Shiden Network is a multi-chain decentralized application layer built on Kusama Network. Because the Kusama Relaychain is designed not to include smart contract capabilities, an additional smart contract layer is required-this is the role Shiden Network plays. From its launch, Shiden is compatible with the Ethereum Virtual Machine, WebAssembly, and Layer2 approaches. The platform is intended for multiple kinds of use cases, including DeFi, NFTs, and more.

Kusama Parachain Lease Offering Strategy

Shiden Network is among the Kusama Parachain candidates (2021-05-14). Parachains link to the Relaychain by renting a slot through a permissionless auction process. Put simply, Shiden must win a slot auction in order to lease a Parachain slot. Once the lease window begins, Shiden will roll out its mainnet on the slot it obtained.

To gather KSM tokens as quickly as possible, the Shiden team decided to fund its slot lease through Kusama’s crowdloan feature, so KSM holders can participate by locking their own KSM tokens for 11 months. Contributors will be compensated with SDN tokens.

The PLO includes both a “Crowdloan” and an “Auction”. Shiden Network plans to run its crowdloan prior to the auction. The team strongly recommends that KSM holders enter the crowdloan as early as they can if they want to take part in the PLO. The collected KSM will then be directed toward the Parachain auctions.