Financing 4.75 million dollars! Skate launches on Binance: 45.5% of tokens allocated to the community, a quick overview of Skate

Skate addresses the fragmentation issue of the Web3 multi-chain ecosystem through technological innovation, and promotes value capture from Liquidity Providers to protocol users.

Written by: White55, Mars Finance

On June 9, 2025, at 18:00 (UTC+8), the leading global cryptocurrency trading platform Binance Alpha will launch trading for the Skate (SKATE) token. This marks the official entry of the first full-chain application layer protocol based on a stateless architecture into the mainstream market. As the first active validation service (AVS) project in the EigenLayer ecosystem to achieve real yield distribution, Skate not only addresses the fragmentation issues of the Web3 multi-chain ecosystem but also, through deep innovation in token economics, shifts value capture from Liquidity Providers (LP) to the actual users of the protocol, ushering in an era of "Unified Liquidity" in cross-chain finance.

1. Team and Financing: The "Chain Abstraction" Breakthrough Supported by Top-tier Capital

In the multi-chain fragmentation dilemma of the Web3 world, the birth of Skate is by no means a coincidence. Its founders Siddharth Lalwani and Tony Sun form a combination that can be described as the "double helix of financial engineering and protocol development" — the former is a quantitative model expert from Nanyang Technological University in Singapore, who led the algorithm optimization of high-frequency trading systems; the latter is a crossover operator between traditional finance and the crypto market, having served as the head of spot trading at Blockchain.com and the head of institutional business at Altonomy, managing over $3 billion in on-chain asset management. This "tech geek + capital hunter" gene allows Skate to precisely address the dual needs of institutions and retail investors from the very beginning.

The financing journey highlights its capital appeal:

• In September 2023, a $3.75 million seed round financing was led by top Asian venture capital HashKey Capital and Silicon Valley newcomer Nomad Capital, with follow-on investments from Mirana Ventures, Spark Digital Capital, etc., focusing on the development of stateless architecture.
• In March 2025, the community round financing of 1 million USD was completed, with funds used for the expansion of the ecological incentive pool and optimization of the developer toolchain, strengthening decentralized governance;
• The total financing amount reached 4.75 million USD, with institutional resources deeply integrating the EigenLayer and Hyperlane ecosystems. For example, its AVS (Active Verification Service) has connected to the EigenLayer re-staking module, where verification nodes need to pledge ETH to participate in cross-chain security verification.

Capital support not only brings funding but also drives technology implementation: Skate has become the first AVS to achieve real yield distribution on EigenLayer, with 30% of the protocol revenue directly distributed to re-stakers, rather than relying on token inflation incentives, laying the foundation for long-term sustainability.

2. Technical Architecture: Stateless Paradigm Reconstruction of Cross-Chain Interaction Logic

The technological revolution of Skate lies in its "stateless architecture" design, which directly addresses the three major pain points of the multi-chain ecosystem: liquidity fragmentation, high development costs, and a user experience that is inhumane. Its core technology module forms the "golden triangle of cross-chain interaction":

1. Global Application Logic Layer: Penetrating the Virtual Machine's "Unified Execution Environment"

By building a Universal Application Scope, Skate achieves global synchronization of multi-chain application states. Developers only need to deploy smart contracts in a single environment, and they can automatically scale to over 30 heterogeneous chains such as EVM, Solana VM, Move VM, etc., without the need for repeated audits or guiding liquidity. This design reduces cross-chain development costs by 70% and increases TVL (Total Value Locked) utilization by 3 times.

2. Skate AMM: The "Real-time Arbitrage Engine" for Liquidity Aggregation

As the core middleware of the protocol, Skate AMM achieves dynamic aggregation of multi-chain liquidity through the global Bitmap model:

• Unified Price Curve: Anchored to the deep liquidity pool of the Ethereum mainnet, synchronizing pricing between EVM and non-EVM chains, eliminating liquidity premiums for new chains;
• Automatic Rebalancing Mechanism: Based on the Hyperlane messaging layer, it monitors cross-chain price differences in real-time and triggers arbitrage, reducing stablecoin cross-chain slippage to 0.15% (industry average 1.2%);
• MEV Revenue Redistribution: 50% of captured arbitrage profits are distributed to Liquidity Providers, 30% is used for repurchasing and burning SKATE, and 20% rewards AVS nodes, forming a value closed loop.

3. Intent-Based Execution

Users sign interaction intentions on the original chain (e.g., "Purchase 1000 ETH at a price of ≤1.01 USD"), which are automatically matched to the optimal path by a decentralized executor network. This network combines the penalty mechanism of EigenLayer AVS with zero-knowledge proof (ZKP) verification, compressing cross-chain transaction confirmation time to 3 seconds, with Gas costs only 40% of the industry average.

