Stake Technologies, the company behind Plasm & Shiden, closes $10 million in strategic funding

Stake Technologies, the core company behind Plasm Network and Shiden Network, announces $10 million in funding led by Distributed Capital, with participation from other prominent investors

Stake Technologies, the company behind Plasm & Shiden, closes  million in strategic funding

Stake Technologies, the core company behind Plasm Network and Shiden Network, announced $10 million in funding led by Distributed Capital with participation from other high-profile investors including Hypersphere Ventures, Gumi Cryptos, IOSG Ventures, TRG Capital, AU21 Capital, Digital Strategies, SNZ, Digital Strategies, Sub0 Capital, Altnomy, East Ventures, and others. The round also included Nobuyuki Idei, a prominent angel investor and former CEO and Chairman of Sony.

Stake Technologies’ top priorities are to help Shiden Network win a parallel chain slot on Kusama and to help Plasm Network get a parallel chain slot on Polkadot! With the upcoming lease auction at Kusama, the latest round of funds raised will be used to provide strong support and secure a parallel chain slot win.

Projects in the Polkadot ecosystem are pursuing two main strategies to win parallel chain slots: direct sales and crowdloan, in which tokens of the new network are sold directly in exchange for the native tokens of the corresponding parallel chain network, i.e. DOT or KSM. In the latter case, token holders “lend” their DOTs or KSMs as collateral for a parallel chain lease. At the end of the lease period (ranging from 6 months to 2 years), the tokens are returned to their original holders. On Kusama, the lease period is capped at approximately 11 months.

Stake Technologies has adopted a crowdloan-centric strategy to win Shiden parallel chain leases, and due to the nature of parallel chain auctions, KSM holders need to be incentivized to contribute early. Up to 22% of the total SDN supply will be allocated in the first crowdloan, with 2% reserved for early bird bonuses. KSM holders will always be able to submit their tokens to the network as long as the parallel-chain auction is active and has not yet received a slot.

“Since meeting with the Plasm team in 2019, when Stake Technologies was one of the first teams to build on Substrate in the Longhash gas pedal, we have been impressed with the team’s ability to iterate and execute on their vision to bring a scalable smart contract platform to the Polkadot ecosystem.” Remington Ong, Partner at Distributed Capital, said. “As we approach the first Kusama slot auction, Fenbushi is pleased to support Shiden and Plasm Networks in their bid to become one of the first Kusama and Polkadot parallel chains. Becoming a parallel chain is just the beginning and we look forward to the team’s continued contribution to the development of the Web3 ecosystem.”

Plasm Network and its cousin Shiden aim to become a multi-chain DApp hub for Polkadot and Kusama. Plasm and Shiden support smart contracts on Wasm and EVM, providing developers with maximum flexibility. one of the original implementations of Plasm and Shiden is DApps Staking, which allows smart contract developers to earn Basic income. More than 50% of each block reward is allocated to developers of dApps based on their performance and popularity, and developers earn tokens by creating applications. Our team will be releasing the Plasm Network Portal by the end of June, which allows developers to deploy and manage smart contracts using a GUI.

The Plasm team recently completed the PoS migration on the test network and built the first bridge chain between Cosmos and Polkadot. Once Shiden becomes a Kusama parallel chain, the core team will work with Microsoft to launch the Shiden Azure program and the Shiden Accelerate program.

“We have been impressed with the technical prowess of the Plasm team and are excited to support them with a parallel chain auction,” said Jack Platts, Partner at Hypersphere Ventures. “Multiple chains means that Plasm and Shiden will be key contributors to the entire parallel chain ecosystem and their work on scaling will benefit all other future parallel chains.”

“gCC is looking for world-class builders and entrepreneurs that we call gumicorn founders,” said Miko Matsumura, General Partner at gumi Cryptos Capital. ” The Plasm Network team represents the kind of courage, relentless effort, vision and technical excellence that we are proud to support.”

About Plasm

Plasm Network is a hub for DApps on Polkadot, supporting Layer2 solutions such as Ether and ZK Rollups. plasm aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines, such as EVM and WASM.

About Distributed Capital

Distributed Capital is the first and most active blockchain-focused venture capital firm in Asia. It was founded in 2015 in Shanghai by veterans of the blockchain and traditional finance industries, and to date it has backed over 150 leading projects across 6 continents, using blockchain technology to reinvent a wide range of industries including finance, healthcare, supply chain, and consumer goods. Distributed’s mission is to drive the healthy and sustainable growth of the global Web 3.0 ecosystem and to actively serve as a long-term strategic partner for its portfolio projects.

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