- SKALE Network announces the launch of its phase two mainnet launch.
- The Ethereum-scaling project goes live with over $78 million staked on the platform.
In an announcement made available to BEG, SKALE – a decentralized Ethereum-based project backed by Winklevoss-backed Gemini and ConsenSys – announced the successful deployment of Phase 2 of its mainnet. The platform aims to increase scalability, increase throughput, and reduce the high gas fees on the Ethereum blockchain.
According to the statement, a total of $78 million has already been staked on the platform as the Phase 2 launches. The amount was raised from over 4,000 SKALE users and businesses using the network from over 90 countries globally. So far, SKALE Network has 130 network nodes spread across 46 countries.
SKALE, an ‘elastic blockchain network,’ is a Layer 2 scalability solution built on Ethereum offering a convenient and efficient platform for decentralized apps (DApps) to build on. The platform promises over 1,000 elastic SKALE blockchains offering sub-second transaction times and higher throughput than the current Ethereum blockchain.
Jack O’Holleran, CEO and co-founder of SKALE, stated the launch of Phase 2 and the launch of the SKL token would boost the development of the raging DeFi market, Web3 applications, and gaming as transaction speeds on SKALE increase and fees lower.
He further stated that SKALE Phase 2 mainnet launch would mitigate the persistent problems on Ethereum, such as high gas costs, even with a booming DeFi market. He further stated,
“Validators and delegators alike have real incentives to participate as SKALE’s economic model pools security similarly to how DeFi projects pool liquidity.”
Over the past few months, Ethereum has faced a surge in gas costs as the DeFi and gaming markets boomed to billion-dollar valuations. The issues on Ethereum have set several projects to look for better options. Recently, AI intelligence firm, SinguarityNET announced plans to move a “significant portion” of its operations from Ethereum to Cardano blockchain.
This follows the launch of Phase 1 of the SKALE Network in July this year.