Delegators

Introduction

The SKALE Token [SKL] is the first ERC token with Ethereum native delegation and staking functionality. SKL is a modified ERC-777 token backward compatible with the ERC-20 standard.

Understanding the Backward Compatibility

It’s important to note that the backward compatible nature means that the SKL token can be viewed on MetaMask, found on popular CEX + DEX, etc. The ERC-777 functionality is built-on top of the core ERC-20 standard.

You may use any ERC-20 compatible wallet to hold and delegate your tokens for/into the SKALE Network. Transfers and approvals work the same in ERC-777 as in ERC-20 — the only difference is that ERC-777 allows for certain functions and checks before transfers are executed. The SKL token uses this pre-transfer function to conduct checks to ensure that tokens are not actively delegated.

Important Information

• The SKALE Token Address on the Ethereum Mainnet is: 0x00c83aeCC790e8a4453e5dD3B0B4b3680501a7A7
• GitHub Contract Code can be found here
• SKALE Audits can be found here

SKL Holder Actions

Delegations

The SKL token provides critical utility to the SKALE Network. SKL token holders have the ability to delegate their tokens to validator who in turn stake the tokens to create SKALE Nodes. Delegations help secure the network and in return receive bounty rewards. Delegators can delegate to multiple validators.

Governance

Active delegations allow the delegators to participate in the SKALE Network governance via the SKALE DAO.