Shiden Network Has Secured Third KusamaNetwork Parachain Slot Auction

Shiden secured the slot with a total of 137,020 KSM tokens bonded – worth nearly $29 million at current prices.

Parachain auctions allow projects to compete for one of Kusama’s 100 parachains, which are akin to sharded sidechains that interact with the network’s main “relay chain” to offer specialized execution and process transactions.

Auctions are conducted via a crowd loan, where projects’ followers agree to lock KSM toward their parachain bid in exchange for governance tokens.

About Shiden Network

Shiden is a smart contract platform for Kusama-based DApps, offering multi-chain support for Ethereum Virtual Machine and WebAssembly-based contracts. The project also plans to deliver layer-two technology including Plasm and Optimistic rollups on Kusama.

➡️Source:
https://blog.kraken.com/post/9915/shiden-wins-the-third-kusama-parachain-slot-auction/