SKALE, an Ã¢ÂÂelastic blockchain networkÃ¢ÂÂ working to support Ethereum-based projects, has successfully deployed phase two of its mainnet.
- With the news, announced Thursday, the Ethereum-as-a-service platform said it now has over $78 million in total value locked (TVL).
- These staked millions come from more than 4,000 users and entities from 90 countries helping to secure some 130 network nodes across 46 validators, SKALE said in an announcement.
- Jack OÃ¢ÂÂHolleran, CEO and co-founder of SKALE Labs, said staking SKALEÃ¢ÂÂs token, SKL, Ã¢ÂÂdelivers proof-of-stake security to SKALE Chains that will run DeFi, gaming, and Web 3 applications.Ã¢ÂÂ
- The modular cloud-based network claims to offer developers of Ethereum-based dapps (decentralized apps) the ability scale to thousands of transactions per second at low cost, while reaching large numbers of Ethereum users.
- With EthereumÃ¢ÂÂs gas fees having skyrocketed in recent monthsÃÂ due to a surge in demand for DeFi products, stablecoins and more, SKALE says it can help reduce that burden with its Ã¢ÂÂelasticÃ¢ÂÂ and configurable chains.
- A representative said that the phase two launch Ã¢ÂÂis significant because it will ease traffic and lower transaction costs on the Ethereum blockchain Ã¢ÂÂ¦ so that developers can build dApps that live up to the high demands of consumers.Ã¢ÂÂ
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