Research Summary
The report provides a comprehensive overview of the state of SKALE in Q2 2023. SKALE is a Layer-1 sidechain framework with pooled security, primarily targeting gaming and retail use cases. The report highlights key developments such as the introduction of a token-based governance system, the announcement of Levitation Protocol and SKALE G, and the increased usage of the Nebula gaming Hub. Despite a volatile crypto market, SKALE’s real yield was positive at 5% by the end of Q2 2023.
Actionable Insights
- Token-Based Governance: SKALE introduced a token-based governance system using the off-chain voting platform Snapshot, which could reverse the downward trend in the percent of supply staked seen in Q2 2023.
- Levitation Protocol and SKALE G: These protocols, which will bring zk-rollups to the SKALE network, are estimated to launch on mainnet in Q4 2023.
- Nebula Gaming Hub: The hub’s average daily transactions and active addresses increased QoQ by 422% and 69%, respectively, driven by the launches of games, most notably Untitled Platformer.
- Market Position: Despite a 29% QoQ decrease in SKL’s market cap to $118 million, SKALE’s market cap rank among all cryptocurrencies slightly fell from 168th to 171st.
