SKALE Network (SKL) is an open-source, decentralized, and Ethereum-native multichain network designed to scale Ethereum dApps efficiently. It offers zero gas fees, instant finality, high performance, and high throughput, making it suitable for a wide range of applications, including gaming, AI, and DeFi. The network uses a hybrid Proof-of-Stake (PoS) architecture and is managed by over 35 smart contracts on the Ethereum mainnet, ensuring decentralized governance and security.
The SKALE Network (SKL) is used in several ways:
Elastic Sidechain Subscriptions: Developers pay a monthly subscription fee in SKL tokens to create and deploy their Elastic Sidechains, which are highly configurable blockchains that enable users to select their chain’s size, consensus protocol, virtual machine, parent blockchain, and additional security measures.
Staking and Governance: SKL tokens are used for staking and governance. Validators stake SKL tokens to secure the network and receive rewards. Delegators can also delegate their tokens to validators to receive a share of the rewards.
Payment for Resources: Developers use SKL tokens to pay for the resources they need to run their dApps, such as computation, storage, and bandwidth, on the SKALE Network.
Access to DApps: SKL tokens can be used to access DApps hosted on the SKALE Network.
Transactions: SKL tokens can be used for transactions within the SKALE ecosystem.
Decentralized Governance: SKL tokens facilitate on-chain voting, which controls all economic parameters on the SKALE Network.
Overall, the SKALE Network provides a scalable and customizable environment for decentralized application development, leveraging the SKL token for various functions that support its operations and governance.
To store SKALE Network (SKL) tokens, you can use any ERC-20 compatible wallet. This includes popular wallets like MetaMask, as SKL tokens are based on the Ethereum blockchain and are compatible with ERC-20 wallets.
To buy SKALE Network (SKL) tokens, you can follow these steps:
Buying on Coinbase:- Create a Coinbase account: Download the Coinbase app and sign up with a valid ID.
- Add a payment method: Connect a bank account, debit card, or initiate a wire transfer.
- Start a trade: Select "Buy & Sell" on the website or tap the "+" button on the mobile app.
- Select SKALE: Search for SKALE and select it from the list of assets.
- Enter the amount: Input the amount you want to spend in your local currency.
- Finalize the purchase: Preview and confirm your purchase.
- Create a KuCoin account: Register and secure your account.
- Verify your account: Complete the verification process.
- Add a payment method: Add a payment method to your account.
- Buy SKALE Network (SKL): Select SKALE Network from the list of assets and follow the prompts to complete the purchase.
From DEX:
- Choose a DEX: Go to a decentralized exchange (DEX) that supports SKALE Network.
- Set up a wallet: Download and install a Web3 crypto wallet (e.g., Metamask) or an App wallet (e.g., Trust Wallet).
- Transfer funds: Transfer the corresponding mainnet cryptocurrency (e.g., ETH) to your wallet.
- Connect to DEX: Connect your wallet to the DEX.
- Swap for SKALE Network: Find the "Swap" option, select the token you want to trade, and enter the amount.
- Confirm the swap: Review and confirm the transaction.
From CEX:
- Register on a CEX: Sign up on a centralized exchange (CEX) that supports SKALE Network.
- Verify your account: Complete the verification process.
- Buy USDT, ETH, or BNB: Use fiat to buy USDT, ETH, or BNB.
- Transfer to CEX: Transfer the purchased cryptocurrency to the CEX that supports SKALE Network trading.
- Buy SKALE Network: Use the transferred cryptocurrency to buy SKALE Network in the spot market.
- Create a Gemini account: Register and verify your account.
- Add a payment method: Add a payment method to your account.
- Buy SKALE: Select SKALE from the list of assets and follow the prompts to complete the purchase.
Remember to always follow the specific instructions for each platform and be cautious of scams.
