SKALE Network have launched their mainnet today with more than 80 Million USD in TVL (Total Value Locked) at the start of Epoch 1.
SKALE is a highly anticipated protocol which enables users to build powerful Ethereum dApps through a decentralized, modular cloud protocol. Now, even users that know very little about Solidity can create powerful dApps.
The SKL token
The SKL token is the backbone to the entire ecosystem and is a hybrid use token that enables users to:
- Stake SKL tokens to validators to secure the network. Of course, users are rewarded with additional tokens.
- As payment for SKALE Chain subscription fees. Developers need to rent time to elastic blockchains to deploy their code.
- Governance and voting. Like other governance protocols, tokens are used as voting power for on chain protocol changes.
Staking SKL with Ankr
Participants in the various SKALE token sale rounds are obliged to stake their tokens for 90 days before they’re able to access or transfer them.
This is where Ankr comes in! We have two SKALE validators running with our own SKL tokens, and user delegations on the ConsenSys Codefi Activate platform. Delegators pay a 9% commission on their staking rewards, which is lower than with the average validator.
And while Epoch 1 has already started, users are technically still able to delegate any unstaked SKL tokens to the Ankr validator. Moreover, when the mandatory staking period ends, it would make sense to stake your tokens with the most reliable and beneficial validator, in terms of stability and commission rate.
But there are other options to monetize your SKL investment!
Be your own SKALE validator!
With Ankr, you can not only delegate your SKL tokens to one of our validators, after the initial mandatory staking period you will also be able to spin up your own validator! The advantages of running your own validator, are maximizing rewards while staying safe with a non-custodial solution. You keep custody over your own funds in your own wallet!
Delegating tokens to our validators ensures your tokens are being managed by an industry leader in staking protocols and gives you peace of mind. Once you’ve delegated, you can sit back and relax: be at ease knowing that your SKL tokens are in good hands.
For those who want more security and maximized rewards, deploying your own node would even be a more interesting option. Running your own node allows you to become your own validator (assuming you have enough SKL tokens) and charge a commission for having others delegate to you. On top of this, you will also always keep your funds in your own wallet!
Whichever way you go, you’re making the right decision. All SKL users have to stake for at least 90 days, after that, it’s up to you!