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Highlights
- The Shiden Network (SDN) is a smart contract platform, which is primarily designed for the decentralized applications (dApps) on the Kusama network.
- SDN is currently trading at US $5.81with a 24-hour trading volume of US $3,74,71,418 and was up by 11.37% as per CoinMarketCap.
The Shiden Network (SDN) is a smart contract platform, which is primarily designed for the decentralized applications (dApps) on the Kusama network. Operating as a parachain, Shiden’s main objective is to act as a supporting partner to the ‘layer 2’ solutions, which improves the network’s scalability and transaction speeds.
Just like any other parachains, SDN will be provided to the community members who use Kusama protocol to vote for the application and in a process called a Parachain Auction. Known by its native token SDN, the Shiden network can be used for staking and paying for transaction fees. It can also reward various dapp operators and can also be used to reward the nodes.
Also read: Why is Cryptocurrency popular? Will Ethereum overtake Bitcoin?
What’s unique about Shiden network?
The Shiden Network is unique in a way that it offers the blockchain developers to raise money through multiple ways. It supports the Ethereum Virtual Machine, WebAssembly, and Layer2 solutions and various other applications like DeFi, NFTs and others. The SDN token holders can benefit from staking facility on the platform and it can be converted into dApps. This provides an opportunity for the developers to earn income even from other applications. The crowdloan campaign also offers the users to earn money by auctioning the dApp off through Kusama Parachain auction.
Also read: Nine best stablecoins of 2021
How has Shiden been faring?
Shiden Network has been doing well on the market. Ranked 2672 on CoinMarketCap, the Shiden Network is trading at $5.81with a 24-hour trading volume of $3,74,71,418. At the time of writing (BST 8:30 am), SDN was up by 11.37%% in the last 24 hours. Recently, on 30 August, Shiden Network was listed on the crypto asset on KuCoin, ZB Group, MEXC and Gate exchanges.
Conclusion
The Japanese crypto has gained traction following its listing on various exchanges but it’s too early to predict if it could well be worth the investment. But for investors who are looking to explore unique ways to invest in smart contract cryptocurrency, then Shiden Network is the perfect one for you. The cryptocurrency with its interesting ways to earn money backed by impressive support system is drawing investors towards it. If Friday’s rally is anything to go by then, we could expect more investors actively participating in the crypto.
