Shiden Network
Crypto Overview
Project Overview
Shiden Network is a smart contract platform built as a parachain on the Kusama network, serving as the canary network for Astar (formerly Plasm Network). It aims to provide a scalable multi-chain solution for decentralized applications (dApps), supporting Ethereum Virtual Machine (EVM), WebAssembly, and Layer2 solutions.
Intended Utility
The SDN token serves multiple purposes within the ecosystem: It's used for network governance, paying transaction fees, and participating in the dApps Staking mechanism which allows token holders to stake their tokens to support dApp developers.
Actual Utility and Adoption
The network shows active development and real usage, with multiple dApps deployed on the platform. The ecosystem includes DeFi applications, NFT platforms, and various Web3 services. On-chain data indicates regular transaction activity and growing developer engagement.
Token Distribution and Founder Analysis
The token distribution appears relatively fair, with no excessive concentration among founders. There are vesting schedules in place for team allocations, and the project maintains transparency regarding token economics. The founding team, led by Sota Watanabe, has a credible background in blockchain development and maintains active involvement in the project's development.
Technical Implementation
The platform implements a novel 'dApps staking' mechanism that rewards both validators and dApp developers, creating a sustainable ecosystem for development. The technical architecture focuses on scalability and interoperability, with clear documentation and open-source code.
Crypto Impact
To assign a comfort level investing in Shiden Network from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Shiden Network.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.