What is SKALE Network (SKL), and why is it trending?

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What is SKALE Network (SKL), and why is it trending?

 What is SKALE Network (SKL), and why is it trending?
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Highlights

  • SKALE Network (SKL) is primarily a Layer-2 scaling solution that allows the users and developers to build blockchains and decentralised applications on the Ethereum network.
  • The SKALE Network is credited for accepting an unlimited number of chains and allows various projects to be built on Web3 DApps.
  • The 132-ranked SKL crypto witnessed a trading volume of US$99,78,920 and was trading at US$0.052887 over a day, according to CoinMarketCap.

SKALE Network (SKL) is primarily a Layer-2 scaling solution that allows the users and developers to build blockchains and decentralised applications on the Ethereum network. As a decentralised project, it aims to reduce latency and ensures that payments are made cost-effectively. SKALE allows the developers to deploy their Ethereum Virtual Machines without compromising on the security aspect of the protocol. 

Founded by Jack O'Holleran and Stan Kladko, the SKALE Network is credited for accepting an unlimited number of chains and allows various projects to be built on Web3 DApps. The SKALE Network utilises the elastic sidechains to operate as an independent blockchain protocol integrated with other networks such as Ethereum etc. The users can define these sidechains per their needs, which gives Skale the elasticity feature. 

On 29 June, the Skale crypto witnessed a drop of 6.05% and a volume dip of 2.70% at 7:00 AM (GMT + 1), according to CoinMarketCap. 

eToro listing

Although the exact reason for the drop is still hard to ascertain, the token has been witnessing a lull for over a month. In fact, the token has been down over 19.2% in the past 30 days. This could be because of the bearish sentiments that have prevailed in the market for more than a month now. 

Even the news of the eToro listing, which happened on 28 June, has failed to lift the spirits for the Skale crypto. eToro, which has listed close to 76 digital assets on its platform, will be offering the trading facility of these tokens to users outside the US region. 

Besides, the Skale crypto was also made available on ZigluMoney on Tuesday, which will give the users the facility to trade and exposure to other platforms. 

Price performance

The 132-ranked SKL crypto witnessed a trading volume of US$99,78,920 and was trading at US $0.052887 over a day, according to CoinMarketCap. It was seen enjoying a live market cap of US$18,84,12,881 with 3,53,08,52,671 SKL coins in circulation. 

As the overall crypto market dabbles between the bearishness and possible recovery, market participants should do the research to ensure they don't end up on the losing end due to a lack of understanding of the market. 

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