Cryptocurrency News

Plasm & Shiden’s Stake Technologies Raises $10M Funds

The Shiden Network and Plasm Network founder firm, Stake Technologies, has recently made a declaration on a $10M fundraise managed with Fenbushi Capital. There are other consistent investors like AU21 Capital, Japan’s Gumi, IOSG Ventures, Hypersphere Hazards, SNZ, Digital Strategies, Altnomy, Sub-Zero Capital, Altnomy, East Endeavors, and many more. The major names of angel stockholders like Chairman and ex- administrator of SONY and Nobuyuki Idei are also there.

Stake technologies have premeditated to utilize the fund for parachain auctions in just coming months to finalize the slots on Kusama and the most tentative Polkadot. (Plasm is made on Polkadot, whereas Shiden used Kusama). A straight sales method is a key feature of the projects, and tokens of the fresh system are exchange techniques. This exchange can be done for the native token based on the parachain network, KSM, and DOT.

The alternative but remarkable strategy called “crow loans” is also there. It allows token holders to loan the KSM and DOT in the form of insurance for the parachain lease. The Stake Technologies gives the immediate priority to perform a successful Parachain Lease Offering (PLO) on Kusama, Polkadot, and Shiden Network parachain. The complete functionality is based on the Plasm Network chain. The coming soon lease auctions on Kusama will arrive with a feature to raise funds that serve to conduct an effective campaign and enhance the security of parachain slot.

From the beginning of 2019, stake technologies possessed a remarkable name in creating teams on Substrate in LongHash’s accelerator. The capability of teams repeats and implements the vision taking the firm to get a smart contract platform into the Polkadot ecosystem. Soon the Plasm and Shiden network will have a smart contract expansion coating for the Polkadot ecosystem. This feature will exchange and make use of information for its various 2 scaling solutions and Ethereum. There are more accommodating apps like NFTs and DeFi dependent on it for secure data information.

Jack Platts, Co-Founder of Hypersphere Ventures, clarifies that Plasm and Shiden provide a major contribution to the multi-blockchain approach and parachain ecosystem. In this way, future parachain getting scaling benefits.

The existence of a crowdloan-centric strategy helps Stake Technologies winning the Shiden parachain lease, motivating $KSM holders to contribute earlier with a feature of the Parachain auction. The first crowdloan will get 22% of SDN supply with an early bird bonus of 2%. The KSM holders can submit the tokens to the network with the presence of parachain auction activation. Plasm Network and Shiden Network support smart contracts on EVM and WASM as these offer flexible features for the developers.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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