Activate’s Token Launch Standards ensured that only the most qualified networks were selected and launched in the most accessible, transparent, and fair manner. Adherence to a more compliant KYC policy brought the final number of approved participants to 4,533 with $53,300,000 in purchase intent, which was more than ten times the total token availability. Rather than let a handful of whales scoop up all the tokens and potentially dump them later, or dominate the network rewards, the sale aimed to have the most number of individual participants possible and make the SKALE Network 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.
The breadth of participation is even more powerful because all purchasers are programmatically and contractually required to actually use the tokens for their intended purposes on the SKALE Network. This “Proof of Use” requirement means that token holders cannot transfer their tokens for any reason other than to participate in and bootstrap the network. Once the users have done so, for example by staking for at least 60 days, only then will their tokens become unlocked.
What’s Next
All tokens will be distributed on September 24th. Purchasers will immediately be able to claim and stake their tokens on the Activate platform and ahead of the first epoch commencing on October 1st. Stay tuned for the release for the Activate staking guide and FAQ.
