Shiden & Astar Network — FAQ
Shiden Network has officially launched as Kusama Parachain and trading has started on exchanges. 🚀
Let us summarise the most common questions from users in regards to Shiden Network Launch. But first what is Shiden and Astar Network?
Shiden Network is a multi-chain decentralized application layer on Kusama Network.
Kusama Relaychain does not support smart contract functionality by design — Kusama Network needs a smart contract layer.
This is where Shiden Network comes in. Shiden supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions from day one. The platform supports various applications like DeFi, NFTs, and more.
What makes Shiden Network unique? —
1. It’s multichain — Building bridges to various blockchains. (Ethereum, Secret Network, Cosmos, and so on)
2. Shiden Network developed a unique dApps Staking mechanism.
Dapps Staking is a reward mechanism for developers or administrators of smart contracts. 50% of Astar Network’s staking reward goes to application developers who have enhanced the value of the Astar Network. Astar allows the assignment of a smart contract administrator, called an “operator.” “Operators” can be “Nominated” by other dApps “Nominators.” As shown below, the operator of the smart contract receiving many nominations can receive newly minted tokens from the chain.
Astar Network is a gateway to the multi-chain future. Astar connects multiple layer1 blockchains to Polkadot through Astar Network.
Astar Network is a scalable and interoperable infrastructure for Web3.0. Since Astar Network is built with Parity’s Substrate framework, it can be a future Polkadot parachain that also acts as a scalable smart contract platform. The Polkadot Relaychain, by design, does not support smart contracts. This allows Astar the opportunity to fill in this gap. Scalability is obviously one of the most crucial demands dApp developers have. Ideally, the developers can build whatever applications on Astar Network without having to consider its scalability.
Astar Network focuses on making the best smart contract platform so that dApps developers on Polkadot do not need to pay much attention to infrastructure and can focus more on their dApp. Ideally, the developers can build whatever applications on Plasm Network without having to consider its scalability. Astar Network solves prominent issues: scalability and interoperability.
Shiden Network FAQ
- What is the Shiden Network total supply and tokenomics?
Shiden Network's total supply is 70 mln with around 30% circulating supply.
2. I took part in the Shiden Network crowdloan — How many $SDN tokens should I receive for 1 $KSM contributed?
3. I took part in Plasm Network Lockdrop — do I receive Shiden Network $SDN tokens dropped?
Yes, If You took part in 1st or 2nd Astar Network ETH lockdrop than You already received $SDN Tokens.
To check Your balance please log on https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Frpc.shiden.plasmnet.io#/account and do restore Your account using json file or mnemonic seed from the Astar account You have Your PLM tokens on.
4. Can I stake my $SDN tokens?
No, You can’t stake $SDN Tokens yet. Dapps Staking will be launched soon. This is the next milestone for Shiden Network to complete.
5. My Shiden tokens are locked. How can I unlock them and how long they will be vested?
The $SDN tokens are vested for ~10 months starting from Block 200,000 (3rd week of August 2021). At every new block, a few % of the tokens are being released.
You can unlock Your vested tokens by winding an arrow on far right in Your account line and clicking “unlock vested ammount”
6. What was the ICO/IDO price?
We never conducted any public token sale. The team has never been interested to take public money. The only method for the public to earn tokens are lockdrops and crowdloan.
7. What are the utilities of SDN tokens?
- Dapps Staking: Stake $SDN on the dapps that are built on Shiden and share the block rewards with the Dapp developers.
- Gas Fees: Use $SDN to pay the on-chain transaction fees.
- On-Chain Governance: $SDN token holders can vote on proposals and activities.
- Layer 2: Layer2 Dapp developers need to deposit $SDN tokens on their Layer 1 smart contract to create Layer 2 Dapps.
8. Where can I check token info and buy Shiden Network $SDN tokens?
You can check all info on Coingecko and also check all available exchanges to trade $SDN.
For all other questions not included above, feel free to join Shiden Network official channels:
Shiden Network Telegram
Shiden Network Discord
About Astar
Astar Network is a dApp hub on Polkadot that supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups. Astar aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines.
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