CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino

cryptonews 2025-05-08 16:00:00

SKALE Labs Reveals New Protocol to Combat $1.8 Billion MEV Problem

SKALE Labs , the team behind Layer-1 blockchain network SKALE , has launched its BITE Protocol , the “industry’s first” consensus-level solution that works to eliminate Maximal/Miner Extractable Value ( MEV ). The SKALE team says that BITE stands for ‘Blockchain Integrated Threshold Encryption’. It prevents anybody from accessing transaction contents before a block is finalized. The protocol encrypts transactions before they enter the mempool and decrypts them after block finalization. According to the press release shared with Cryptonews , the new protocol benefits decentralized exchanges, non-fungible token ( NFT ) marketplaces, lending protocols, on-chain games, prediction markets, and real-world asset ( RWA ) tokenization platforms. Here, “transaction fairness and privacy are essential for bringing traditional assets onto blockchain networks,” the team says. Meanwhile, MEV is the maximum amount of value miners, validators, and sequencers can extract from transactions waiting for confirmations. They do this by rearranging and reordering these transactions. MEV is a well-known issue in the blockchain world. The announcement notes that MEV extraction has been responsible for over $1.8 billion since 2020. BITE Protocol works below the surface level, with its cryptographic protocol integrating threshold encryption directly into the consensus layer. Therefore, the team says, it creates a level playing field for all blockchain participants through privacy and fairness. Also, it brings blockchain transactions “in line with that of traditional finance transactions, eliminating front-running tactics that have plagued the industry as more traditional institutions enter the space.” That said, per the announcement, the BITE protocol transforms the blockchain space “from one where privileged actors can exploit ordinary users to one where everyone operates with the same information at the same time, bringing blockchain closer to the fairness expected in traditional financial markets while maintaining its decentralized nature.” You might also like Opinion: Is MEV Destroying Blockchain’s Promise of Fairness? First Jump Over 100M Monthly Transactions The SKALE team has recently published its performance data for the month of April. It described the month as “milestone-filled.” Notably, the network has surpassed 100 million transactions in a one-month period for the first time. This record, the team argues, “highlights SKALE’s ability to support high-throughput applications at zero gas cost.” Furthermore, April saw the new Block Explorer 2.2.0 go live on all SKALE Chains. The upgrade boosted UI, token and contract visibility, and chain navigation. SKALE featured in @ournetwork__ L1 report: 250M txs in Q1 9.7M active wallets 46% growth QoQ SKALE is climbing while others stall. The @Dune metrics don’t lie. pic.twitter.com/uUOmOxrcWj — SKALE (@SkaleNetwork) May 7, 2025 Next, three new titles joined the SKALE GameFi ecosystem in April, with zero gas fees. These are Cropbytes , For Loot and Glory , and GoArt Worlds . As for the first quarter, the chain’s onchain metrics increased, “despite uncertain market conditions and a drop in market participants.” SKALE generated nearly 250 million transactions and 9.7 million unique active wallets, it reported. This is a 46% and 33% quarter-over-quarter increase, respectively. Commenting on the latest launch, SKALE Labs CEO and co-founder Jack O’Holleran said that BITE Protocol “represents a watershed moment for blockchain technology.” It could make current L1 blockchain technology obsolete, he argued. “BITE Protocol encrypts consensus and completely removes MEV from blockchain, finally putting an end to front-running, sandwich attacks, time bandit attacks, and other methods of taking value from end users. Rather than applying band-aid solutions to the MEV problem, BITE addresses it at its root through cryptographic guarantees in the consensus layer itself,” O’Holleran said. Meanwhile, at the time of writing, the SKL token trades at $0.0217. It’s up 5% in a day and 15% in a month. It decreased by 10% in a week and by 70% in a year. You might also like Jack O’Holleran, CEO of SKALE Labs, on the State of Web3 Gaming and Meme Coins vs. NFTs | Ep. 346 The post SKALE Labs Reveals New Protocol to Combat $1.8 Billion MEV Problem appeared first on Cryptonews .

면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.