[PRESS RELEASE – Brussels, Belgium, July 10th, 2024] SKALE is enhancing scalability and efficiency for over 10 million monthly active users, solidifying its position as one of the world’s most efficient blockchains. SKALE, the gas-less EVM-compatible modular blockchain network, today launched the Pacifica V3 upgrade which accelerates block mining speed by 108% and increases transaction throughput by 122%. Leveraging its unique modular AppChain architecture, this upgrade brings significant advancements to SKALE Network’s capabilities, including improved transaction speed and predictability, enhanced network performance, and improved developer tools. “At SKALE, the commitment to scaling through modularity since Day 1 drives every aspect of its architecture, including this
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[PRESS RELEASE – Brussels, Belgium, July 10th, 2024]
SKALE is enhancing scalability and efficiency for over 10 million monthly active users, solidifying its position as one of the world’s most efficient blockchains.
SKALE, the gas-less EVM-compatible modular blockchain network, today launched the Pacifica V3 upgrade which accelerates block mining speed by 108% and increases transaction throughput by 122%. Leveraging its unique modular AppChain architecture, this upgrade brings significant advancements to SKALE Network’s capabilities, including improved transaction speed and predictability, enhanced network performance, and improved developer tools.
“At SKALE, the commitment to scaling through modularity since Day 1 drives every aspect of its architecture, including this massive upgrade,” said Jack O’Holleran, Co-Founder and CEO of SKALE Labs. “This upgrade will make SKALE the most performant blockchain in the world in a number of major categories. SKALE is built on a founding principle of constant innovation. This upgrade underscores SKALE’s commitment to driving innovation and scalability in blockchain technology.”
Designed with both users and developers in mind, these enhancements well-position SKALE Network to onboard more impactful dApps and users without scalability being an issue. Key features include:
- 108% Increase in Block Mining Speed: Significantly accelerates the block creation process.
- 122% Increase in Transaction Throughput: Boosts the number of transactions processed per second.
- EIP-1559 Support for Type 1 & 2 Transactions: Enables automatic fee adjustments based on network demand, ensuring predictable transaction fees.
- Interchain Messaging Agent [IMA] Metrics for Enhanced Reliability: Reduces the max potential time for IMA transfers by 50%, ensuring more stable and reliable transfers.
- Improves SKALE Contract Functionality: New library integration enhances user experience with streamlined contract deployment and expanded functionality.
- Amplifies Web3 Tool Compatibility: Improves integration with web3 tools and wallets and expands developer accessibility and usability.
This upgrade means building on SKALE is now more powerful and efficient than ever: the average transactions per second (TPS) for sFUEL transfers has increased by roughly 120%, while the average block mining time has been cut in half.
“I’m excited to share the incredible advancements of the SKALE Pacifica V3 upgrade,” said Stan Kladko, Co-Founder and CTO of SKALE Labs. “With Pacifica, SKALE’s average transactions per second (TPS) for transfers has more than doubled to 300+, and block mining time is now less than 2 seconds. And, the new deployment control functionality enhances security by allowing contract owners to manage permissions more effectively, while the stability and reliability of IMA transfers have also been significantly improved.”
SKALE has integrated new wallets, including the Core Crypto Wallet & NFT Extension, and Rabby Wallet, to expand its ecosystem and provide users with more options and a smoother experience when managing digital assets.
In the forthcoming V3.1 update coming in the last half of 2024, SKALE will support all pre-deployments in “skale-contract” functionality and optimize performance through disk partitioning for chains.
In June 2024, SKALE saved users $400 million in gas fees while successfully supporting roughly 55 million transactions.
For more information, users can visit SKALE.space.
About SKALE:
SKALE Labs is the foundation behind SKALE Network, a gas-less EVM-compatible modular blockchain, which is designed to provide a world-class experience for builders of games, AI, SocialFi, and web3 applications. As of Q1 2024, SKALE Network serves over 10 million monthly active users and saves billions in monthly gas fees with its innovative modular architecture. SKALE Chains feature high performance, zero gas fees, enhanced security, and instant finality, making them ideal for a wide range of decentralized applications. With a commitment to driving the mass adoption of Web3 technologies, SKALE empowers developers and businesses to build scalable, efficient, and user-centric blockchain applications. On the SKALE network, developers can deploy their own EVM-compatible blockchain by unlocking advanced features such as AI/ML smart contracts, on-chain file storage, interchain messaging, and zero-cost minting. Harmonizing speed, security, and decentralization, SKALE Labs was founded in 2018 by Jack O’Holleran and Stan Kladko, PhD.