Shiden Network is a multi-chain decentralized application layer on Kusama Network. Kusama Relaychain does not support smart contract functionality by design - the protocol needs a smart contract layer. This is where Shiden Network comes in. Shiden supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions from day one. The platform supports various applications like DeFi, NFTs, and more.

Kusama Parachain Lease Offering Strategy

Shiden Network is one of the Kusama Parachain candidates (2021-05-14). Parachains connect to the Relaychain by leasing a slot via permissionless auction. In other words, Shiden needs to win a slot auction to lease a Parachain slot. After the start of the lease period, Shiden will deploy its mainnet on the acquired slot.

To collect KSM tokens as fast as possible, Shiden team has chosen to crowdfund its slot lease using Kusama’s crowdloan mechanism, allowing KSM holders to contribute by locking up their own KSM tokens for 11 months. The network will reward their contributions by providing SDN tokens.

The PLO consists of both a “Crowdloan” and an “Auction”. Shiden Network will conduct its crowdloan before the auction. The team highly encourages KSM holders to join the crowdloan as soon as possible if they would like to participate in the PLO. The collected KSM will be used for the Parachain auctions.