SKALE Network today announced that its SKALE tokens will be sold during a three-day Dutch auction next month.
An Ethereum layer-two blockchain platform, the SKALE network allows developers to easily build highly configurable, completely decentralized, cloud-based blockchains capable of running 2,000 transactions per second, complete with sub-second block times.
The Dutch auction for SKL tokens will be held on ConsenSys Codefi’s Activate platform at 12 noon EDT on Aug. 17. A Dutch auction involves the auctioneer offer goods at a high price and then lowering it until a buyer is found or a reserve price is reached.
SKALE’s token sale makes it the first to launch on Activate, which is a platform for launching decentralized networks that allow customers to buy, manage, and use tokens in a single application.
An open-source, elastic blockchain network, SKALE’s proof-of-stake platform is designed to increase speeds and lower transaction costs using Activate’s proof-of-use protocol. SKALE will require token holders to stake at least 50% of their holdings for at least 90 days on one of Activate’s staking as a service providers.
Launched on June 30, SKALE’s mainnet currently has more than 40 DApps under construction, including games, streaming audio, and decentralized finance.
Instead of charging per transaction, SKALE charges blockchain for the server space used. That should make it “thousands of times less expensive” to run transactions, according to SKALE Labs CEO Jack O’Holleran.
Activate’s goal is to provide a platform to buy and use tokens as intended, said Collin Myers, token strategy lead at ConsenSys Codefi.
“On Activate, after users purchase SKL tokens, they can start contributing to the security and scalability of the network through staking, starting from genesis,” Myers said. “Users may be eligible to earn rewards through this activity.”
Pointing to “fantastic growth in decentralized applications and DeFi being built on Ethereum,” ConsenSys Codefi Global Co-Head Lex Sokolin said “SKALE is a major step forward for the operating progress of the Ethereum economy.”