Updating of Dapp Staking
Kaco became the first Dapp reaching the verification node upper limit on Shiden Dapp Staking.
Kaco launched the Shiden network Dapp Staking on October 16th, attracting users to complete 512 nodes within a week, with a total of more than 971K SDNs, becoming the number one Dapp on the Shiden network in terms of staking. According to the latest data provided by Shiden, node users can get up to 3X (60%) SDN rewards.
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!
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.
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:
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 our project.
You can click on our project 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.
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.
Next week, Kaco will launch Farm and Dapp staking on dapp. For specific operation guidelines and incentive mechanisms, please follow the Kaco official account.
Kaco Finance is the evm version of DEX issued by Polkadot decentralized exchange and synthetic asset protocol Coinversation. Kaco Finance is a cross-chain decentralized trading platform based on Binance Smart Chain and Kusama parachain. Kaco Finance initially aims to provide liquidity AMM and yield farm for the Polkadot ecological project and is committed to realizing the asset bridging function between Kusama and BSC.
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.