Ethereum Side Chain SKALE Saves Millions in Gas Costs

According to reports, Ethereum side chain SKALE has released an ecological report for the Q1 2023 project. During the quarter, SKALE had an average of 65000 active users/wallets per month, promoting over 9 million transactions and saving over $100 million in gas costs. Since the launch of SKALE V2 in June 2022, the usage of the network has significantly increased, handling over 67 million transactions from over 415000 independent wallets.

Ethereum Sidechain SKALE Q1 Report: Monthly average active users are 65000, saving over $100 million in gas costs per month

Cryptocurrencies have taken the world by storm, with the ever-increasing number of active users and wallets on various blockchain networks. Ethereum, in particular, has been a popular choice for developers on account of its flexible smart contract functionality. Ethereum side chain SKALE has been making waves recently with its ecological report for the Q1 2023 project, revealing an astonishing number of active users/ wallets, transactions processed and gas costs saved.

The SKALE Network and Its Milestones

SKALE is an Ethereum side chain that is designed for high-speed, low-cost transactions. It is a decentralized network that hosts applications and smart contracts built on the Ethereum blockchain. The network was launched in June 2022, with its V2 protocol offering greater functionality and improved security.
Ever since its launch, the SKALE network has continued to make remarkable progress. According to the Q1 2023 report, SKALE had an average of 65,000 active users/wallets per month that produced more than 9 million transactions. These figures are a testament to the increasing popularity of the network, as more and more people see the value of its functionalities.

SKALE Saves over $100 Million in Gas Costs

One of the most compelling features of the SKALE network is that it saves users millions in gas costs. For those unfamiliar with the term, gas is the unit of fee that Ethereum users pay for executing a transaction on the network. SKALE has significantly reduced the large gas costs associated with transacting on Ethereum, helping users save over $100 million in Q1 2023 alone.

Increased Usage of the Network

Since the launch of SKALE V2 in June 2022, usage of the network has increased significantly. With over 415,000 independent wallets transacting on the network, SKALE has processed over 67 million transactions in the first quarter of 2023. These numbers indicate the tremendous growth and potential that the network has in facilitating seamless transactions for developers and business owners alike.

The Benefits of the SKALE Network

The success of the SKALE project is attributed to its ability to provide a highly scalable, flexible, and secure infrastructure. It addresses the long-standing scalability issues of the Ethereum blockchain, making it easier for developers to create high-performance dApps. In addition, the SKALE network is governed by its token holders, making it a truly decentralized platform that values community participation and trust.

Conclusion

SKALE’s ecological report for the Q1 2023 project is a clear indication of the network’s continued growth and success. With an ever-increasing number of active users/wallets, transactions conducted, and gas costs saved, the SKALE network is proving to be a game-changer in the world of Ethereum and decentralization.

FAQs

1. What is the SKALE network?
The SKALE network is an Ethereum side chain designed to provide high-speed, low-cost transactions, facilitating seamless transactions for developers and business owners alike.
2. What makes the SKALE project unique?
SKALE is unique in that it provides a highly scalable, flexible, and secure infrastructure that addresses the long-standing scalability issues of the Ethereum blockchain.
3. How much has SKALE saved its users in gas costs?
SKALE has saved users over $100 million in gas costs in Q1 2023 alone, making it an excellent solution for reducing the large fees associated with transacting on the Ethereum network.