SKALE, an “elastic blockchain network” working to support Ethereum-based projects, has successfully deployed phase two of its mainnet.
With the news, announced Thursday, the Ethereum-as-a-service platform said it now has over $78 million in total value locked (TVL).
These staked millions come from more than 4,000 users and entities from 90 countries helping to secure some 130 network nodes across 46 validators, SKALE said in an announcement.
Jack O'Holleran, CEO and co-founder of SKALE Labs, said staking SKALE's token, SKL, "delivers proof-of-stake security to SKALE Chains that will run DeFi, gaming, and Web 3 applications."
The modular cloud-based network claims to offer developers of Ethereum-based dapps (decentralized apps) the ability scale to thousands of transactions per second at low cost, while reaching large numbers of Ethereum users.
With Ethereum’s gas fees having skyrocketed in recent months due to a surge in demand for DeFi products, stablecoins and more, SKALE says it can help reduce that burden with its "elastic" and configurable chains.
A representative said that the phase two launch "is significant because it will ease traffic and lower transaction costs on the Ethereum blockchain ... so that developers can build dApps that live up to the high demands of consumers."