Chainwire Achieves 122% Increase in Transaction Throughput and 108% Acceleration in Block Mining Speed

Brussels, Belgium, July 10th, 2024

SKALE is enhancing scalability and efficiency for over 10 million monthly active users, reinforcing its status as one of the most efficient blockchain networks globally.

The gas-less, EVM-compatible modular blockchain network has unveiled the Pacifica V3 upgrade, which boosts block mining speed by 108% and increases transaction throughput by 122%. This upgrade, built on SKALE’s unique modular AppChain architecture, introduces crucial enhancements, including faster transaction speeds, improved network performance, and better tools for developers.

Jack O’Holleran, Co-Founder and CEO of SKALE Labs, remarked, "At SKALE, our commitment to scaling through modularity from Day 1 drives every aspect of our architecture, including this significant upgrade. This will position SKALE as the most performant blockchain in a variety of important areas. Our foundation is built on constant innovation, which this upgrade reflects, showcasing our dedication to enhancing scalability and innovation in blockchain technology."

With advancements tailored for both users and developers, SKALE Network is poised to onboard more impactful decentralized applications (dApps) and users without facing scalability hurdles. Notable features of the upgrade include:

• 108% Increase in Block Mining Speed: This improvement greatly accelerates the block creation process.
• 122% Increase in Transaction Throughput: This enhancement allows for a higher number of transactions processed per second.
• EIP-1559 Support for Type 1 & 2 Transactions: This feature automatically adjusts fees based on network demand, ensuring predictable costs.
• Interchain Messaging Agent (IMA) Metrics for Enhanced Reliability: This reduces the maximum potential time for IMA transfers by 50%, resulting in more stable and reliable transfers.
• Improved SKALE Contract Functionality: New library integration enhances the user experience with streamlined contract deployment and expanded capabilities.
• Enhanced Compatibility with Web3 Tools: This boosts integration with Web3 tools and wallets, facilitating better accessibility and usability for developers.

The Pacifica V3 upgrade signifies an exceptionally powerful and efficient building experience on SKALE; the average transactions per second (TPS) for sFUEL transfers has risen by approximately 120%, while the average block mining time has been halved. Stan Kladko, Co-Founder and CTO of SKALE Labs, expressed excitement about the advancements, stating, “With Pacifica, SKALE’s average TPS for transfers has surpassed 300, and block mining time is now below 2 seconds. The new deployment control functionality enhances security, allowing contract owners to manage permissions more effectively, and IMA transfer stability and reliability have also notably improved.”

In its effort to broaden the ecosystem and enhance user experience, SKALE has integrated new wallets, including the Core Crypto Wallet and NFT Extension, as well as Rabby Wallet for seamless digital asset management.

Looking ahead, the V3.1 update planned for late 2024 will support all pre-deployments with "skale-contract" functionality and optimize performance through improved disk partitioning.

In June 2024, SKALE managed to save its users $400 million in gas fees while supporting approximately 55 million transactions.

About SKALE:

SKALE Labs is the driving force behind SKALE Network, a gas-less EVM-compatible modular blockchain designed to deliver an exceptional experience for developers of games, AI, SocialFi, and Web3 applications. As of Q1 2024, SKALE Network caters to over 10 million monthly active users, achieving significant savings in gas fees through its innovative modular architecture. The SKALE Chains offer high performance, zero gas fees, enhanced security, and instant finality, making them ideal for a wide array of decentralized applications. Committed to promoting the mass adoption of Web3 technologies, SKALE enables developers and businesses to create scalable, efficient, and user-focused blockchain applications. On the SKALE network, developers can deploy their own EVM-compatible blockchains with advanced features such as AI/ML smart contracts, on-chain file storage, and zero-cost minting. Founded in 2018 by Jack O’Holleran and Stan Kladko, PhD, SKALE Labs harmonizes speed, security, and decentralization to foster innovation in the blockchain landscape.