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What is SKALE (SKL)?

SKALE basic info

Name:SKALE
Ticker:
Introduction:

What Is SKALE?

SKALE is a Layer-2 scaling solution, integrated into Ethereum, designed to address the critical issue of network congestion in blockchain networks. Launched in 2018 by the N.O.D.E. Foundation, SKALE acts as an open-source platform enabling high-throughput, low-latency, and cost-effective environments for the development of decentralized applications (dApps). It employs Elastic Sidechains to allow developers to create dApps not directly on the Ethereum mainnet but on SKALE sidechains, which are powered by the SKALE token, SKL. This innovative approach allows users to configure specific sidechains and establish an environment conducive to dApp creation, offering a solution to the high volume of developers utilizing a network for dApp development.

SKALE’s uniqueness stems from its ability to reduce operational costs surrounding dApps and alleviate network congestion on Ethereum. It provides fast transaction throughput and accelerates the verification process compared to native operations on Ethereum. The network’s architecture supports an expanding array of dApp-specific chains, making it a versatile and high-performance blockchain solution for running Ethereum-compatible smart contracts.

Resources

Whitepaper: https://skale.space/whitepaper

Official Website: https://skale.space/

How Does SKALE Work?

SKALE operates by deploying Elastic Sidechains, which are highly configurable blockchains allowing users to select their chain’s size, consensus protocol, virtual machine, parent blockchain, and additional security measures. These sidechains operate as independent blockchains integrated with their parent network or main chain, maintaining interoperability through a two-way communications peg, thus enabling smart contract communication between the sidechains and the Ethereum mainnet. This mechanism significantly improves the speed and scalability of the main network, allowing Ethereum-built dApps to compete with Web2 applications in terms of cost and throughput.

The SKALE Network utilizes a network of decentralized nodes, subdivided into Node Cores and subnodes, to facilitate transactional activity on the network. The SKALE Manager is central to this architecture, acting as the gateway to all other smart contracts in the ecosystem and automatically assigning virtualized subnodes to help users determine their budget and resource requirements. This elastic capacity mechanism allows each SKALE Node to run multiple sidechains simultaneously, offering developers a quick provision of highly configurable blockchains without compromising security, storage, or computational power.

What Is SKL Token?

SKL is the native utility token of the SKALE Network, playing a pivotal role in network operations. It is an ERC-777 token, maintaining backward compatibility with ERC-20 platforms. SKL token holders or delegators stake their tokens to validators who operate the SKALE Network by verifying blocks, executing smart contracts, and securing the network. Validators, in turn, receive SKL crypto rewards for their efforts. Developers use SKL tokens to pay for Elastic Sidechain subscriptions, and both delegators and validators receive SKL crypto rewards derived from the subscription fees paid by developers and the inflation of tokens into the network. SKL also facilitates on-chain voting, controlling all economic parameters on the SKALE Network.

SKALE's Impact on Finance

SKALE’s impact on finance is profound, as it provides a scalable, efficient, and cost-effective solution for developing decentralized applications on the Ethereum network. By alleviating congestion and reducing operational costs of dApps, SKALE promotes the development of more sophisticated and user-friendly decentralized financial (DeFi) applications, fostering innovation and growth in the financial sector. The network’s high throughput and fast transaction processing capabilities enable real-time, secure, and seamless financial transactions, making it a preferred choice for developers aiming to create advanced financial solutions on the blockchain. SKALE’s contribution to enhancing the scalability and functionality of Ethereum-based dApps is pivotal in the evolution of decentralized finance, paving the way for a more inclusive and decentralized financial ecosystem.

What Determines SKALE's Price?

The price of SKALE (SKL) token, like other cryptocurrencies, is influenced by a myriad of factors, reflecting the dynamics of the cryptocurrency market. Cryptocurrency price predictions are often speculative, given the inherent crypto market volatility, but they can be shaped by trends, cryptocurrency news, and market analysis. The value of SKL is closely tied to the demand and supply dynamics within its ecosystem, developments in the SKALE network, and broader cryptocurrency market trends. Cryptocurrency enthusiasts and experts often scrutinize cryptocurrency charts and conduct extensive cryptocurrency analysis to gauge the potential price movement of tokens like SKL, considering factors like cryptocurrency adoption, technological advancements, and market sentiment in their evaluations.

