Hello everyone. I hope you are doing well. As all of us know, it’s been a busy few weeks and Stake Technologies, the core company behind Shiden Network is working very hard to prepare for the Kusama Parachain auction and our crowdloan campaign. After careful conversation and RFCs on this forum, we decided the final parameters for the Shiden Network’s launch.
First of all, Shiden Network is a fork of Plasm Network. Hence, we needed to decide the block number to fork. We decided to use the block number 3,000,000 at 2021-05-05 04:43:30 (+UTC). At that moment, lockdrop 1 and lockdrop 2 campaign participants and validators have PLM tokens. Since we promised that 30% of the total supply would be distributed to them at the Shiden’s genesis, the total supply at the block number 3,000,000 (21,503,317.59 SDN) is going to be the 30% of the total supply at the genesis.
Based on the above, the final total supply at the Shiden’s genesis is going to be 70,000,000 SDN. ( 21,503,317.59 SDN = 30%. 100%= 71,677,725.3.) We burn 1,677,725.3 SDN from the team’s portion.
After the genesis, our inflation rate is 10% for a year. Given that we have DApps Staking, the basic income for all developers, the inflation is really necessary and this number can be changed based on the demands from developers.
A few weeks ago, I said that our total supply was around 45,000,000 SDN. You may think that the supply is increased. If the supply is 45,000,000, lockdrop campaign participants will receive around 50% of the total supply at genesis (21,503,317.59 SDN) since we forked at the block number 3,000,000. This is not an ideal situation since we promised that 30% is for them not 50%!
As promised, 30% is distributed our contributors till the block number #3000000 (Mainly lockdrop participants). If the total supply is 45,000,000, we need to decrease user’s amount since this is 30% of the total supply. I think it is confusing. Users can get exactly the same amount you have at #3,000,000.