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Standard Protocol joins Shiden #build2earn protocol!
We’re approved by the Shiden Community for joining in Builder’s Program on Oct 14, 2021! To further boost our developments in the Shiden ecosystem on Kusama we are whitelisted into dApp staking.
Standard Protocol Development Roadmap on Shiden Network
As we have just launched our first DEX MVP with unique Dividend Pool feature on Shiden’s testnet Shibuya, the mainnet launch on Shiden is just around the corner this month. Next, we will also deploy our stablecoin Meter, which will also be the first native stablecoin on Shiden Network, that unlocks financial opportunities to its community in both bullish and bearish market.
What is 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.
What is dApp staking: Instead of staking to validators, users can choose to nominate their Astar/Shiden tokens on the project. These users are also known as nominators. At every block, half of your block rewards are used for dApp staking. This reward is further divided into a 4:1 ratio between operators (developers) and nominators.
40% of block rewards is a huge incentive for dApp developers to build in the Astar ecosystem. In other blockchains like Ethereum, dApp developers need to apply for grant programs, issuance of tokens, fundraising, etc. to earn some money. In the Astar ecosystem, as long as your dApp has been nominated, you will receive some basic income. As your dApp grows in popularity, more members of the community will nominate you and this means that you will receive a greater percentage of the block reward!
We need our community
The amount we receive with the build2earn protocol depends on the number of nominators on the dApp store page (https://portal.astar.network/#/store/discover-dapps). The more nominators to more rewards we receive to support our developments. At the same time, you will receive up to 10% staking rewards by staking SDN in our dApp.
How to Use dApp Staking?
During the first phase of dApp staking, there will be some limitations. Please take the following parameters into consideration:
- There is a max of 512 nominators that can nominate our project.
- 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 done 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.
Get your hands on some Shiden tokens $SDN. You can buy them on Kraken, Kucoin, Gate, or Crypto.com. The full list of markets can be found here: https://www.coingecko.com/en/coins/shiden-network
How to create a Substrate based wallet can you learn here:https://polkadot.js.org/extension/
When you have the SDN tokens go to the portal: https://portal.astar.network/ and connect your wallet to Shiden Network. Then, click on ‘Store’ and look for our project.
Standard Protocol dApp on Shiden
You can click on our project to know more about the smart contract we used for dApp staking. To add your staking amount, just click on ‘Stake’ in the box and sign with your wallet on Polkadot.js extension.
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 one else from the stake pool press claim, you also will get your ERA rewards.
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 the valuation and they can distribute more values to developers. This network effect is very important for their ecosystem and we are very happy to be part of this build2earn protocol.
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.
About Standard Protocol
Standard Protocol is the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate across multichain ecosystems, with our in-built DEX as a market maker to ensure capital-efficient liquidation process and stability of our stablecoin MeterUSD ($USM). It is also a recipient of the Shiden Network Builders Program Grant, Polygon #DefiForAll Fund and Polkadot Web3 Foundation Grant. Standard Protocol strives to innovate as the next-generation digital asset and prides itself on its global community growth approach.
We are launching our DEX and will also be the first native stablecoin Shiden Network, which unlocks financial opportunities to its community in both bullish and bearish market.