Research Report｜In-depth Analysis of Skate & $SKATE Valuation

远山洞见2025/06/10 03:43

By:远山洞见

I. Project Overview

Skate is a stateless, cross-virtual machine (VM) unified execution layer designed to solve fundamental issues in the current Web3 infrastructure—namely fragmentation, redundant deployments, and liquidity dispersion. It enables developers to deploy application logic once and have it run seamlessly across major VM environments including EVM, Solana VM, Move VM, and TON VM. Users can interact natively on any supported chain without the need for bridges or wallet switching, realizing true “application unification and consistent user experience.”

Research Report｜In-depth Analysis of Skate & $SKATE Valuation image 0

Skate’s architecture follows a three-layer model of intent-driven interaction + decentralized execution + AVS verification. Users sign intent messages on their native chains, while Skate Executors carry out the execution across chains. Execution validity and Sybil resistance are ensured by EigenLayer's AVS (Actively Validated Services). This design avoids asset transfers and state duplication, significantly lowering developer costs for multi-chain deployment and maintenance.

On the liquidity layer, Skate AMM introduces a shared pricing state system across VMs, enabling unified cross-chain quotes and dynamic rebalancing. Already integrated with multiple major chains, Skate AMM has surpassed $100M in cumulative trading volume. It supports cross-chain pricing and liquidity routing for Plume Network’s stablecoin pUSD—addressing liquidity depth and slippage issues for multi-chain stablecoin deployments and opening cross-chain opportunities for RWA protocols.

Most notably, Skate is the first AVS project on EigenLayer to generate real, on-chain protocol revenue. All fees are derived from actual on-chain transactions and distributed periodically to restakers based on usage. This creates a self-sustaining model of “high-frequency trading-driven income loop,” validating Skate’s product-market fit and offering a replicable blueprint for monetizing AVS protocols.

As Web3 transitions toward unified execution and seamless chain interoperability, Skate is rapidly positioning itself as the default infrastructure layer for next-generation multi-chain applications, cross-chain assets, and RWA protocols. With its TGE on the horizon, it is drawing increasing attention and may become a key reference model in the modular AVS infrastructure track.

II. Key Highlights

1. Stateless Execution Across VMs: Breaking Multi-chain Barriers Skate presents a rare solution in the Web3 landscape with its “stateless + cross-VM execution layer” architecture. It natively supports leading VMs like EVM, SVM (Solana), TON VM, and Move VM. Instead of asset custody or state replication, it relies on user-signed intents and AVS-verified decentralized execution. This “intent-driven + AVS-secured” design dramatically reduces cross-chain deployment costs and fundamentally redefines multi-chain user experience.

2. Skate AMM: A Unified Engine for Cross-chain Pricing Liquidity Skate AMM addresses core inefficiencies in multi-chain asset markets such as price fragmentation, liquidity silos, and arbitrage friction. Using a global bitmap model, it maps liquidity pools across chains into a unified pricing state. Integration with cross-chain messaging protocols like Hyperlane enables automatic fund rebalancing between chains, optimizing slippage and capital efficiency. The success of pUSD's integration—with single-pool multi-chain liquidity—proves Skate AMM’s real-world applicability in RWA and stablecoin scenarios.

3. A Revenue-generating AVS Pioneer with Sustainable Incentives Skate is not reliant on inflationary incentives or airdrop-driven hype. As the first AVS in EigenLayer with real protocol income, it distributes transaction fee revenue directly to restakers based on usage. Within just two months of launch, Skate AMM surpassed $100M in volume and completed its first round of fee distribution—proving a dynamic “more usage = more rewards” model. This pioneering income loop enhances node operator engagement and serves as a highly replicable template for commercializing AVS systems.

4. A Scalable Base Layer for Cross-chain DeFi RWAs With stablecoin market cap exceeding $240B and RWAs locking over $25B, on-chain assets are entering an era of institutional-grade infrastructure. Yet, liquidity fragmentation, deployment redundancy, and pricing distortion remain challenges in multi-chain environments. Skate offers a unified execution layer and shared liquidity network, becoming the default integration layer for DeFi protocols, stablecoin issuers, and RWA projects. It supports native fee capture and MEV monetization, enabling composable, sustainable cross-chain financial architectures essential for scalable Web3 infrastructure.

