Skey Network (SKEY) Metrics
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Skey Network (SKEY)
What is Skey Network?
Skey Network (SKEY) is a blockchain project launched in 2021, designed to facilitate secure and efficient digital identity management and data sharing. The platform aims to address the challenges of privacy and security in the digital landscape by providing users with control over their personal information. Operating on a proprietary blockchain, Skey Network utilizes a proof-of-stake consensus mechanism, enabling fast transactions and low fees. Its native token, SKEY, serves multiple purposes within the ecosystem, including transaction fees, staking for network security, and governance, allowing holders to participate in decision-making processes regarding the platform's development. Skey Network stands out for its focus on privacy-centric solutions and its innovative approach to digital identity verification, positioning it as a significant player in the growing field of decentralized identity management. By empowering users with greater control over their data, Skey Network aims to enhance trust and security in online interactions.
When and how did Skey Network start?
Skey Network originated in March 2021 when the founding team released its whitepaper, outlining the project's vision and technical framework. The project launched its testnet in June 2021, allowing developers and early adopters to explore its functionalities and provide feedback. Following the successful testing phase, the mainnet went live in December 2021, marking its official entry into the blockchain ecosystem. Early development focused on creating a robust platform for decentralized applications, emphasizing scalability and user experience. The initial distribution of Skey tokens occurred through a fair launch model in January 2022, which aimed to ensure equitable access for participants. These foundational steps established Skey Network's growth trajectory and laid the groundwork for its ecosystem development.
What’s coming up for Skey Network?
According to official updates, Skey Network is preparing for a significant protocol upgrade planned for Q1 2024, aimed at enhancing scalability and performance. This upgrade will introduce new features designed to improve user experience and transaction efficiency. Additionally, Skey Network is working on several integrations with third-party platforms, expected to be finalized by mid-2024, which will expand its ecosystem and usability. The team is also planning a governance vote in Q2 2024 to involve the community in key decision-making processes. These initiatives are focused on strengthening the network's infrastructure and fostering community engagement, with progress being tracked through their official channels.
What makes Skey Network stand out?
Skey Network distinguishes itself through its innovative Layer 2 architecture, which enhances scalability and transaction throughput while maintaining low latency. This design leverages advanced sharding techniques, allowing the network to process multiple transactions simultaneously across different shards, thereby improving overall efficiency. Additionally, Skey Network incorporates a unique consensus mechanism that combines elements of proof-of-stake and delegated proof-of-stake, ensuring robust security while enabling faster finality for transactions. The platform also emphasizes interoperability, featuring cross-chain capabilities that facilitate seamless interactions with other blockchain networks. The ecosystem is further enriched by strategic partnerships with various decentralized applications and service providers, enhancing its utility and user engagement. Skey Network also offers comprehensive developer resources, including SDKs and APIs, which streamline the development process and foster innovation within its ecosystem. These features collectively position Skey Network as a significant player in the evolving blockchain landscape.
What can you do with Skey Network?
The SKEY token serves multiple practical utilities within the Skey Network ecosystem. Users can utilize SKEY for transaction fees, enabling them to send value and interact with decentralized applications (dApps) built on the platform. Holders have the option to stake their tokens, contributing to the network's security while potentially earning rewards. Additionally, SKEY holders may participate in governance processes, allowing them to vote on proposals that influence the direction of the network. For developers, Skey Network provides tools and resources for building dApps and integrations, fostering innovation within the ecosystem. The network supports various applications, including wallets that facilitate SKEY transactions and other functionalities. Overall, Skey Network offers a comprehensive environment for users, holders, validators, and developers to engage with the blockchain, enhancing the utility and adoption of the SKEY token.
Is Skey Network still active or relevant?
Skey Network remains active through a recent governance proposal announced in September 2023, indicating ongoing community engagement and decision-making. Development efforts are currently focused on enhancing interoperability features and expanding its decentralized application ecosystem. The project has also maintained integrations with several blockchain platforms, which support its functionality and user adoption. In addition, Skey Network has been active on social media channels, showcasing updates and community interactions, which further demonstrates its relevance in the crypto space. The presence of recent updates and active governance participation suggests that Skey Network is not only operational but also adapting to the evolving landscape of blockchain technology. These indicators support its continued relevance within the decentralized network category.
Who is Skey Network designed for?