3. Product Progress: From Beta Testing to Ecological Explosion

Since the mainnet launch in Q4 2024, Skate has achieved key milestones:

• Trading Volume: The cumulative cross-chain transaction volume has exceeded 1.2 billion USD, with an average of 43,000 active addresses daily, and institutional users account for 38% (including market makers, RWA protocols, and stablecoin issuers);
• Ecological Integration: Become the default Liquidity layer for emerging chains like Plume Network and Eclipse, and collaborate with Polygon CDK to launch a cross-chain yield-bearing asset protocol;
• RWA Breakthrough: Provide cross-chain liquidity support for pUSD, a RWA-pegged stablecoin issued by Plume, increasing its TVL utilization by 240%;
• Telegram Integration: The Telegram mini-application will be launched in Q1 2025, allowing users to complete cross-chain transactions directly in the chat interface, with a conversion rate exceeding 52% during the testing phase.

It is worth noting that Skate's AVS node count has surpassed 23,000 ETH in re-staking volume, validating the market's recognition of its security model. Compared to traditional cross-chain protocols (such as LayerZero and Wormhole), Skate's cross-VM compatibility and stateless architecture establish differentiated barriers in the RWA and stablecoin tracks.

Four, Token Economics: Community-Driven Value Flywheel

The SKATE token adopts a deflationary model, with an initial total supply of 1 billion (maximum supply of 1.2 billion), and the distribution mechanism highlights the "anti-VC narrative":

• Community Incentives: 45.5% for trading rewards, governance participation, and Liquidity mining;
• Ecological Fund: 18% supports developer funding and strategic cooperation;
• Team and Advisors: 10% distributed over 4 years with linear unlocking to ensure long-term interest alignment;
• Initial Airdrop: 10% reward for early testnet users and Alpha point holders.

The value capture path is ingeniously designed, forming a triple enhancement loop:

• Fee Sharing: 30% of the protocol revenue is used to buy back and burn SKATE, and 20% is distributed to xSKATE stakers (locked tokens);
• Governance Power Premium: xSKATE holders can vote to determine the emission weights of different on-chain liquidity pools, directly affecting cross-chain transaction fees;
• AVS Staking Demand: Validator nodes need to stake SKATE to participate in EigenLayer re-staking, rigid demand drives token deflation.

Five, Expected Launch: Short-term Volatility and Long-term Value Anchor

Combining the Binance Alpha launch event with the market environment, the value game of SKATE will present three major stage characteristics:

1. Short-term (0-3 months): Airdrop effect and leverage game

• Sell Pressure Test: The 10% airdrop allocation of Binance Alpha may trigger initial sell pressure, but the xSKATE staking APY (initially estimated at 160%-220%) and the EigenLayer re-staking yield (annualized 8%-12%) provide price support;
• Contract Leverage Effect: Binance's 50x perpetual contract launch may attract high-frequency funds and amplify volatility. According to MEXC's pre-market trading data, SKATE has risen by 33% to $0.2, with market sentiment leaning towards bullish.

2. Mid-term (3-12 months): Ecological synergy and RWA narrative

• TON Ecosystem Integration: The tens of millions of users from Telegram mini-apps may lead to a surge in trading volume;
• RWA Expansion: The collaboration with Plume Network has demonstrated its efficiency advantages in cross-chain real assets, and the entry of institutions like BlackRock may catalyze an explosion in this sector.

3. Long-term (more than 1 year): AVS adoption rate and regulatory game

EigenLayer ecological dividends: If the re-staking scale of EigenLayer exceeds 10 million ETH, the protocol revenue of Skate will grow exponentially.

Regulatory Adaptability: The scrutiny of cross-chain protocols by the US SEC is tightening, but the team's Singapore compliance framework (MPI license) may serve as a risk buffer.

Conclusion: Capital never sleeps, cross-chain has no end.

Skate's ambitions go beyond technological breakthroughs; they aim to reconstruct the value distribution paradigm of Web3. Its stateless architecture and AVS real yield model are pushing cross-chain interactions from "multi-chain coexistence" to a new era of "chain abstraction." Despite facing competition from products like Polymer and LayerZero, SKATE may become an infrastructure-level asset in the multi-chain era, backed by a clear token model, institutional endorsement, and early ecosystem momentum.

For investors, it is essential to closely monitor three key indicators: xSKATE staking rate (if the locked position ratio exceeds 30%, it indicates the flywheel is starting), AVS node count (reflecting the protocol's security premium), and RWA protocol TVL growth rate (determining the fundamental support). Capital never sleeps, but only those who penetrate the technical fog and grasp the essence of value can achieve alpha in the cross-chain wave.