps per chain, and run full-state smart contracts, support  decentralized storage, execute Rollups, and machine learning in EVM. The SKALE Network is an open source project with many contributors including SKALE Labs, Inc. headquartered in San Francisco, CA. The SKALE Network’s supporters include Blockchange, ConsenSys Labs, Hashed, HashKey, Floodgate, Multicoin Capital, Recruit Holdings, Signia VP, and Winklevoss Capital. The SKALE Network is supported by top validators in the world including 01NODE, Ankr, Anonstake, Audit One, Blockdaemon, Blockware, Chainflow, Chainode, Chorus One, Cypher Core, Dokia Capital, Figment,  FreshSkale, Hashed x DELIGHT, Hashquark, NGC Ventures, Networks, Staked, Stakin, Stake With Us, WolfEdge Capital, as well as key infrastructure player Bison Trails. For more information please visit www.skale.network, @SkaleNetwork on Twitter, and @skaleofficial on telegram.

ABOUT N.O.D.E. Foundation & Anstalt

The Network of Decentralized Economics (N.O.D.E.) Foundation is a non-profit entity based in Liechtenstein created to carry out the mission of supporting the SKALE Network open source project. The foundation is supported by the N.O.D.E. Anstalt, a subsidiary arm of the Foundation. The Foundation is also supported by a number of organizations including SKALE Labs, Inc. headquartered in San Francisco, CA. SKALE Labs provides support to the SKALE Network by contributing to the open source code, community growth, and other key efforts to facilitate the growth and adoption of the SKALE Network.