1. Project Overview

Skate is a universal application layer designed to help developers and users seamlessly switch between multiple blockchain networks, enabling cross-chain operations. Its core goal is to provide a unified interface that allows users and developers to run applications on thousands of chains with a single state, without worrying about the complexities of the underlying blockchains.

Skate is developed by the Range Protocol team, which includes financial engineers and blockchain developers with extensive experience in digital asset trading. During its time at Range Protocol, Skate integrated 10 blockchain networks, with a Total Value Locked (TVL) exceeding $30 million, and established partnerships with several leading DeFi networks and applications.

2. Technical Advantages

Cross-Chain Compatibility
Skate supports thousands of blockchain networks, allowing users and developers to interact with Skate to access assets and liquidity across various chains. This design reduces the complexity of cross-chain operations and enhances the user experience.

Unified Liquidity
Skate provides a unified liquidity interface, enabling users to transfer, trade, and manage assets across different chains without manually switching chains.

Modular Architecture
The architecture of Skate is designed for rapid scalability, accommodating the integration of more blockchain networks in the future. This flexibility ensures its long-term competitiveness in the DeFi and NFT sectors.

Security and Compliance
The Skate team has a strong background in finance and blockchain, focusing on security and compliance, which helps to enhance user trust.

3. Market Prospects

With the continuous development of blockchain technology, cross-chain bridging and multi-chain applications have become important trends in the DeFi and NFT sectors. Skate's positioning aims to fill this market gap, providing a one-stop cross-chain solution for developers and users.

DeFi Sector: Skate collaborates with several leading DeFi networks and is expected to become the infrastructure layer for DeFi applications in the future.
NFT Sector: Skate supports cross-chain trading of NFTs, providing liquidity for the NFT market.
Web3 Application Ecosystem: The versatility of Skate makes it suitable for various Web3 application scenarios, such as DApps, wallets, and identity verification.

4. Funding Situation

In September 2023, Skate completed a $3.75 million seed round of financing, led by HashKey Capital and Nomad Capital, with participation from Spark Digital Capital, Mirana Ventures, Symbolic Capital, Asymm Ventures, Comma3 Ventures, and others. The funds will be used to continue building the integrated on-chain asset management platform of Range Protocol and further expand the team and community size.

Additionally, Skate has received support from Web3 startup teams such as EigenLayer, Polygon, Manta, Axelar, Biconomy, Pendle, A 41, Vertex, Navi, Pontem, and Galxe, demonstrating its recognition within the industry.

5. Team Background

The Skate team consists of financial engineers and blockchain developers with extensive experience in digital asset trading. During its time at Range Protocol, the team successfully integrated 10 blockchain networks, with a TVL exceeding $30 million, and established partnerships with several leading DeFi networks and applications.

Team members have a strong background in finance and blockchain, which helps to enhance the project's credibility and long-term development capabilities.

6. Community and Ecosystem

The Skate community is rapidly growing, with several Web3 projects and teams joining its ecosystem. For example:

• EigenLayer: Participating in the design of Skate's cross-chain bridging solution.
• Polygon: Collaborating with Skate to develop cross-chain DApps.
• Manta: Supporting Skate's NFT trading functionality.
• Axelar: Participating in Skate's cross-chain messaging protocol.

These collaborations not only enhance Skate's technical strength but also increase its influence in the Web3 ecosystem.

7. Potential Risks and Challenges

Regulatory Uncertainty
Blockchain technology remains in a regulatory gray area globally, and as a cross-chain infrastructure, Skate may face regulatory scrutiny or policy restrictions.

Technical Risks
Cross-chain bridging technology itself carries certain security risks, such as bridging vulnerabilities and attackers exploiting these vulnerabilities to steal funds. Skate needs to continuously optimize its security mechanisms to ensure the safety of user assets.

Intense Market Competition
There are already several cross-chain bridging projects in the market, such as Cosmos, Polkadot, Cosmos SDK, Chainlink, and Wormhole. Skate needs to stand out through differentiated advantages.

User Education Costs
Cross-chain operations can be complex for ordinary users, and Skate needs to improve user understanding and acceptance of cross-chain technology through education and promotion.

8. Summary and Investment Recommendations

Skate is a forward-looking cross-chain infrastructure project with technological barriers. Its versatility, cross-chain compatibility, and unified liquidity interface provide it with broad market prospects in the DeFi and NFT sectors. Currently, Skate has gained recognition from several well-known institutions and Web3 projects, demonstrating its competitiveness in the industry.

Investment Recommendations:

• Short-term: Monitor Skate's funding progress and ecosystem collaboration to assess its implementation capabilities in the DeFi and NFT sectors.
• Medium to Long-term: Pay attention to the maturity of its cross-chain bridging technology and user growth to evaluate its long-term value in the Web3 ecosystem.