ETH Scaling Project SKALE Network’s Phase 2 Mainnet Goes Live With $78M in Total Value Locked
SKALE Network, the fully decentralized Ethereum (ETH) layer 2 Proof-of-Stake (PoS) network has reported through an announcement that it has successfully rolled out phase 2 of its mainnet. Reportedly, the ‘phase 2 mainnet’ has gone live with more than $78 million already available in the total locked value (TVL).
In the announcement, SKALE said that more than 4,000 users and entities from around ninety countries have participated in the staking of millions. They also helped the SKALE Network in securing around 130 nodes of the network across forty-six validators.
As a blockchain network, SKALE works to support the Ethereum network and it has been specifically developed for supporting the Ethereum blockchain’s growth. It maintains integrations within the ecosystem of Ethereum. Also, it provides a complete “solidity environment” to the developers of the Ethereum blockchain.
Commenting on this, the co-founder and Chief Executive Officer (CEO) of SKALE Labs Jack O’Holleran said that with the release of a completely distributed and decentralized network, the SKALE Network enters into a much bigger picture. He furthermore said, “This is an incredible time to be a part of the decentralized web. 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. However, instead of being rewarded for providing liquidity pooling, token holders are rewarded because staking SKL delivers Proof of Stake security to SKALE Chains that will run Defi, gaming, and Web 3 applications,” he added.
Moreover, a representative from the network said that the launch of phase 2 mainnet is really crucial and significant for the Ethereum blockchain as it will bring various benefits to the blockchain network such as decreasing transaction costs as well as easing traffic.
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