Illustration from Freepik

On September 14, ConsenSys announced the conclusion of SKALE Network’s token sale.

According to the announcement, individuals who participated will receive their SKL tokens on September 24 and will be able to immediately start staking on the Codefi Activate platform to earn rewards for their help in securing the SKALE Network. The company claimed that at present, over 50 dapps are currently building on SKALE, including video games, streaming audio, and more.

Moreover, 21 validators, who have previously participated in onboarding and training, are said to be ready to run Phase 1 and 2 of the SKALE Network mainnet. The newly-added SKL token holders will be able to select from these validators and earn potential rewards.

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In the announcement, ConsenSys claimed that the Layer-2 ethereum-as-a-service solution will provide developers with access to fast, secure, and easy to configure chains, with lower gas fees than what users are now paying on the Ethereum Mainnet.

ConsenSys shared their contentment with the token sale’s success and stated:

“At ConsenSys, we believe that establishing global standards for utility token offerings is the best way at creating fair token distributions, as well as the legal and regulatory ambiguity that decentralized projects entail. Activate’s Token Launch Standards ensured that only the most qualified networks were selected and launched in the most accessible, transparent, and fair manner.”

With adherence to a more compliant KYC policy, the company said that the final number of approved participants was brought to 4,533 with $53,300,000 in purchase intent, which was supposedly more than ten times the token availability.

According to ConsenSys, rather than letting a few participants scoop up all the tokens and risk the security of the network, the sale aimed to have the “most number of individual participants possible”, in order to make SKALE a self-sustaining endeavor.

“Bringing its utility token to a global audience is equally important to SKALE, as their technology will be a crucial scalability platform for Ethereum, helping take user adoption of Ethereum-based applications to 1 billion people.”

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