Shiden secures third parachain slot on Kusama

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Shiden, the sister-project of main Polkadot-native layer-two decentralized app hub, Astar Community (previously Plasm Community), has gained the third parachain public sale for Polkadot’s experimental sister-network, Kusama.

Shiden secured the slot with a complete of 137,020 KSM tokens bonded — price practically $29 million at present costs.

Shiden is a great contract platform for Kusama-based DApps, providing multi-chain assist for Ethereum Digital Machine and WebAssembly-based contracts. The mission additionally plans to ship layer-two expertise together with Plasm and Optimistic rollups on Kusama.

Layer-twos have emerged because the dominant scaling answer for Ethereum, with co-founder Vitalik Buterin predicting rollups will scale the community by roughly 100 instances and mitigate Ethereum’s scaling woes till sharding is launched.

Parachain auctions enable initiatives to compete for one among Kusama’s 100 parachains, that are akin to sharded sidechains that work together with the community’s essential “relay chain” to supply specialised execution and course of transactions.

Auctions are carried out by way of a crowd mortgage, the place initiatives’ followers comply with lock KSM towards their parachain bid in change for governance tokens.

Kusama’s parachains have to this point gone to the canary networks of main Polkadot-based initiatives, with Acala Community’s Karura successful the primary slot on June 22 with greater than 500,000 KSM bonded — then valued at roughly $90 million. Moonriver gained the second slot the next week with practically 206,000 KSM bonded.

The approaching parachain public sale is anticipated to be carefully contested, with Khala Community and Bifrost not too long ago being separated by lower than 3,000 KSM.

On June 29, Plasm rebranded to Astar Community, signifying the growth of its focus from Polkadot-based layer-two expertise to supply multi-chain assist for EVM and WebAssembly.