(MENAFN- ACN NewsWire) SINGAPORE, Nov 26, 2021 - (ACN Newswire) - Moonstake is pleased to announce that our users can now earn interest from staking Shiden network's SDN token on both the Web and Mobile Wallets! Hold, send, receive, and stake SDN to receive rewards with the best user experience through one single click. In fact, Moonstake is amongst the world's first group of validators for Shiden Network. After Cosmos, IRISnet, Ontology, Harmony, Tezos, Cardano, Qtum, Polkadot, Quras, Centrality, Orbs, IOST, and TRON, Shiden became the 14th staking coin available on Moonstake.
Moonstake started the staking business last year with the aim to create the largest staking network in Asia. Since then, we have developed the most user-friendly Web Wallet and Mobile Wallet (iOS / Android) with support for over 2000 cryptocurrencies. After a full-scale operation launched in August 2020, Moonstake's total staking assets have grown rapidly to reach $1 Billion, allowing Moonstake to become one of the top 10 staking providers globally. Since March this year, Moonstake has also entered DeFi together with the newly launched DeFi platform, Muse.Finance, who has begun releasing its core DeFi products which are all scheduled to be integrated into Moonstake platform to enable advanced DeFi connectivity for our global users.
The Shiden Network is built using almost the same code base as Astar Network (formerly Plasm), a public blockchain originating in Japan, and connects to the Kusama Network, an experimental network that is one-tenth the scale of the Polkadot Network. Since the Kusama Relaychain does not support smart contract functionality by design, it needs a smart contract layer which is where Shiden Network comes in. On top of this, Shiden also supports various advanced blockchain applications like DeFi, NFTs and more.
In February 2021, Moonstake entered a strategic partnership with Plasm, now known as Astar Network, to expand the Polkadot ecosystem and explore further collaborative development opportunities in DeFi. As such, the integration of Shiden, Astar's sister network, is the fundamental next step of our collaboration and an important part of our plan to penetrate the DeFi market. Our teams are working hard together to enable the 'DApp Store '' feature on Moonstake Wallets for users to enjoy staking to earn with other Shiden DApps on the wallet interface, please stay tuned! The current list of Shiden DApp Staking can be found here:
How to stake SDN on Moonstake Wallet
Here's a simple 3-step process to stake SDN with Moonstake Wallet:
1. Register your Moonstake Wallet via Web or mobile (iOS / Android)
2. Select SDN from the 'Wallets' screen and click the 'Add Asset' button.
3. Access the SDN screen to check your staking information. From the Staking tab, click the 'Stake' button and enter your wallet password to complete staking.
How SDN staking works
- Hold SDN Token, 100 SDN minimum staking amount.
- Agree to lock in and stake SDN
- Currently, each DApp can have a maximum of 512 nominators.
How to get rewards of SDN staking:
The annual reward (APY) for SDN is dependent on Shiden and its DApp Store. You can claim your SDN rewards once every ERA, which is a period of time that is approximately 24 hours. The claim needs to be done within 15 days or the unclaimed rewards go to the treasury. A claim can be made by the contract owner or any staker in the DApp. One claim will be for everyone, so it doesn't have to be you. If the DApp owner or anyone else from the staking pool press 'Claim', you will also get your ERA rewards.
How SDN unstaking works:
If token holders want to send an asset that is currently staked, they will need to unstake it first. There is no lock period for unstaking SDN.
Moonstake is proud to be amongst the world's first group of validators and we're looking forward to further cooperation with the team at Shiden Network to accelerate global adoption of staking and DApps.
Moonstake is the world's leading staking service provider that develops and operates decentralized wallet services for businesses and individuals.
Since its launch in April 2020, Moonstake has partnered with 27 leading platform providers, including Cardano's constituent Emurgo, developer of the Polkadot-connected blockchain Astar Network Stake Technologies, and the TRON Network with over 50 million users. In May 2021, Moonstake further enhanced its corporate credibility by becoming a wholly owned subsidiary of OIO Holdings Limited, a company listed on the Singapore Stock Exchange.
Using blockchain technology, Moonstake aims to progress toward a world where anyone can easily make use of highly secure and reliable digital asset management tools.
About Moonstake's staking business
For the staking industry, which has grown into a 630-billion dollar market as of September 2021, Moonstake provides a decentralized staking service that does not require user deposits, and supports nodes around the world in addition to its own validator nodes. Moonstake currently supports the staking of 12 blockchains. With a total staking assets of 1.8 billion USD and a global user base, the company ranked third out of more than 10,000 providers worldwide in June of the same year.
Building the premier multi-chain smart contract platform on Kusama Network.
Shiden Network is a multi-chain decentralized application layer on Kusama Network. Kusama Relaychain does not support smart contract functionality by design. Kusama Network needs a smart contract layer. This is where Shiden Network comes in. Shiden supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions from day one. The platform supports various applications like DeFi, NFTs, and more.
Astar Network is a dApps hub on Polkadot that supports Ethereum and layer 2 solutions like ZK Rollups. Plasm aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines like EVM and WASM.
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