The SKALE Network is an “elastic” blockchain network that is designed to be interoperable with Ethereum. Ethereum compatible elastic sidechains will be the primary use of the SKALE Network.

Sidechains are operated by a group of “virtualized subnodes” that are selected from a subset of nodes within the network. These sidechains can be run using all or a subset of a node’s computation and storage capacity, which means that a single node can perform work in multiple sidechains.

Stake Now
Market Cap
$0
Price
$0.3395
Rewards
Distributed every epoch (30 days)
Slashing
n/a
Inflation
Currently variable based on percentage of tokens staked. ~11%
Unbonding
None, if tokens are unlocked (after 60 day Proof of Use delegation period)
Compounding
Rewards are manually restaked at the end of each epoch (30 days)

Optimizing Staking With Figment

Figment offers peace of mind to its customers and provides the most complete staking experience in the industry

EXPERIENCED & TRUSTED

Figment is a venture funded, registered Canadian company based in Toronto. Canada offers stability, rule of law and clear crypto regulation.

Serving the world’s largest SKL holders.

30+ years of experience successfully scaling internet infrastructure companies.


FEATURES & BENEFITS

Our Commission rate is 15%.

Active participant in the SKL ecosystem.

Third-party custody solutions are available through our institutional partners.

SECURITY & SAFETY

The world’s most advanced physical IDC + multi-cloud staking infrastructure.

You maintain custody of your SKL at all times.

Protected via industry-leading Staking & Delegation agreement.

Looking to stake over 400,000 SKL?

Get in touch with our team to discuss Prime customers advantages and unlock the full Figment experience

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Staking Guide & Instructions

Stake your SKL tokens in a few clicks by following these steps:

There are serveral ways to delegate with SKALE, if you are using Activate, you can follow the steps here.

Those more technically savvy can use Validator-CLI tool to delegate from a hardware wallet. To use the CLI, you’ll need our validator information.

The final way is through Etherscan. You can use Etherscan and Metamask to delegate through the DelegationController.sol contract on Ethereum.

  1. Click here to go to the DelegationController contract
  2. Click “Connect to Web3” button at the top.
  3. Complete the fields by entering in the following information:
  4. Validator ID
  5. Amount of SKL in Wei units (the eth-converter tool will help)
  6. Select the delegation period – currently only 2 months are allowed
  7. On the Info line type “Etherscan”
  8. Click “write”

Figment's Validator Addresses

0x82697068Ef6Be38A79AF90Efcd675e5cf792287C

Need more detailed instructions?

See full guide

SKALE Network FAQ

Where can I explore the network and create a SKALE wallet?

Black arrow

If you participated in the Activate SKALE token sale in the fall of 2020, you can stake and delegate your tokens using this guide.

You can also use Etherscan and Metamask to access the network on DelegationController.sol

Those more technically savvy can explore the network using command-line interface.

What is the name of the asset being staked?

Black arrow

The SKL token. The token can be used for staking, fees, and governance.

When is SKALE staking enabled? When are transfers enabled?

Black arrow

SKALE has enabled rewards. Transfers will depend on the token lock-up schedule.

If you purchased your tokens via the **Activate Codefi Networks auction**, you will need to stake at least 50% of your tokens for three months before you can transfer (or trade) your SKL tokens. If you acquired SKL in any other way, this Proof of Use will not apply.

Why stake SKL?

Black arrow

Good question!

Initially, the SKL is being staked to earn new issuance ("inflationary") subsidies. That means that the SKL supply will increase and stakers will capture the newly issued SKL. Generally, you will earn around 11% annually on your staked SLK, but that can change. Since staking rewards are tied to inflation, read about how inflation and rewards are related here.

Stakers will also capture fees from network transactions, so as SKALE transaction volume increases, SKL stakers will earn more than new issuance subsidies.

The SKL also gives stakers the right to vote on policy decisions for how the SKALE will operate and distribute treasury funds.

The main drivers of the SKL's value could be more than transaction fees. SKL-holders should be able to somehow extract value related to the “assets under management” that the SKALE secures (via products like DeFi). Owning staked SKL is ownership of the SKL, entitling SKL stakers to set/change the rules of the SKALE.

How long does it take to stake & unstake?

Black arrow

It will take 60 days for your staking delegation to complete and for your tokens to become liquid (ie. transferrable). If you want to delegate for longer than 60 days months, you may elect to have your stake automatically redelegated at the end of the three-month period and will be rewarded a higher amount accordingly.

Do I maintain custody of my SKL tokens? Who or what controls my staked SKL?

Black arrow

The SKALE network protocol will control staked SKL tokens automatically, however, functions involving rewards, delegating/redelegating rewards, and unstaking will be controlled by you.

Can my staked SKL be slashed (seized or destroyed)?

Black arrow

Yes. Malicious action on the network on the behalf of your validator will result in 100% token burn. Double-signing and validator downtime penalties are to be determined by on-chain governance.

How is staking income disbursed? Is staking income liquid or automatically staked?

Black arrow

Staking income on SKALE is automatically distributed every epoch (monthly). Figment is never in control of your rewards.

Staking income is staked automatically, which means you will need to unstake to withdraw your staking income.

Can I lose potential staking rewards?

Black arrow

Your potential rewards depend upon validator performance. When your validator is down, you will not be earning staking income.

Question mark icon