The SKALE Network is an “elastic” blockchain network that is designed to be interoperable with Ethereum. Ethereum compatible elastic sidechains will be the primary use of the SKALE Network.
Sidechains are operated by a group of “virtualized subnodes” that are selected from a subset of nodes within the network. These sidechains can be run using all or a subset of a node’s computation and storage capacity, which means that a single node can perform work in multiple sidechains.
|Rewards||Distributed every epoch (monthly)|
|Inflation||Token release amounts are fixed|
|Unbonding||None, if tokens are unlocked|
|Compounding||Rewards are automatically staked|
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Stake your SKL tokens in a few clicks by following these steps:
There are serveral ways to delegate with SKALE, if you are using Activate, you can follow the steps here.
Those more technically savvy can use Validator-CLI tool to delegate from a hardware wallet. To use the CLI, you’ll need our validator information.
The final way is through Etherscan. You can use Etherscan and Metamask to delegate through the DelegationController.sol contract on Ethereum.
If you participated in the Activate SKALE token sale in the fall of 2020, you can stake and delegate your tokens using this guide.
You can also use Etherscan and Metamask to access the network on DelegationController.sol
Those more technically savvy can explore the network using command-line interface.
The SKL token. The token can be used for staking, fees, and governance.
SKALE has enabled rewards. Transfers will depend on the token lock-up schedule.
If you purchased your tokens via the Activate Codefi Networks auction, you will need to stake at least 50% of your tokens for three months before you can transfer (or trade) your SKL tokens. If you acquired SKL in any other way, this Proof of Use will not apply.
Initially, the SKL is being staked to earn new issuance (“inflationary”) subsidies. That means that the SKL supply will increase and stakers will capture the newly issued SKL. Generally, you will earn around 11% annually on your staked SLK, but that can change. Since staking rewards are tied to inflation, read about how inflation and rewards are related here.
Stakers will also capture fees from network transactions, so as SKALE transaction volume increases, SKL stakers will earn more than new issuance subsidies.
The SKL also gives stakers the right to vote on policy decisions for how the SKALE will operate and distribute treasury funds.
The main drivers of the SKL’s value could be more than transaction fees. SKL-holders should be able to somehow extract value related to the “assets under management” that the SKALE secures (via products like DeFi). Owning staked SKL is ownership of the SKL, entitling SKL stakers to set/change the rules of the SKALE.
It will take three months for your staking delegation to complete and for your tokens to become liquid (ie. transferrable). If you want to delegate for longer than three months, you may elect to have your stake automatically redelegated at the end of the three-month period.
The SKALE network protocol will control staked SKL tokens automatically, however, functions involving rewards, delegating, and unstaking will be controlled by you.
For the first three months, there will be no potential for being slashed when staking SKL.
At either Month 3 or Month 6, slashing will be turned on based upon community input and security requirements for dApps (decentralized applications).
Staking income on SKALE is automatically distributed every epoch (monthly). Figment is never in control of your rewards.
Staking income is staked automatically, which means you will need to unstake to withdraw your staking income.
Your potential rewards depend upon validator performance. When your validator is down, you will not be earning staking income.
There is no inflation. Instead, a fixed amount of SKL tokens have been allocated to reward stakers.
The SKL token supply will be capped at 7 billion tokens, with the initial supply being 4.55 billion SKL.
Our understanding is that the SKALE foundation, comprised of various stakeholders, will make code release decisions to be considered and adopted by the validator set (aka off-chain governance).
We expect that eventually on-chain voting will be implemented in future.
Want to learn more about SKALE? Check out our latest articles
The SKALE Network is an “elastic” blockchain network that is designed to be interoperable with the Ethereum blockchain.
The SKALE Network is an “elastic” blockchain network that is designed to help scale the Ethereum ecosystem through “elastic” blockchains.