The SKALE (SKL) crypto token shot up 56% in Thursday’s deals to trade at around 60 US cents.

At that price the token has a market cap of US$576mln and in the past 24 hrs it has seen trading volumes worth some US$519mln.

SKALE is presently the eleventh most popular on the Coinbase exchange.

According to Coinbase, trading activity is skewed 56% to buyers (based on customers changing their net positions over the past 24 hours, as at 5:44am).

SKL is an Ethereum-based token used to power the Skale network which is described as a ‘leaderless consensus network designed to run an uncapped number of independent nodes’.

Holders of SKL tokens can participate on the network – as either a validator, a delegator or to access network resources.

Essentially, it is set up to support Ethereum DApps (decentralised apps) grow in scale at a low cost.

Earlier this week Skale Labs co-founder Jack O’Holleran, in a company blog, highlighted the rapid expansion of the platform and the number of SKL token holders which increased massively in just a few weeks.

“Crypto markets have cycles with big ups and downs and the best teams, projects, and communities understand this and are always pushing towards mid and long term traction goals,” O’Holleran said.

“Market turbulence, maturation and increased consumer adoption like we’re seeing now draws mindshare from bad projects to ones that deliver tangible value.

“Over time the market will grow immensely, but the number of tokens and projects that have that share will shrink. In other words, the winners will win big and those winners will be the teams that produce, which I believe is a large part of what we’re seeing with the SKL Token.”