Ferrum Network Joins Shiden’s build2earn dApp Staking Program
Ferrum Network has joined Shiden’s revolutionary build2earn dApp Staking program in order to encourage the integration of our products with the Shiden ecosystem.
We’ve been approved by the Shiden Community to join the Shiden Network Builder’s Program! To further boost our developments in the Shiden ecosystem on Kusama we have been whitelisted for their build2earn dApp staking program. https://portal.astar.network/#/dapp-staking/discover
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!
What Are We Building?
Currently, Ferrum is in the process of integrating our suite of products with the Shiden Network. This includes our Ferrum Cross-Chain Token Bridge along with our white label Staking as a Service solutions. Projects building on Shiden will now have access to these products.
We also aim to help grow the Shiden ecosystem through the Iron Alliance — our vast network of incubated and partner projects.
Once our products are live on the network we will then be motivated to refer projects that we incubate through Ferrum Advisory Services to Shiden’s dApp Staking Program as a way to encourage the continued growth of their incredible network.
“Ferrum has been impressed with Shiden/Astar since they were still calling themselves Plasm! Sota, Maarten, and the rest of the team have been an absolute pleasure to work with as we’ve embarked on this journey to help grow our ecosystems together. We look forward to a long and fruitful relationship with Shiden.”
— Nick Odio, EVP Partnerships & Growth
We Need the Ferrum Community
The amount we receive via the build2earn protocol depends on the number of nominators on the dApp store page. The more nominators the more rewards we receive to support our development. At the same time, you will receive up to 10% in 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.
Step 1
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 Ferrum Network.
Step 2
You can click on Ferrum Network 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.
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 one else from the stake pool press claim, you also will get your ERA rewards.
Summary
DApp Staking is a unique differentiator that 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 these 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 value to developers. This network effect is very important for their ecosystem and we are very happy to be part of this build2earn protocol.
In Closing…
We could not be more thrilled to be the latest addition to Shiden’s amazing community and ecosystem. We will work diligently to ensure that we bring value to the network. We look forward to a long and fruitful relationship.
Stay tuned!
Very truly yours,
The Ferrum Network Team
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.
Astar Network/Shiden Network Important Links
Website | Twitter | Discord | Telegram
