By
Chimamanda U. Martha
April 25th, 2024
The SKALE Network is a security and execution layer that connects with the Ethereum network and lets developers build their projects faster and with better performance.
Ethereum 2.0 developers are working round the clock to meet deadlines meant to solve existing scalability issues with the existing ether blockchain. Through an announcement on Thursday, SKALE, an “elastic blockchain network” working to support Ethereum-based projects, reported that it has successfully deployed phase two of its mainnet.
Notably, phase 2 of Skale has managed to pull over $80 Million in Total Value Locked (TVL) from over 4,000 users who are spread across 90 countries globally.
“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.”
Ethereum Layer SKALE Comes at the Right Timing
With the Ethereum ecosystem facing strong competition from Binance smart chain that offers similar services but more scalable than those in the Ethereum network, ether developers are left with no choice rather than work round the clock.
Furthermore, the Defi protocols have been booming globally with total value locked in the ecosystem at the time of reporting at $10.86 billion according to metrics provided by DefiPulse.
The SKALE Network is a security and execution layer that connects with the Ethereum network and lets developers build their projects faster and with better performance.
Currently, Ethereum developers are running several testnets in preparation for the November Phase 0 launch. Some of the testnets include Medalla and Spadina.
As the blockchain activity increases within the Ethereum community, the gas fees are becoming unbearable hence making launching projects on the system very expensive in comparison to launching on Binance.
Onwards, proof of stake is going to be the driving factor in the Ethereum network away from the traditional proof of work that consumes a lot of power and in turn very expensive to run.
SKALE will be incorporating a new approach to make proof of stake a success in the ether community. “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,” SKALE noted in the announcement.