In the quest to determine the potential cryptocurrency price in the future, especially for tokens like SKL, many turn to cryptocurrency events, discussions with cryptocurrency influencers, and insights from cryptocurrency experts to understand the prevailing cryptocurrency trends and make informed predictions for 2023 and beyond. Cryptocurrency trading strategies, crypto portfolio management, and an understanding of cryptocurrency risks and regulation are crucial for both beginners and seasoned investors looking to buy cryptocurrency on leading exchanges such as Bitget. The ongoing developments in the SKALE network, its contribution to the blockchain ecosystem, and its adoption by developers and users will play a significant role in shaping the SKL price trajectory, making it a point of interest for those exploring the best crypto investment for 2023.

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Current price:
All-time high:$1.22
All-time low:$0.01954

SKL supply and tokenomics

Circulating supply:5,538,894,300 SKL
Total supply:5,976,541,667 SKL
Max supply:7,000,000,000 SKL
Market cap:$296.15M
Fully diluted market cap:$374.28M

Links

Buy SKALE for $1Buy SKL now

What is the development prospect and future value of SKL?

The market value of SKL currently stands at $296.15M, and its market ranking is #197. The value of SKL is widely recognized by the market. When the bull market comes, the market value of SKL will likely continue to increase.

Moreover, if SKL can play a greater role in practical applications, such as SKALE builders fully leveraging the potential of SKL, partnering with more businesses, and increasing its user base, the long-term value of SKL will be significantly enhanced.

What will the price of SKL be in 2025?
Based on SKL's historical price performance prediction model, the price of SKL is projected to reach $0.07014 in 2025.
What will the price of SKL be in 2030?
In 2030, the SKL price is expected to change by +10.00%. By the end of 2030, the SKL price is projected to reach $0.1607, with a cumulative ROI of +216.03%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of SKL and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is SKL worth investing or holding? How to buy SKL from a crypto exchange?

If you want to buy SKL, the following information may be helpful for your investment decisions:
In the last seven days, the price of SKL has risen by 30.76%, leading to positive returns for most SKL investors. The market is currently optimistic about the price trend of SKL.
It is important to note that the current price of SKL has retreated by -95.63% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether SKL is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in SKL or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of SKL, if you want to buy or sell SKL, you can consider Bitget for your trading needs. The best place to buy SKL is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in SKALE has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy SKALE. Here's a step-by-step guide on how to buy SKALE on Bitget.

How to get SKALE through other methods?

Using cash to buy SKALE is not the only way to obtain SKALE. If you have the time to spare, you can get SKALE for free.
Learn how to earn SKALE for free through the Learn2Earn promotion.
Earn free SKALE by inviting friends to join Bitget's Assist2Earn promotion.
Receive free SKALE airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to SKALE through Bitget Convert, Bitget Swap, or spot trading.

What is SKALE used for and how to use SKALE?

The use case of SKALE may expand as the crypto market and the project itself develop. Currently, you can use SKL to achieve the following goals:
Arbitrage by trading SKL: Since SKL is a frequently traded cryptocurrency, the price of SKL is always fluctuating. Earn more SKL by buying low and selling high on the exchange. Bitget spot market provides a variety of SKL trading pairs to fully meet your needs.
Earn by staking SKL: You can also generate income through financial management methods such as staking SKL or lending SKL. Bitget Earn offers a variety of financial products designed to help you earn more income from your SKL.
Send or pay SKL: If you want to give SKL to your friends, a charity, or a fundraiser, or you want to pay someone with SKL, you can quickly and easily send SKL to the recipient through their payment address.
You can also go to the official website of the SKALE project to learn more about the use cases of SKL. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

SKALE Wiki

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