SiO2 Finance joins Astar’s Build2Earn Program

Published on: 27.01.2023
SiO2 Finance joins Astar’s Build2Earn Program

SiO2 Finance joins Astar’s Build2Earn Program. The Astar community has approved Sio2 finance to join Astar’s Builder’s Program on 01/24/2023! To boost its development efforts in the Astar ecosystem SiO2 has been whitelisted into Astar’s dApp staking program.

Astar Network is the TVL Smart Contract Hub for WASM + EVM on Polkadot. Since winning its Parachain auction in January 2022, Astar Network has become the top Parachain in the Polkadot ecosystem in Total Value Locked and most Ethereum assets transferred over.

Astar Network is the leading smart contract hub that connects the Polkadot ecosystem to Ethereum, Cosmos, and all significant layer 1 blockchains. Furthermore, Astar Network supports dApps using multiple virtual machines — WASM and EVM — and offers the best technology solutions and financial incentives via its #Build2Earn and Astar Incubation Program for Web3 developers to build on top of a secure, scalable, and interoperable blockchain.

What is staking dApps?

For great dApps to be built, developers need to build them. For developers to build great dApps, they need financial incentives. That’s where dApp staking comes in.

On the Astar/Shiden Network, dApp staking is how developers who build dApps can get compensated. By having an income, developers can keep building and improving their dApps.

At its core, dApp staking is similar to staking on validators. The difference is that dApp stakers — also known as nominators — can nominate their Astar tokens on dApps they want to support.

At every block, a portion of the rewards goes to dApp staking. This reward is then divided between operators (developers) and nominators. Overall, this creates a powerful incentive for developers to build dApps on Astar and for nominators to support developers via dApp staking.

In addition,when building on other blockchains, dApp developers need to apply for grant programs, issue tokens, and fundraise to earn money. Not only that, they often need to pay steep gas fees.

On Astar, as long as a dApp has been nominated, developers can receive a basic income. Moreover, as a dApp grows in popularity, more members of the community nominate the dApp, and this, in turn, enables the developers who built the dApp to receive a greater percentage of the block reward

ABOUT SiO2 Finance

SiO2 Finance is the multi-VM lending hub on Astar for Polkadot. We aim to become the best lending product with excellent user experience, easy-to-use one-click features, and transparent governance.

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