Pinknode is now listed on Shiden’s dApp Staking Platform!
Pinknode’s continuous involvement in collaborative endeavours with existing partners is an integral aspect of our commitment to advance the expansion and adoption of their projects and the Polkadot ecosystem. We are proud to announce that Pinknode has successfully enrolled into the Shiden Builders Program and has been whitelisted into their dApp Staking Program!
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 supports multiple blockchains and virtual machines. Shiden Network is a canary network of Astar Network and an active parachain on Kusama.
How does dApp Staking work?
As an alternative to nominations on validator/collator nodes, Shiden’s team introduced an innovative dApp staking platform that allows native token holders to nominate projects within their ecosystem and earn half of the allocated block rewards for their stakes. The other half of the allocated block rewards will be issued to dApp developers building in the Shiden ecosystem as an incentive to drive their product forward! #Build2Earn
This financial incentive was coined as ‘basic income’ by the originators and their goal is to reduce the reliance on grants, fundraising, token issuance etc. to fund development. With this novel dApp staking capability and its network effects, Shiden token holders and the community will be the key catalyst that will drive the ecosystem forward.
What is Pinknode’s goal?
First, we are sticking close to our core mission; which is to empower the innovators that are building for the future of Web 3.0. With the exposure of our highly essential and high-quality RPC API endpoints to other builders in the Shiden ecosystem, Pinknode will accelerate their time to market and product life cycle. Our enhanced analytics dashboard and team management functions will help developers uncover critical insights into usage metrics and patterns while managing and scaling their projects seamlessly.
Pinknode will also be initiating further infrastructural upgrades for all our parachain partner’s networks, which involves the set up of two more clusters in Europe and North America in addition to its current Asia-based clusters. Developers can look forward to the improved latency and scalability through our global coverage that is going to facilitate connections through the HTTP and WSS endpoints on our portal.
Additionally, in a bid to expand our product offerings, Pinknode will be working on ‘Proprietary Node Deployment’ which is capable of spinning nodes maintained by us or off uploaded images. This is expected to be delivered by Q1 2022.
How to Nominate Our Application on Shiden’s Platform:
During the Shiden’s dApp Staking early phase, there will be some limitations::
- Each dApp can have a max of 512 nominators.
- The minimum amount to stake is 50 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 of the project. One claim will claim for everyone!
- Currently, there is no slash nor bonding period during this phase.
Step-by-Step Guide for Stakers:
- 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.
- Next, you’ll need to transfer your newly acquired $SDN tokens to a Metamask wallet (read here) or create an account with Polkadot.js extension (instructional video). Make sure you select the right network!
- Head over to Astar dApp Hub (Store) and connect to your wallet. Connect to the ‘Shiden Network (Kusama)’ instead of the Shibuya testnet.
4. Look for Pinknode’s card on the dApps STore and click on the “Stake” button. Key in your desired amount of SDN. (Minimum stake amount: 50 SDN)
5. At the end of ERA, press “Claim” to receive your bounty. Alternatively, you will also receive the rewards if the dApp owner or anyone stakers claim.
The option to “Unstake” your assets is also available
If you have any questions regarding this process, please feel free to reach our on our Telegram Channel or Shiden’s discord.
Join in the dApp Staking craze and support our development today.
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.
Please click the following links for further more information about the Standard Protocol: Website | Twitter | Discord | Telegram
Pinknode is a Polkadot-only Infrastructure-as-a-Service project with the goal of accelerating adoption and empowering innovators to create on the most promising Web 3.0 meta protocol. By providing API endpoints through a streamlined onboarding process and maintaining secure, reliable and scalable node infrastructure, Pinknode helps innovators jumpstart development quickly and accelerate product life cycles.
If you want to know more about Pinknode, check out our website, follow us on Twitter, and join our Telegram to get in on the conversation.