III. Valuation Outlook

$SKATE is a general-purpose execution protocol tailored for multi-VM environments. By leveraging a stateless architecture, intent-driven interaction, and AVS validation, it aims to become the default infrastructure for a modular, multi-chain Web3 ecosystem. The protocol natively supports EVM, SVM, Move, and TON environments, providing strong foundational compatibility and ecosystem scalability.

Skate has already deployed its core modules across several chains, featuring native revenue return mechanisms through its AMM and AVS components. As modular validation, RWA expansion, and Stateless App narratives gain traction, Skate’s unified execution + liquidity network offers fertile ground for long-term growth.

From a valuation standpoint, $SKATE’s circulating market cap remains significantly lower than comparable base-layer infrastructure projects (e.g., Keeta, Plume, Lagrange). With a conservative early token release schedule, its current valuation does not yet fully reflect Skate’s strategic positioning in the AVS, cross-VM, and RWA narratives—leaving meaningful room for value re-rating.

IV. Tokenomics

Total Supply: 1 billion $SKATE

Distribution Breakdown:

Community Allocation: 45.5% The largest allocation, covering AMM trading incentives, AVS rewards, ecosystem grants, and community proposal funds. Designed to encourage deep participation by developers, validators, and contributors.
Ecosystem Reserves: 18.0% Supports DEX liquidity, cross-chain market expansion, LST seed funds, strategic partnerships, and future airdrop reserves—fueling long-term ecosystem growth.
Team: 10.0% Allocated to founders and core developers to ensure long-term commitment and ongoing protocol evolution.
Initial Airdrop: 10.0% Distributed to early users, AMM traders, event participants, and EigenLayer AVS restakers. Users can opt to “claim stake” for a 30% bonus incentive.
Investors Advisors: 15.0% Assigned to early backers and strategic partners to support initial development and expansion.
Public Sale: 1.5% Fair launch allocation for the public to widen token distribution and community governance participation.

Utility:

Governance token: $SKATE holders can stake to vote on key parameters, incentive models, and ecosystem proposals. Voting power scales with stake duration and size to encourage long-term alignment.
AVS incentives: $SKATE powers cross-chain AVS verification, rewarding Operators and Restakers. A slashing mechanism will be introduced to enhance protocol security and composability.
AMM incentives: Used for liquidity mining, trading rewards, and market-making subsidies—boosting protocol usage and depth.
Development subsidies: Incentivizes Stateless App development on emerging AltVM chains, helping form a closed-loop of real usage within the Skate network.
Contributor rewards: Community members can earn $SKATE through content, tools, and event contributions—driving grassroots ecosystem growth.

V. Team Funding

Team Background: Skate was co-founded by Siddharth Lalwani (CEO) and Tony Sun (COO), both seasoned veterans in cross-chain infrastructure. The team originated from Range Protocol, which focused on yield aggregation and liquidity optimization. With extensive experience in multi-chain deployment and modular application design, they pivoted in 2023 to develop Skate as a general-purpose cross-VM protocol—aiming to redefine inter-chain interactions through stateless execution and AVS validation.

Funding History:

Community Round (March 2024): Raised $1M (undisclosed investors)
Seed Round (September 2023): Raised $3.75M from HashKey Capital, Nomad Capital, Mirana Ventures, Spark Digital Capital, Symbolic Capital, Comma3 Ventures, Asymmetry Ventures.

VI. Risks Considerations

Early-stage ecosystem: Despite support for EVM, SVM, Move, and TON, Skate’s integrated protocol ecosystem is still in its infancy. Aside from partners like Plume Network, strong network effects and TVL depth have yet to emerge.
Liquidity pressures post-TGE: While token distribution is conservative, any misalignment between community incentive unlocks and secondary market demand could lead to short-term liquidity stress. Monitoring trading activity and market feedback post-TGE will be critical.

VII. Official Links

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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