I got a lot of good questions today about how SKALE plans to win. Here are some thoughts:
1 - We have to keep working our hardest, be positive, and control what we can. I can personally attest that everyone in the core team, validator community, and general SKALE dev ecosystem is grinding right now. People are working early to late and leaving it all on the field. There is a lot out of our control, but we are giving it our best day and in day out to make it come together. We are pushing through the challenges and hungry for success.
2 - We need to innovate to win. I've said this a lot, but we need to have features and functionality you can't get elsewhere. Fast EVM is commoditized. BITE protocol enables Proof-of-Encryption which has the potential to change the way finance operates onchain. The plan is that BITE will not be limited to FAIR and will be available across the SKALE ecosystem. We need to get more details up in the forum and get consensus on the plan.
3 - We need to capture TVL. The plan is to do this by entering the L1 space with FAIR with a set of fully differentiated features and value props for defi builders. There are a lot of people from a lot of companies that need to coordinate and execute to make this happen. Progress is very good thus far. I'm excited to see this continue to evolve and roll out.
4 - We need to introduce BURNING in a serious way for SKALE. There are plans to deliver burn mechanisms of SKL directly into FAIR. FAIR will be one of the first dual token networks to exist where two tokens operate seamlessly to run the economics of the network. Specs for exactly how this happens and in what situations are in the midst of open source development. I'm excited to see the proposals brought forward in the near future. In addition to SKL burning in FAIR, we need to think creatively about how to start burning SKL natively in the SKALE Network. Paying for BITE protocol via burning is one great idea that has come from the dev community. Another idea is to increase chain fees, but burn the increased amount in the payment. One other phenomenal idea that was brought to the table is to create a SKL burning chain that would introduce transaction fees that burn SKL. This idea is very early, but I think it has promise as long as it doesn't impact the broader economics and value prop of SKALE. I'm looking forward to seeing this idea evolve. I've heard other great ideas as well. In general, we need to continue to evolve and optimize the network token economics.
5 - We have to continue to put developers first and listen to their needs. Product Market Fit is the name of the game. With that in mind we have to keep winning in our areas of strength. Gaming, AI, and DePin are huge categories for SKALE. We beat other projects every day in competitive situations. We have to keep doing this and do it even more. FAIR will help us do this as well as the liquidity will be directly accessible to SKALE chains via wallet and smart contract design.
Last point -- SKALE is a decentralized project and these thoughts are my own. There are many people actively working on the project in the open source community, dapp community, core team, validators, etc. I will be pushing hard to make these objectives come to fruition, but it takes a lot of hands and a lot of minds to execute in a decentralized blockchain. We need the community to come together to make it happen.
For all of you out working on SKALE everyday, I commend you and appreciate all that you do. For all of the community members supporting the project, we appreciate you more than you know. You are a major part of why we work so hard.
12.98K
66
The content on this page is provided by third parties. Unless otherwise stated, OKX TR is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX TR. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX TR is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.