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SKL

SKALE (SKL) Price Index

$ 0.104461 Ƀ 0.00000165
  • MarketCap
    $ 537,501,910
  • Volume
    $ 63,354,752
  • Change
    12.08%
skaleSKALE
$ 0.104461
$ 0.104461
12.08%
0,096308
SKL
SKALE Network (SKL)
$ 0.104461
SKL
SKALE Network (SKL)
author
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
By Marcel Deer
author
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
on January 08, 2023 | 3 min
Updated on Dec 27, 2023

What is the SKALE Network (SKL)?

SKL is the ERC-777 token of the SKALE network, an Ethereum Layer-2 scaling solution that creates sidechains for building and hosting dApps and relieves congestion on the Ethereum mainnet. Developers build decentralized applications using SKALE’s elastic sidechains rather than the Ethereum blockchain. The SKALE network, as the name implies, is a solution for scaling Ethereum.

The SKALE network was founded by Jack O’Holleran and Stan Kladko in 2018. Kladko is an important contributor to the Ethereum Foundation and its research.

 

What Makes the SKALE (SKL) Coin Unique?

SKL powers the SKALE network, unique in its ability to reduce dApp operating costs when Ethereum GAS prices rise and the mainnet is congested. SKALE offers fast transaction speeds, increased storage capacity, and an environment where users can test new features without affecting the Ethereum mainnet.

 

What Is the SKALE Network Used for?

The SKALE Network is used by developers who build on SKALE’s configurable elastic sidechains. Users pay monthly subscriptions in SKALE (SKL) tokens. SKL is also used for network staking and governance and is bought, sold, and traded on major cryptocurrency exchanges as an asset.

 

How Does the SKALE Network (SKL) Work?

DApp and DeFi project developers configure SKALE sidechains for their requirements. Developers can choose and configure their chain’s size, consensus protocol, virtual machine, parent blockchain, and security.

The SKALE network creates a fast and cost-effective solution for dApps, which is said to allow Ethereum-built dApps to compete with conventional Web2 applications for speed and cost. SKALE Network sidechains also contribute to Ethereum’s ability to scale by relieving some of the congestion on the mainnet.

Sidechains are independent blockchains that integrate with a parent network or main chain. They use a communications peg between the parent and sidechain to ensure smart contract communication and make them interoperable. Sidechain developers can access the Ethereum mainnet. SKALE sidechains allow the batching of network transactions and execution on the sidechain before returning them to Ethereum’s blockchain for final confirmation.

SKALE (SKL) can be staked by delegating SKALE network validators or becoming a validator.

 

How Is the Price of SKALE Determined?

The SKL token price is influenced by supply and demand and by the use of the SKALE network. SKL was created with an initial supply of 7 billion tokens, and minting is performed via governance proposals.

The following factors influence the price of SKL:

 

  • Supply, demand, and scarcity
  • Liquidity
  • SKL market sentiment
  • Broader cryptocurrency market sentiment and regulation
  • SKALE network sidechain performance and use
  • Ethereum’s performance
  • Competing cryptocurrencies and blockchain protocols

 

What Is the SKALE (SKL) Coin Price Prediction for 2030?

CoinCodex predicts that the SKL price could reach between $0.24 and $0.31 by 2030. Binance is less bullish on its SKL price prediction of $0.06. It’s important to note that accurately predicting the future price of cryptocurrencies is almost impossible due to the volatility of the crypto market and other factors like cryptocurrency regulation.

 

How Is the SKALE Network Secured?

The SKALE Network has its governance protocol and, as an Ethereum-native multi-chain network, relies on Ethereum-based technology for its security. All the nodes supporting SKALE Chains (Web3 Ethereum compatible elastic blockchains) are secured by Proof-of-Stake from the validator and delegator communities. Each node in the SKALE Network supplies containerized Web3 compute resources that work in parallel with other nodes.

 

Where Can You Buy SKALE?

SKL can be bought and sold on major cryptocurrency exchanges, including Coinbase, Binance, KuCoin, HTX, Gemini, and Bitstamp. It’s also available on the Uniswap decentralized exchange.

 

How Can You Store SKALE (SKL)?

 

SKALE (SKL) can be stored in a compatible hot or cold wallet. The least safe storage method is to keep SKL on an exchange wallet. The safest method of storing cryptocurrency is a cold storage or hardware device such as a Ledger or Trezor.

 

FAQs

Is SKALE a good investment?

The SKALE network is an efficient solution for dApp developers to avoid Ethereum congestion and is developed by key players in the Ethereum ecosystem so that the answer may be yes; however, the future potential of any cryptocurrency or project cannot be guaranteed.

 

Does the SKALE Network have a future?

The SKALE network is a viable solution to congestion on the Ethereum blockchain. Still, its future will depend on Ethereum’s performance and its own in competition with other smart contract blockchains.

 

What will SKALE (SKL) be worth in 2025?

CoinCodex predicts that the SKL price could reach between $0.08 and $0.35 by 2025. CaptainAltCoin’s SKALE price prediction is $0.055. Accurately predicting the future price of cryptocurrencies is almost impossible due to high volatility and other contributing market factors.

 

Who is behind SKALE crypto?

The SKALE network was founded by Jack O’Holleran and Stan Kladko in 2018 and is governed by the SKALE DAO. Kladko is an important contributor to the Ethereum Foundation and its research.

 

Who are SKALE’s competitors?

The SKALE network competes with other blockchain projects aiming to answer blockchain speed and scalability issues, such as Avalanche, Polygon, Polkadot, and Solana.

 

Is SKALE an Ethereum token?

Yes, SKALE (SKL) is an Etherum ERC-777 token.

author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.
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