Shiden Growth tutorial: how to stake SDN
Shiden, a sister web 3.0 network of the Astar network, has launched its long-awaited staking program, dubbed dApp staking. While other projects focused on conventional staking to incentives developers and stakers, Shiden took staking to the decentralized developer’s community.
Conventional staking is careless about controlling the stakes and thus doesn’t favor decentralized application developers. Shiden dApp staking, on the other hand, is a game-changer- it is a revolutionary approach to encourage innovations among developers while allowing the various DApp community on the Shiden network to earn rewards for funding or supporting their chosen projects. The Shiden dApp staking implies that stakers or developers are incentivized through a decentralized application that conforms to the web 3.0 vision of the Shiden ecosystem.
Understanding Shiden dApp staking
DApp staking, one of the catalysts to actualize web 3.0 dreams, fulfills the symbiotic relationship between dApp stakers (i.e., nominators), dApp developers, and dApp users to enable mutual benefits to innovate and adopt web 3.0 applications. Through dApp staking, building dApps on the Shiden networks becomes easy- instead of relying on fundraising, grants, and random token sale to fund web 3.0-focused projects, developers can get the support of users and stakers on the Shiden dApp staking program.
Since the staking program is done on the Astar dApp portal, it is necessary to understand the relationship between Astar and Shiden network. In simplest comparison, Shiden is a parachain on Kusama, while Astar will be a parachain on Polkadot. Both networks are built to fill their parent networks’ smart contract gap, allowing developers to build interoperable, decentralized, and future-forward dApps. Hence, since supporting the multi virtual machine and layer 2 scaling, the Astar/Shiden Network can be the most advanced smart contract platform in the Kusama and Polkadot ecosystem. To achieve their vision, the platforms launched dApp staking to power innovations on the network.
Guide to staking on the Shiden dApp staking program
Having understood what dApp staking means and how it is a game-changer for the developer community and other users, let’s know how to stake on the Shiden dApp staking program. This article is a step-by-step guide on how to stake in the Shiden network or, better put, a guide to how Shiden staking works.
Please, follow the steps below to learn how to stake on the Shiden dApp staking program;
- Have an SDN token on your wallet. To do that, purchase SDN from exchanges to fund your Polkadot.js wallet.
- Head to the Astar dApp portal here.
- Locate Dapp staking on the portal.
- Select and connect the Shiden Network. Due to bugs, you may try using various browsers, clearing cache, or a VPN.
5. Connect the Polkadot.js wallet; ensure that your Polkadot.js extension is set to “allow use on any chain” and “allow access.” To allow you to connect the Shiden network to the wallet.
6. Confirm you’re seeing your wallet injected from the Polkadot.js extension, and your SDN balance is displayed before proceeding to the next step. Note; if you participated in the Kusama crowdloan, part of your balance is locked. However, that does not prevent you from staking with your locked token balance.
7. Check the Shiden staking limit, minimum and maximum stake to ensure you’re eligible before preceding.
8. Search for the Dapp project you want to stake on. These projects are projected building dApps on the SDN network, and users can stake on them to support or incentivize developers of the said projects.
9. Assuming you selected DAOLaunch dApp, head to staking your SDN token by inputting the amount of SDN you want to stake and the associated Polkadot wallet. After that, confirm and proceed.
10. After staking, you can check your staked funds and claim the rewards after one week of staking.
About Shiden Growth
The main goal of the initiative is supporting the Shiden ecosystem particularly the whole community, existing projects deployed on Shiden networks as well as helping new projects to migrate and deploy their dApps or smart-contracts on top of Shiden.
Building the community for the whole ecosystem and providing the media support for the ecosystem dApps, create educational content for the community as well helping to interact it and collecting feedback — it is one of the main priorities for us. Shiden’s dApps will be able tеo gain support and have the opportunity to spread awareness in the community about their products.
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Email: sdnbuild2earn@gmail.com
