KL is the native token of the SKALE Network, which is an Ethereum-compatible, decentralized, and configurable Layer 2 scaling solution. The SKALE Network is designed to help developers build and run decentralized applications (dApps) with high performance and low costs.
SKL is used as the primary currency to pay for gas fees and services on the SKALE Network. Developers and validators who participate in the network can earn SKL as a reward for contributing to the security and performance of the network.
The SKALE Network is built on top of the Ethereum blockchain and is secured by a network of independent validators who stake SKL tokens to participate in block validation and earn rewards. Validators also need to provide hardware resources, such as computing power and storage, to support the network.
As with any cryptocurrency investment, there are risks associated with investing in SKL. The cryptocurrency market is highly volatile and the price of SKL can fluctuate rapidly. It is important to do your own research and consider your personal financial situation before making any investment decisions.