SKALE’s Fuji testnet is scheduled to launch on May 20th, 2020, and its mainnet is scheduled to launch on June 30th, 2020. Contact us for more information on SKALE and staking opportunities with Figment Networks. 

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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. 

The SKL token is the work and usage token on the network. Nodes are required to stake a certain amount of SKL in order to receive work. Holders of the SKL token are able to delegate their tokens to nodes on the network, which will allow them to earn a share of rewards earned by nodes they delegate to. 

You can learn more about SKALE by reading their whitepaper

Frequently Asked Questions

What is the name of the asset being staked?

The SKL token. 

What is the initial supply?

The initial supply of SKL is 4.55 billion, and the total maximum supply is 7 billion. 

When does SKALE plan to launch its mainnet?

June 30th, 2020 is the current mainnet launch date for SKALE.

What is the estimated reward rate for nodes?

The target reward rate is 7.8%. The reward rate will halve every 6 years until the max supply of tokens is reached in the network. 

Can nodes be slashed?

Nodes on SKALE can be slashed. Any activity not condoned by the network will result in slashing. Violations and subsequent penalties are still being determined.