Finalizing Shiden's Parameters for the Launch!

Shiden Network (Kusama)
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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.

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How many Plm are planned then? also 45 000 000 after redomination or 70 000 000 ?

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70,000,000 after the redenomination

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Hi,
Lockdrop campaign participants need to create a new address on kusama to receive the shyden tokens ?

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nope. nothing is needed.

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Want to point on this please correct me if I am wrong. As I remember correctly for Plasm lockdrop 1 and 2 participants minted ~14B tokens and after that 35% of that amount minted to the Stake Technologies for different purposes e.g. team, dao, development etc, additionally there were rewards to validators. And this makes total supply ~22B (22M after redenomination) at the block number 3,000,000.

My question is why ~8M tokens minted for Stake Technologies from ~22M total supply at the genesis included into 30 % which previously promised to only Lockdrop participants + validators?

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This is a good question. As we promised from the lockdrop1, we issue 35% for the team and 65% for the community. And the team is going to use 35% for marketing, grants, on-chain dao etc.

My quick answer is that we are NOT going to issue 35% after winning Parachain auction (lockdrop3) simply because we have to register the genesis file before the auction. This means that we need to issue all tokens before the auction. 35%:65% is the most important parameter. If we remove our portion from 30%, the community owns too much and our portion is less than 30%. In this case, our development won’t be sustainable. In addition to that, Stake Techologies is a lockdrop participant because Stake Techologies organzes everything, making a smart contract, making the UI and so on.

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@sota Do the lockdrop participants still get 1PLM = 1SDN tokens or is redenomination going to take place there? If so I am guessing that mean the PLM tokens are also going to undergo redenomination as there are definitely more than 21 million PLM including Lockdrop 1 and 2 right… is that 1000:1 redenomination for PLM then?

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I was trying to understand that quote and all I found is the link there is something else or those staking for developers will be for some internal developers from projects within Polkadot/Kusama?

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We are going to have a redenomination at the genesis. PLM holders will have the same SDN value when we launch the network. However, since there is a redenomination, you are going to receive 1,000 SDN if you have 1,000,000 PLM. Keep in mind that the total supply is decreased 1000 times. (remove ,000) PLM will have the same redenomination when we launch Plasm.

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I propose to not burn these tokens. In my opinion it would be much better to increase acceleration
program fund and Shiden/Plasm marketing budget. I think 1.67M SDN/PLM will have sufficiently big $ valuation what will help in Plasm/Shiden ecosystem growth.

In other hand 1.67M tokens it`s just 2.4% of initial total supply (3 month of staking inflation) which will not have much impact on the valuation of a single token.

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In our latest Crowdcast our lead dev Hoon Kim explained about dApps staking.

dApps staking reward is for all developers building in Plasm ecosystem.

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