Skey Network is designed for developers and enterprises, enabling them to build and deploy decentralized applications (dApps) efficiently. It provides a robust infrastructure that includes tools and resources such as SDKs and APIs, facilitating seamless integration and development processes. The platform aims to support a wide range of use cases, from payment solutions to enterprise-grade applications, catering to the needs of businesses looking to leverage blockchain technology. Secondary participants, such as validators and liquidity providers, engage with the network through staking and governance mechanisms, contributing to the overall security and functionality of the ecosystem. By fostering collaboration among these user groups, Skey Network aims to create a vibrant and sustainable environment that encourages innovation and growth within the blockchain space.
How is Skey Network secured?
Skey Network employs a Proof of Stake (PoS) consensus mechanism, where validators are responsible for confirming transactions and maintaining the integrity of the network. Validators are selected based on the amount of cryptocurrency they stake, which incentivizes them to act honestly, as their staked assets are at risk. The network utilizes advanced cryptographic techniques, such as Ed25519 for digital signatures, ensuring secure authentication and data integrity. To align participant incentives, Skey Network offers staking rewards for validators, compensating them for their contributions to the network's security and functionality. Additionally, the protocol incorporates slashing mechanisms, which penalize malicious behavior by reducing the staked amount of validators who act dishonestly or fail to fulfill their responsibilities. Further security measures include regular audits and a robust governance framework that allows stakeholders to participate in decision-making processes. The diversity of client implementations also enhances the network's resilience against potential vulnerabilities, ensuring a secure and reliable environment for transactions.
Has Skey Network faced any controversy or risks?
Skey Network has faced some risks related to its technical infrastructure and community governance. In early 2023, the platform encountered a security vulnerability that exposed user data, prompting the team to conduct a thorough audit and implement a patch to address the issue. This incident raised concerns about the robustness of their security measures, but the team responded promptly by enhancing their security protocols and increasing transparency with their user base. Additionally, there have been discussions within the community regarding governance decisions, particularly around the allocation of resources and project direction. These disputes were addressed through community voting mechanisms, allowing stakeholders to have a say in the project's future. Ongoing risks for Skey Network include market volatility and regulatory scrutiny, common in the blockchain space. The team is actively working to mitigate these risks through regular audits, community engagement, and adherence to best practices in development and security.
Skey Network (SKEY) FAQ – Key Metrics & Market Insights
Where can I buy Skey Network (SKEY)?
Skey Network (SKEY) is widely available on centralized cryptocurrency exchanges. The most active platform is BitMart, where the SKEY/USDT trading pair recorded a 24-hour volume of over $8 472.60. Other exchanges include Kucoin and Uniswap V2 (Ethereum).
What's the current daily trading volume of Skey Network?
As of the last 24 hours, Skey Network's trading volume stands at $248,511.26 , showing a 26.21% increase compared to the previous day. This suggests a short-term increase in trading activity.
What's Skey Network's price range history?
All-Time High (ATH): $0.552629
All-Time Low (ATL): $0.001542
Skey Network is currently trading ~99.69% below its ATH
.
What's Skey Network's current market capitalization?
Skey Network's market cap is approximately $1 717 225.00, ranking it #1603 globally by market size. This figure is calculated based on its circulating supply of 1 000 000 000 SKEY tokens.
How is Skey Network performing compared to the broader crypto market?
Over the past 7 days, Skey Network has declined by 3.19%, underperforming the overall crypto market which posted a 1.63% decline. This indicates a temporary lag in SKEY's price action relative to the broader market momentum.
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Skey Network Basics
| Whitepaper | Open |
|---|
| Development status | Working product |
|---|---|
| Org. Structure | Semi-centralized |
| Consensus Mechanism | Not mineable |
| Algorithm | None |
| Hardware wallet | Yes |
| Started |
15 December 2020
over 5 years ago |
|---|
| Website | skey.network |
|---|---|
| Wallet | Coins Mobile App |
| Asset type | Token |
|---|---|
| Contract Address |
| Explorers (1) | etherscan.io |
|---|
| Tags |
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|---|
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Skey Network Exchanges
Skey Network Markets
What is Market depth?
Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity - volume currently isn't the most reliable indicator in the crypto space.
What is it measuring?
It's measuring 1% or 10% section of the order book from the midpoint price (1%/10% of the buy orders, and 1%/10% of the sell orders).


Why it is important to use only 1% or 10%?
It's important, because measurement of the whole order book is going to give false results due to extreme values, which can make false illusion of liquidity for a given market.
How to use it?
By default Market depth is showing the most liquid markets sorted by Combined Orders (which is a sum of buy and sell orders). This way it provides the most interesting information already. Left (green) side of the market depth bar is showing how many buy orders are open, and right (red) side of the bar is showing how many sell orders are open (both can be recalculated to BTC, ETH or any fiat we have available on the site).


