DApp Staking is LIVE on Shiden Network #Build2Earn
Today, I am super excited to announce that dApp staking, our most important technical feature, is finally live on Shiden Network. This is the most important update over the past 2 years.
Our Motivation
To make the long story short, developers in our ecosystem can earn tokens while making smart contracts or infrastructure. The most important people in the blockchain ecosystem are always the developers because they actually create values on the top of the protocol. However, it is also the developers who are not getting enough return on their contributions. (e.g., very crucial service providers and other projects that didn’t issue tokens) Astar and Shiden Network solve this problem through dApp staking.
What is dApp staking?
DApp Staking is the reason why we will win. Shiden natively supports financial incentives for developers to make dApps and build infrastructure. (Basic income for all developers aka dApp Staking).
In summary, devs can earn Shiden tokens by making products, which is based on their performance and decentralized governance.
Our token holders can stake tokens on dApps and infrastructure. (e.g. stake $ASTR on Uniswap) Based on nominations and on-chain data, block rewards will be distributed to developers.
👉 We built an incentive for devs to make dApps and build infrastructure on Shiden. 40% of block rewards go to developers. If the valuation of Shiden is $1B, $40M worth of Astar tokens will be distributed to developers each year!!
👉 We built an incentive for devs to join our ecosystem as early as possible. The earlier they join the ecosystem, the quicker they can win market share and receive higher rewards from protocol.
👉 We’re preparing for a network effect. The more dApps that are created, the more tokens will be locked on Shiden. This creates a positive feedback loop on the price of $ASTR. The higher the price, the more money you can distribute to developers. Therefore, we can incentivize more developers. Thus there will be more dApps, then the price of $ASTR grows, etc.
How to Use DApp Staking?
During the first phase, there will be some limitations to keep monitoring our nodes and dApps who are using our dApp staking mechanism. Please consider the following parameters:
- dApp staking is only for whitelisted projects which joined our builder’s program. You can see our builders program as a developer's KYC.
- To register a dApp for dApp staking, you need to have 100 SDN tokens.
- Each dApp can have a max of 512 nominators.
- The minimum amount to stake is 100 SDN.
- A claim needs to be done within 15 days, or the unclaimed rewards go to the treasury. A claim can be made by the contract owner or any staker in the dApp. One claim will claim for everyone!
- Currently, there is no slash nor bonding period during this phase.
If you have any questions, please join our discord and ask us directly.
Step 1
Go to our portal: https://portal.astar.network/ and connect your wallet to Shiden Network. Then, click on ‘Store’.
Step 2
Look for your favorite project. You can click on the name to see more information about the project. Another great resource is looking in our forum.
To add your staking amount, just click on ‘Stake’ in the box of your favorite project.
Step 3
Add: you can add more SDN in dApp staking.
Unstake: you can now claim your SDN back.
Claim: claim your rewards. Every ERA you can claim for your rewards, please note that it doesn’t have to be you to press claim. If the dApp owner or anyone else from the stake pool presses claim, you will also get your ERA rewards.
Summary
DApp Staking is a unique differentiator only Astar and Shiden have in the Polkadot ecosystem. Developers will choose Astar and Shiden simply because they can earn tokens while making smart contracts or infrastructure. The beauty of the token economics is that the more dApps are created, the more tokens will be staked. The more tokens are staked, the fewer tokens there are in circulation. Then, there is positive feedback on our valuation, and we can distribute more value to developers. This network effect is important for our ecosystem, and looks forward to seeing some projects use dApp staking and find innovative ways.
About Astar Network/Shiden Network
Astar Network (previously known as Plasm) 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. Shiden Network is a sister network of Astar Network and a dApp hub on Kusama.
Feel free to reach out to us!
