What do you want to see built on Shiden?

Hello everyone,

Today, I want to ask you, our community members, what you want to see in our ecosystem. Instead of just funding any ideas, we believe that it is better to take a more focused approach - to fund what the community wants.

Our goal has always been to become a community owned blockchain and in order to achieve that, we need you to help us to ensure that what we are doing is aligned with the community’s best interest at heart. We need you to share ideas that you think we should be funding for the acceleration program.

Some benefits of this approach are:

  1. There are many teams out there who are technically competent but do not know what to build. By consolidating ideas in one place, we can help them to find potential projects to work on and to help grow our ecosystem.

  2. Moreover, by sharing these ideas online, members of the community can help to flush out the finer details of the idea and improve it further so when a team is looking for something to build, they already have a solid base to start with.

  3. Last but not least, if it’s an idea that you want to see come to fruition, you are probably not alone. This ensures some level of product market fit when these ideas are built.

Looking forward to reading the ideas that you might have!

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Even though I am part of the core team, when we become a community owned blockchain, I will be a member of the community just like you so I want to share my general thoughts with everyone.


Context

I’ve been in the space for a few years now and I’ve seen many blockchains come and go. Many of them, like us, have good intentions; we want to build a more decentralised, equal, fairer and inclusive world but more often than not, these blockchain fail to reach critical mass and die off.

As a member of the community and a core team member, I am always worried about this as well and I want to see us succeed but this is a chicken vs egg problem - without the chicken, there is no egg and without the egg, there is no chicken. Fortunately for us, we have you which is one half of the problem solved.

I strongly believe that no blockchain or projects can survive without a strong community. By actively engaging with and involving the community as much as possible, I hope that we can inculcate a sense of belonging and we want to see each other succeed.

That said, we must also be practical and acknowledge the fact that majority of the people in crypto are in it for the money. We should focus our efforts first on meeting the needs of the existing community before looking beyond our own ecosystem.

Thoughts

The most obvious use case right now is DeFi so things like DEXes, lending, borrowing, insurance, derivatives are all good to have. Farming (liquidity mining) is still really hot right now and is definitely something we should suggest to projects to do because it helps bring attention to the blockchain.

I also think we should attempt to do crazy things, things that you wouldn’t try on “mainnet”. I mean, that’s the reason why we have a canary network after all right?

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What I love to see on Plasm/Shiden are :

  • Bridges , More bridges to non Polkadot / Kusama ecosystem. Bridges attract heavy users jumping onboard from other networks. Bridges to blockchain such as Solana, Ziliqa, Near, Flow, BSC, OK Chain, Huobi Chain, will attract a very heavy user.

  • NFT mint platform, users can mint with Plasm/Shiden portal. But can be listed anywhere in Dot/Ksm ecosystem.

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Hi.

I think the greatest potential lies in erasing the boundaries between fiat money (you can ask it “real world”) and DeFi space. Currently DeFi is more of a sandbox for a small number of people, although the scope’s potential is huge.

In my point of view, there are the 2 biggest problems:

  1. Entry (and withdrawal) fees. Crypto <-> Fiat gateway are too expensive now. In my case I need to pay at least 3% to buy or sell crypto for fiat.

E.g. I want to lend USDT with 6-7% APY - I am automatically losing half of this profit because of these fees.

(and I even don’t speak about ETH fees :slight_smile: )

  1. Second problem - too many steps for DeFI access. DeFI is too far from ordinary users.

What I need to do to lend my USDT:

  1. Find the way to buy crypto for fiat (fees);
  2. Generate an address;
  3. Withdraw USDT to address (more fees);
  4. Send USDT in lending dApp (one more fees).

And same steps for withdrawal.

wall

Disruptive DeFi dApp on Shiden/Plasm

Imagine the dApp like Compound where you can buy PLM/SDN/DOT/USDT or other token seamlessly via card/PayPal/other ways with 0.1-0.2% fees and lend them at 6-7% APY. You can withdraw you money + accrued interest any time and sell for fiat with 0.1-0.2% fees too.

No need to go anywhere, all in one application.

In simple words it´s a Compound with a small fee fiat gateway.

Why Shiden/Plasm are the best networks for this app?

  1. Multi-chain capabilitys
  2. Small fees and fast transactions.

Why now is the best time to start this app?

Low interest rates (0% in Europe, 0-0.25% in the USA) close many investment opportunities with low risk.

Bank deposits and federal bonds are not actual in such conditions. As a result, people do not know where to invest their money: stock markets are too high, crypto is too risky for most of peoples.

Such an application can be a great option for a large number of people.

So this is my dApp proposal for Shiden/Plasm. If someone want/can build it - call me. I want to do it with you :slight_smile:

6 Likes

Yes interoperability with other blockchains is very important!

An issue I noticed with bridges is that to get assets off Ethereum onto a cheaper blockchain is very expensive. How BSC managed to circumvent this is, I believe, by subsidizing the fees AND also because they own the largest exchange in the world, they allow direct withdrawals to BSC so in terms of UX, it is easier and 1 step lesser. Whereas with Polygon, they have very attractive yield farming projects so users are willing to pay that expensive onboarding fees.

We, as a community, need to come up with a plan to onboard more users onto Plasm / Shiden!


For your second idea, I think it is very much doable since that was the whole point of Polkadot, interoperability between parachains. NFTs are still quite popular right now! I’m very interested in NFT in games e.g. MyCryptoHeroes. I really like how they encourage others to use their NFT assets to build new games!

What really blows my mind with NFTs is that when a “useless” NFT in one game is made very powerful in another popular game, the value of that NFT rises!

The UX in DeFi definitely has a lot of room for improvement. I really like your suggestion of “Compound with a fiat onramp”. This feels like what a minimal bank should be - it provides banking functionality (withdraw, deposit), it secures your money for you, it generates some interest for you. I believe it is through these small building blocks that you slowly build something huge and world changing!

If you find a team for this, please apply for the acceleration program :slight_smile:

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By now everyone know what blockchains can do i.e
DAO,
DEFI(Lending, Borrowing),
DEX,
NFT
Incentive for participation in community

Our aim should be to make these things implementable in a rapid way…

Make a not crypto user create any of the products in a quick and easy way

Some thing like Create a defi/NFT prj in a matter of clicks and integrate credit card payments to let them purchase required SDN etc to kick start their projects

And then have an option to auto generate a custom token like an ERC20 token to package their project with all required functionalities like Minting, Vesting, Staking, airdrops to bootstrap a community for the project

So we should encourage any builders trying to work on those lines

Reduce the barriers to blockchain adoption
Abstract away the Complexity

Our aim should be to incentivise builders who can build the legos that can realise the above plan

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Agreed! Improving the UX is a challenge for everyone in the blockchain space. I know the guys behind https://tor.us/ and i think they’re doing an amazing job abstracting away the whole idea of a wallet. You just log in with your gmail, facebook etc. as you do on other platforms.

I’m sure there are a lot more projects out there trying to solve the UX problem and I hope that some members of our community will start something similar!

1 Common domain name platform for all chains. On the platform, you can buy, sell, rent, send a message to the domain name owner, etc. all blockchains in one place.
2 Defi Fund, what the Enzyme(melonport) project is doing. Great for multi-chain, lower transaction costs and security. Very big potential

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I like the domain name idea. It would be cool to have a universal domain name for all projects in the polkadot / kusama ecosystem!

DeFi fund is cool but I haven’t seen much traction w/ melonport but speaking of strategies, I think Yearn did this pretty well! We should consider both for the program :slight_smile: