Is Shiden Network a Good Investment?

What Is Shiden Network (SDN)?

Shiden Network (SDN), the sister of Astar (Plasm) Network, is a multi-chain decentralized application layer on Kusama Network. Kusama Relaychain does not support smart contract functionality by design, which means Kusama Network needs a smart contract layer.

Shiden Network solves this problem. Moreover, it supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions from day one.

The platform supports various applications like DeFi, NFTs, and more. Building bridges to various blockchains like Ethereum, Secret Network, Cosmos, is what makes Shiden Network unique.

How Shiden Network does what it does?, and

As mentioned before, Shiden Network is the sister of Astar (Plasm) Network that came to play to do its job as the solver of the unavailability of smart contracts on Kusama.

Astar Network aims to enable the developers to build whatever applications on Astar Network without considering its scalability. Astar Network solves two prominent issues: scalability and interoperability.

Blockchains do not scale by design because of the decentralized consensus mechanism. Transaction Per Second (TPS) is much smaller in blockchains than a centralized database, and there is a limit in the amount of data that each block can store.

Therefore, users may notice that their transactions remain unconfirmed or pending for a long time, which leads to a poor user experience.

Therefore, Astar Network addresses these three points: More Transaction Per Second (TPS), cheaper transaction cost, and faster finality.

Talking about interoperability, we should know that many different blockchains are out there, but only a few have interoperability as a feature.

To move "value" from Bitcoin to Ethereum, a centralized exchange is required. Polkadot, the mainnet of Kusama, is a sharded protocol that enables blockchain networks to operate together seamlessly. By connecting Astar Network to Polkadot, Aster Network has true interoperability.

How To Use It To Create Smart Contracts?

To deploy your smart contract on Shiden Network, few steps should be taken. At first, you need to make yourself familiar with how Shiden Network works technically. You can find the technical descriptions and guide here.

Then, you should choose a virtual machine that best suits your team and your case. Shiden Network supports both EVM and WASM.

After that, you need to compile the contract, which can be done using Ethereum tools or using Solang (a Solidity to WASM compiler). After compiling your contract, you can deploy it on Dusty Network, the testnet of Shiden Network. Finally, after successful development on Dusty, you can now deploy your contract on Shiden.

Financial Analysis

Launched on 30 August 2021, Shiden Network is a very young cryptocurrency in the market. However, it provided a significant profit for its investors during this short period.

Shiden Network's investors have enjoyed a 70% return on their investments over the last seven days! Even people who bought SDN yesterday are now happy to have a 5% profit. You can track SDN's Return On Investment (ROI) on our website here, for Free.

Our data indicate that SDN's ranking among the markets' cryptocurrencies in terms of market capitalization increased significantly over the last week, from 454 to 179, with more than $399 million value.

Also, its price saw a similar trend, rising from $5.33 to $7.05 today. However, its liquidity score is 45% below the market's average score, which means that it would be harder to sell SDN if the market is falling. You can find our report about SDN's market capitalization, price, and liquidity score here.

Moreover, a capable marketing team and brand awareness have a direct impact on the success of any project. Shiden Network's marketing team is doing a great job! According to our data, SDN's Twitter account saw an increase of 26% in the number of followers over the last week.

Moreover, its Telegram channel users went up by 18% over the same period. You can follow SDN's popularity using our report, which is accessible here.

You're saying that I should invest in Shiden Network?

We are here to help you make smarter financial decisions by freeing up your intelligence through making it easy to compare thousands of coins. We do all the hard work for you and help you remove emotions from your decisions. However, making an investment decision requires considering your own financial situation and comparing your investment options.

To see our reports and easily compare the available investment options, check out our website.