DeepWaifu joins Shiden #build2earn protocol!
As you know, ChronoLogic has been approved by the Shiden Community to join the Builder’s Program and our application has recently been accepted. To further boost our developments in the Shiden ecosystem on Kusama we registered DeepWaifu on the Astar Dapp Store to get whitelisted for dApp staking.
What is dApp staking: Instead of staking to validators, users can choose to nominate their Astar/Shiden tokens for the project. These users are also known as nominators. At every block, half of their block rewards are used for dApp staking. This reward is further divided on 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. On 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 receive some basic income. As your dApp grows in popularity and more community members stake, you receive a greater percentage of the block reward!
https://medium.com/astar-network/dapp-staking-is-live-on-shiden-network-builde2earn-6e475382feff
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, the 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.
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
You can learn how to create a Substrate based wallet 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 search for our project.
Step 2
Click on our project to know more about the smart contract we used for dApp staking. To add your staking amount, click Stake and sign the transaction with your Polkadot.js wallet extension.
What else you can do
Add: add more SDN in dApp staking.
Unstake: send 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 click the Claim button. If the dApp owner or anyone else from the stake pool clicks Claim, you will also get your ERA rewards.
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.
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Summary
DApp Staking is a unique mechanism that only Astar and Shiden have in the Polkadot ecosystem. Developers choose Astar and Shiden simply because they can earn tokens while building smart contracts or infrastructure. The beauty of token economics is that the more dApps are created, the more tokens are staked. The more tokens are staked, the fewer tokens there are in circulation. Then, there is positive feedback on the valuation and more funds can be distributed to developers. This network effect is very important for the ecosystem and we are very happy to be part of this build2earn protocol.