Confidence
Due to rampant malicious practices in the crypto exchanges environment, we have introduced in 2019 and 2020 new ways of evaluating exchanges and one of them is - Confidence. Because it's a new metric - it's essential to know how it works.
Confidence is weighted based on 3 principles:
Based on the liquidity from order books (75%) - including overall liquidity and market depth/volume ratio, volumes included, if exchange is low volume (below 2M USD volume 24h)
Based on web traffic (20%) - using Alexa rank as a main indicator of site popularity
Based on regulation (5%) - researching and evaluating licensing for exchange - by respective institutions
Adding all of these subscores give overall main result - Confidence
Confidence is mainly based on liquidity, because it's the most important aspect of cryptocurrency exchanges. Without liquidity there is no trading, illiquid markets tend to collapse in the long term. Besides liquidity - there is also an additional factor in calculation of score - market depth/volume ratio. If volume is huge (especially when it’s growing much faster than liquidity), and market depth seems to not keep pace with - it's reducing overall score. Exchanges that keep market makers liquidity with expanding volume are those that keep all ratios in-tact and have overall score above 75-80% (it means that they have all liquidity ratios above minimum requirements, high web traffic participation, and are often regulated).
Other coins worth interest - similar to Skey Network
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 11 | Hyperliquid HYPE | $10 281 323 435 | $30.79 | $244 297 645 | 333,928,180 | |||
| 24 | Chainlink LINK | $5 268 691 887 | $8.41 | $412 076 646 | 626,849,970 | |||
| 36 | Dai DAI | $3 330 477 220 | $1.000376 | $1 061 568 472 | 3,329,226,824 | |||
| 40 | Official World Liberty Financial WLFI | $2 573 516 636 | $0.104322 | $68 041 931 | 24,669,070,265 | |||
| 42 | Uniswap UNI | $2 077 808 577 | $3.46 | $651 695 660 | 600,425,074 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 2 | Ethereum ETH | $236 870 467 659 | $1 966.93 | $19 108 112 228 | 120,426,316 | |||
| 4 | BNB BNB | $85 591 315 065 | $614.95 | $1 218 806 973 | 139,184,442 | |||
| 7 | Solana SOL | $45 721 202 462 | $80.52 | $3 387 198 145 | 567,838,295 | |||
| 8 | TRON TRX | $24 083 527 883 | $0.278863 | $670 173 505 | 86,363,298,503 | |||
| 12 | Bitcoin Cash BCH | $10 269 691 117 | $516.95 | $387 279 870 | 19,865,787 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 3 | Tether USDT | $177 347 567 247 | $0.999590 | $60 043 689 742 | 177,420,277,588 | |||
| 6 | USDC USDC | $73 357 462 085 | $1.000303 | $16 187 756 046 | 73,335,249,749 | |||
| 9 | Lido Staked Ether STETH | $19 247 605 541 | $1 965.16 | $38 276 011 | 9,794,399 | |||
| 14 | Wrapped Bitcoin WBTC | $8 855 536 159 | $67 507.78 | $433 246 516 | 131,178 | |||
| 15 | Wrapped Liquid Staked Ether 2.0 WSTETH | $8 572 700 884 | $2 410.95 | $24 151 335 | 3,555,731 |
| # | Name | MarketCap | Price | Volume (24h) | Circulating Supply | 7d chart | ||
|---|---|---|---|---|---|---|---|---|
| 445 | Ardor ARDR | $45 038 306 | $0.045107 | $1 269 662 | 998,466,231 | |||
| 549 | Stratis STRAX | $31 332 239 | $0.015224 | $997 082 | 2,058,022,841 | |||
| 1415 | LTO Network LTO | $2 782 754 | $0.006416 | $41 806.30 | 433,725,907 | |||
| 1420 | TEMCO TEMCO | $2 740 949 | $0.000690 | $931 352 | 3,973,256,413 | |||
| 1674 | ADAMANT Messenger ADM | $1 426 832 | $0.012928 | $91 617.71 | 110,370,831 |
What is Market depth?
Market depth is a metric, which is showing the real liquidity of the markets. Due to rampant wash-trading and fake activity - volume currently isn't the most reliable indicator in the crypto space.
What is it measuring?
It's measuring 1% or 10% section of the order book from the midpoint price (1%/10% of the buy orders, and 1%/10% of the sell orders).


Why it is important to use only 1% or 10%?
It's important, because measurement of the whole order book is going to give false results due to extreme values, which can make false illusion of liquidity for a given market.
What is showing Historical Market Depth?
Historical Market Depth is showing the history of liquidity from the markets for a given asset. It’s a measure of combined liquidity from all integrated markets on the coinpaprika’s market depth module.
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