Skale is an open-source, decentralized network designed to help developers build blockchains and decentralized applications (dapps) on Ethereum. The project focuses on letting developers create their own blockchains that work smoothly across the broader Ethereum ecosystem, while reducing Ethereum gas fees and addressing scaling limits. 

Skale [SKL] is the native cryptocurrency of the Skale platform and follows the ERC-777 token issuance standard. The token is used to power network staking rewards and also to support governance actions. The chart on this page shows the current SKL market price. 

How Does Skale SKL Work?

Skale serves as a layer-2 scaling approach for the Ethereum Blockchain, helping developers reduce congestion on the Ethereum mainnet by moving their work from the main chain to nearby side-chains managed by the Skale network. Using independent dapp-focused Skale blockchains, the platform supports secure, high-throughput, low-cost decentralized application deployment. Each such chain functions as a group of private Ethereum-compatible smart contracts. 

Developers can lease these Skale chains to build DeFi products, games, NFTs, decentralized streaming tools, and other distributed applications. This requires paying a subscription fee in SKL tokens. SKL is the network’s native utility token and is also used for staking and managing the platform.

Within the Skale ecosystem, developers benefit from high performance, minimal delay, and Ethereum-compliant “networks of elastic side-chains” that process transactions 1000 times faster than the Ethereum network. With this setup, Skale aims to give Ethereum-based dapps the ability to compete with Web2 platforms for cost and bandwidth performance. In addition, Skale side-chains can improve the scalability of Ethereum by easing mainnet congestion.

In short, Skale delivers a decentralized, configurable dynamic blockchain network built for high throughput, low transaction cost, and low latency. Developers receive elastic side-chain infrastructure to shape their Ethereum-compatible dapp projects. Skale also replaces Ethereum mainnet gas expenses with a fixed subscription fee and provides broad configuration options for dapp creation.

EVM-compatible elastic side-chains let you set up and deploy provably secure Byzantine fault-tolerant blockchains that connect to the Ethereum main network. The dynamically adjustable, interoperable Skale network is intended as a solution to many challenges that developers run into across the Ethereum ecosystem.

What is the SKL Token?

The Skale network uses SKL for incentivization and governance. The SKL token supports four key functions:

Security and Staking. SKL holders or delegators can allocate their tokens to validators. These validators help run the platform by validating transactions, executing smart contracts, and maintaining network safety. Validators receive SKL crypto in return for their network participation.

Skale [SKL] Coin is an ERC777-type token. ERC777 is a token standard on Ethereum that is backward compatible with the common ERC20 standard. As a result, ERC20-capable Ethereum applications can also work with ERC777 tokens. This standard is meant to address some limitations of ERC20-especially its lack of support for using a token as a trigger for another smart contract function. 

The network also relies on SKL for staking and delegation due to capabilities provided by the ERC777 standard. Unlike ERC20, a delegator using SKL does not need to move tokens to a separate delegation smart contract. Instead, they can share their secure delegation key with the staking provider while keeping tokens in whichever crypto wallet they prefer.

Where Can You Buy Skale SKL Tokens?

SKL Cryptocurrency can be found on many exchanges, including Binance, Coinbase, Coinbase Pro, Uniswap, and more than 40 additional exchanges. You can also swap SKL directly using the built-in Swap feature in MetaMask. When buying crypto, keep in mind that SKL’s market price can be volatile, with potentially extreme swings. 

Where Can You Store Skale SKL Tokens?

Since Skale is built on Ethereum, SKL tokens can be stored in any ETH-compatible wallet, including both cold storage (hardware) and hot storage (software) solutions.