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    Shiden Network

    SDN

    Evaluation Score

    Overall rating on a scale of 0-10

    RiskReturn
    03.810
    Risk Level:
    Very High
    Recommendation:Avoid
    Evaluated:August 28, 2026 (v14)

    Dimension Breakdown

    Development Activity3.5
    Community HealthN/A
    Tokenomics3.0
    Market & Use Case2.5
    Team & Governance6.5
    Security & AuditsN/A

    AI Analysis

    Comprehensive evaluation of the token

    Shiden Network (SDN) operates as a multi-chain dApp hub and canary network for Astar on Kusama. The project has transitioned into a maintenance and consolidation posture rather than active feature expansion, marked by a Kusama Asset Hub migration in October 2025. While the project benefits from an experienced founder (Sota Watanabe) and a clean track record regarding protocol exploits, fundamental adoption and market metrics have deteriorated significantly. The tokenomics present almost zero vesting risk with ~98.6% of supply circulating, yet lack a hard max supply cap. Crucially, market viability is severely impaired, evidenced by a sub-$1M market cap, near-zero 24-hour trading volume (~$8.78), and drained liquidity. Note that two data gaps occurred during evaluation: Community Support and Security and Audit History lacked sufficient project-specific data to score and were excluded from the weighted average.

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    Development Activity

    Code updates and developer engagement

    RiskReturn
    03.510

    Community Support

    Social media presence and community engagement

    Insufficient Data

    Tokenomics

    Supply, distribution, and utility

    RiskReturn
    03.010

    Market & Use Case

    Value proposition and competitive landscape

    RiskReturn
    02.510

    Team & Governance

    Team background and project governance

    RiskReturn
    06.510

    Security & Audits

    Security history and audit status

    Insufficient Data
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    About Shiden Network (SDN)

    Shiden Network (SDN) is a multi-chain decentralized application platform operating as a parachain on Kusama. Launched in August 2021 by founder Sota Watanabe and the team behind Astar Network, Shiden was established as a canary network for Astar to support smart contracts across both Ethereum Virtual Machine (EVM) and WebAssembly (WASM) environments.

    The native token, SDN, serves multiple functions within the network, including the payment of transaction fees, securing the network through staking, and facilitating decentralized on-chain governance voting. It also powers a "dApps Staking" mechanism, which allows token holders to stake their assets on specific decentralized applications to distribute rewards to both users and developers. SDN has a circulating supply of approximately 69.03 million tokens out of a 70.00 million total supply, with no hard-coded maximum supply cap, resulting in structural inflation through ongoing reward emissions.

    The project has transitioned into a maintenance and consolidation posture rather than active feature expansion, marked by a migration to the Kusama Asset Hub on October 6, 2025. Shiden faces significant challenges regarding adoption and market activity, characterized by a market capitalization below $1 million, negligible 24-hour trading volume, limited exchange liquidity, and stale governance forum activity dating back to 2023.

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