Singapore, Singapore, April 3, 2024, warp thread
Backed by leading web3 founders including EigenLayer, Polygon, Manta, Axelar, Pendle, A41 and Galxe, Skate supports its vision to make web3 efficient for a modular future by solving application fragmentation
Range Protocol, a unified liquidity provisioning platform, today announced the launch of Skate, the universal application layer that enables apps to run on thousands of single-state chains.
Designed with an intent-driven approach, Skate aims to efficiently address application fragmentations as a single hub for all code deployment across all chains. Backed by leading web3 players including EigenLayer, Polygon, Manta, Axelar, Biconomy, Pendle, A41, Vertex, Navi, Galxe, Pontem and more, Skate will deliver on its vision with faster finality and universal applicability, paving the way for launching its mainnet within the year.
In today’s multi-chain landscape, applications face pressing needs to deploy, adapt, and maintain across an increasing number of chains. Skate introduces the concept of a Universal Application Scope, where essential applications are collectively developed and maintained in a shared pool that is accessible to all chains – regardless of the underlying virtual machine environment. Skate allows users and developers to efficiently and instantly access thousands of chains by interacting with a single application instance.
Siddharth Lalwani, co-founder and CEO of Range Protocol shared: “The rise of modularity led to innovations such as improved throughput and lower transaction costs. However, it also brought its own challenges, most notably application fragmentation. Skate introduces the concept of the Universal Application Layer, where essential applications are jointly developed and maintained in a shared pool that is accessible to all chains. This ensures that the fundamental needs of builders and users are efficiently met, allowing each chain to focus on creating value-added services and laying the building blocks for a modular future.”
Move from duplication to innovation: one skate, one state
Skate is the only intent-driven application layer in the ecosystem, allowing applications to use thousands of chains and different tech stacks simultaneously through a single interface. Skate bypasses duplication of deployments and works as a hub to deploy, develop, and maintain a single version of smart contracts, while serving users across chains.
One of Skate’s key innovations is embedding interoperability within the application logic, reversing the legacy approach of building apps first and then integrating interoperability. Skate ensures that all applications are created with interoperability as a fundamental part, streamlining the development process and eliminating the need to bridge assets, but also significantly improving the user experience by providing a fluid, interconnected ecosystem where transactions and information move effortlessly between chains flow.
Apart from the underlying interoperability networks, Skate will be connected to all blockchains via Fast Finality Network, secured by EigenLayer actively validated service (AVS), to transmit Skate state attestations with sufficient confidence minimized assumptions. This ensures instantaneous intent-driven settlements across the chain and reduces slippage in executing transactions, while eliminating unnecessary complexity from the end-user perspective.
Securing the modular future, powered by Web3 pioneers
The launch of Skate is supported by buy-ins from leading web3 players including EigenLayer, Polygon, Manta, Axelar, Biconomy, Pendle, A41, Vertex, Navi, Galxe, Pontem and more. Forged by the same team of financial engineers and web3 developers behind Range Protocol, a unified liquidity provision platform covering major DeFi asset classes, the Skate team brings deep cumulative experience from leading companies such as Altonomy, Point72, Bybit, Certik and Citigroup. Skate’s launch also follows Range Protocol’s $3.75 million seed round last year, led by HashKey Capital and Nomad Capital. In the coming months, Skate plans to introduce Testnet campaigns to community members with unique incentives. To stay up to date with Skate and the upcoming testnet campaigns, make sure you follow their Twitter: https://twitter.com/skate_chain.
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Siddharth Lalwani, co-founder and CEO of Range Protocol is available for an interview.
About Range Protocol and Skate
Backed by a robust on-chain trading infrastructure, Range Protocol is a unified liquidity provision platform. Leveraging advanced expertise and professional strategies, Range Protocol covers the major DeFi asset classes through its vault offering. Combining the best of automated market makers (AMMs) and request-for-quote (RFQ), Range Protocol enables sound decision-making and optimized strategies for the next generation of investors – without the need for middlemen.
Forged by a team of financial engineers and web3 developers with extensive skills in crypto trading, Range Protocol brings deep experience with leading companies such as Altonomy, Point72, Bybit, Certik and Citigroup. The most recent $3.75 million seed round was led by HashKey Capital and Nomad Capital.
The reach now extends to Skate, the universal application layer that enables apps to run on thousands of single-state chains. Skate was born realizing the limitations of the existing on-chain trading infrastructure, which deploys repetitive blocks on each new chain. Backed by innovation, Skate delivers fast finality across all chains, secured by EigenLayer Active Validated Service (AVS), and acts as a single hub for all code deployments. Skate separates assets from prices and introduces the concept of a Universal Application Scope, where essential applications are collectively developed and maintained in a shared pool that is accessible to all chains – regardless of the underlying virtual machine environment. Skate solves the fragmentation of dApp/chain liquidity in a modular web3 landscape and ensures fundamental needs are fulfilled efficiently, allowing each chain to focus on creating unique value-added services.
For more information please visit:
Website: http://skatechain.org/
Twitter/X: https://twitter.com/skate_chain
Contact
Skate/Range Protocol
reach@wachsman.com