SKALEing along with 40+ partners and $80M Total Value Locked

Last week we were writing about the urgent need for layer 2 solutions that could help defi projects solve Ethereum’s high gas fee problems. Ethereum 2 network will probably take some 2 years to reach full implementation, much too slow for this sector’s fast rate of innovation.

Last week it was Optimism launching its initial testnet with the decentralized exchange Synthetix onboard.

This week it is the time for the Skale network, announcing that Phase 2 of its decentralized mainnet is now live with over $80 Million USD in Total Value Locked already. The network was launched with participants in 90 countries, boasting some 135 nodes across 46 validators. As these stats show, Skale network is being born with the global outreach that provides much needed resilience to any national event.

Skale is defined as an elastic blockchain network, useful for creating configurable fully decentralized chains that are instantly compatible with Ethereum. These chains can execute split-second block times, run up to 2 000 tps per chain and run full-state smart contracts.

Skale uses the Byzantine Fault Tolerant protocol which guarantees the network is able to reach consensus even with up to 1/3 of malicious participants. Just like the internet, this is an asynchronous protocol which recognizes latencies of nodes allowing messages to remain in the network for an indefinite period of time.

Threshold signatures allow interchain communication and are important in allowing random node allocation protocols. This way leaderless consensus is achieved, reducing the risk of collusion which may hinder the security of the network.

SKALE has managed to assemble an ecosystem with over 40 partners.

Skale network Ecosystem

This rich ecosystem, in a mainnet that has just launched is a good omen for the future of this particular layer 2 solution. We can only expect that as this protocol progresses in its implementation more dapps and other protocols will join in helping it grow and improving the environment for defi projects.

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Make money online with Manuel
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