SKALE Labs Launches Pacifica to Speed up Block Mining

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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Last updated:

July 10, 2024 14:00 EDT

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Ethereum scaling project SKALE Labs has launched the Pacifica V3 upgrade which will speed up block mining and transactions by over 100%.

In an announcement made at EthCC 7, hosted in Brussels, the capital of Belgium, SKALE Labs said the Pacifica upgrade will give a transaction speed by 122% and quicker network performance.

“This upgrade will make SKALE the most performant blockchain in the world in a number of major categories,” said said Jack O’Holleran, co-founder and CEO of SKALE Labs.

“SKALE is built on a founding principle of constant innovation. This upgrade underscores SKALE’s commitment to driving innovation and scalability in blockchain technology,” adds O’Holleran.

SKALE is backed by investors including Arrington XRP Capital, Blockchange, ConsenSys Labs, Hashed, HashKey and Multicoin Capital, and Winklevoss Capital.

More About the Pacifica V3 Upgrade

SKALE Labs said the upgrade will see a 108% increase in block mining speed. This will in turn significantly accelerate the block creation process.

There will be a 122% increase in transaction throughput. This will increase the number of transactions processed per second. The upgrade will see EIP-1559 Support for Type 1 and 2 Transactions. This allows automatic fee adjustments based on network demand, ensuring predictable transaction fees.

Interchain messaging agent [IMA] metrics for reliability will see reduced time for IMA transfers by 50%. The upgrade will improve integration with web3 tools and wallets and expand developer accessibility and usability, said the firm.