We are very excited to announce that Kusama's PLO starts today! KSM holders can now lock their KSM for Shiden Network via Polkadot.js, Fearless Wallet, MathWallet or exchanges such as OKEx, Kraken and KuCoin to help us win Kusama Parachain slots and get Shiden Network Tokens ( SDN) as a bonus!
The amount of reward you can get will be determined after the auction, which mainly depends on the following 2 parameters:
When do you join our crowdloan, the earlier the more rewards
How many KSM tokens have you locked
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What is Shiden's Crowdloan?
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How to join Shiden's Crowdloan?
There are two ways to join our crowdloan: from wallets (Polkadot.js, Fearless, MathWallet) and from exchanges (OKEx, Kraken, and KuCoin). In this article, I will explain how to join our crowdsale from Polkadot.js.
Video explanation: https://www.youtube.com/watch?v=8pRmDL70kzk&t=103s
Step 1: Visit https://polkadot.js.org/apps/#/explorer and open the Kusama page
Please click "Network" → "Parachains"
After opening the above page, you can see "Parathread", "auction" and "crowdloan" buttons on the top bar. In order to become a parachain, Shiden Network first registers as a parathread (our parachain ID is 2007) before conducting crowdloan and auction. As we describe in the Shiden parachain auction documentation, only crowdloan participants will receive bounties. And, the sooner you join our crowdloan, the more SDN tokens you can earn.
Step 2: Join our crowdloan
A "crowdloan" and an "auction" are two different things. Shiden started crowdloan 7 days before the auction. From the user's point of view, there are two options: join the auction or join the crowdloan. In Shiden's case, only crowdloan participants get the extra bonus.
Please click on Crowdloan and do not select "Auctions"
Once you click on "Crowdloan", you can see the following page👇
Click "Contribute" and lock your tokens!
Finally, sign the transaction and save the transaction address!
Shiden tokens will be distributed after we win the slot and KSM tokens will be refunded after the lease period ends.
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How does Crowdloan work?
In order to collect KSM tokens as quickly as possible, Shiden's team opted to use Kusama's crowdloan mechanism to win slots. This allows KSM holders to contribute by locking their KSM tokens for 11 months, and the network will reward them for their contribution by providing SDN tokens. Participants participating in the Shiden crowdloan have an 11-month linear release period, but token holders can stake locked SDN tokens to the network, allowing participants to earn staking rewards.
Kusama parachain lease offerings include "crowdloan" and Kusama "auction". Shiden Network will conduct crowdloan before auction. The team strongly encourages KSM holders who want to participate in PLO to join crowdloan as soon as possible. The collected KSM will be used to help Shiden win a slot on the Kusama parachain.
After 11 months, KSM tokens will be refunded. As such, this is neither an ICO nor a direct investment - it's more akin to a locked-in "staking".
If you want to know more, you can check the"Plasm released Shiden's Kusama auction strategy! "
To reiterate, the earlier you join our crowdloan, the more SDN you can earn. For example,
If you lock 1 KSM for Shiden Network, you will receive X SDN after winning slots for that network. Assume 600,000 KSM (approximately $300 million) are locked during the PLO. In this case, X is 25.6 SDNs (15,400,000 SDNs / 600,000 KSMs).
However, since Shiden's crowdloan has a bonus, if you join the crowdloan before the 3rd day of the auction, you can get about 30.8 SDN (6/5 × 25.6 SDN). On the other hand, if you join our crowdloan afterward, your SDN will be around 20 SDN.
Our advice here is that the earlier you join crowdloan, the more SDN you can earn.
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About Plasm
Original link
Translation: PolkaWorld, the first Chinese community of Polkadot
