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Shiden Network
$0.05588
1.12%
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Shiden Network Information
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About Shiden Network
Shiden Network, established by Sota Watanabe, is a decentralized application layer on the Kusama Network, providing smart contract functionality. Its native token, SDN, serves various purposes within the network, including incentivizing participants and enabling token distribution through Lockdrop. With a limited supply of over 71 million tokens, SDN is a key component of the network's ecosystem, supporting activities like staking, commission payments, and participation in dApps and voting systems.
Shiden Network is a multi-chain decentralized application layer built on the Kusama Network. The Kusama Relaychain, by design, does not support smart contract functionality; hence, Shiden Network provides this capability. It supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions from its inception. The network facilitates various applications, including DeFi and NFTs.
SDN, the native token of Shiden Network, functions primarily as a network utility token. It plays a crucial role in enabling Lockdrop, a mechanism for token distribution. Additionally, SDN is used to incentivize network participants, including:
Staking for consensus and rewarding validators and nominators Paying commissions Participating in the network's dApps rewards system Involvement in the network voting system
Shiden Network was founded by Sota Watanabe. The network, as part of its development process, has engaged in crowdfunding to support its parachain auction bid. Contributors to this bid are anticipated to receive SDN tokens as a form of gratitude for their support.