SHIDO, the native utility and governance token of Shido Network, has experienced an unprecedented surge, reaching a new all-time high (ATH) with a remarkable 600% increase over the past year. However, the cryptocurrency had slightly retraced at the time of writing and was trading at around $0.0063.

This meteoric rise is turning heads in the cryptocurrency space, prompting a closer look at what is happening with Shido Network to propel its native token that high.

Shido Network stands at the forefront of blockchain innovation, pioneering an infinitely scalable Layer 1 Proof-of-Stake (PoS) network within the interoperable Cosmos ecosystem. Leveraging the development power of the Ethereum Virtual Machine (EVM) and CosmWasm, Shido Network offers a seamless and permission-less environment for developers to build without limits.

The network’s ecosystem comprises essential components such as Shido DEX, Shido App, Shido DeFi Card, and Shido Launchpad, providing a comprehensive platform for decentralized finance (DeFi) activities.

Shido Network’s commitment to scalability, interoperability, and environmental sustainability positions it as a leader in the rapidly evolving blockchain landscape.

At the heart of Shido Network’s success is the native utility and governance token, SHIDO. Operating as a deflationary token, SHIDO sees transaction fees burnt through the inbuilt mainnet burn function, contributing to its scarcity and long-term value proposition.

SHIDO plays a dual role in securing the network through the Proof-of-Stake (PoS) consensus mechanism. Validators and Delegators actively participate by staking SHIDO tokens, ensuring decentralization and network integrity. Stakers, in turn, enjoy gas-free transactions on Shido Network, with Validators and Delegators exempt from fees through the mainnet gas-free function.

This governance extends beyond transactional aspects, with SHIDO holders wielding influence through the governance module. Through voting on proposals, SHIDO holders govern all protocol upgrades and critical decisions shaping the network’s trajectory.

The recent surge in SHIDO’s value can be attributed to Shido Network’s continuous development efforts. The ecosystem is flourishing with over 12,000 DeFi holders, excluding Centralized Exchanges (CEX) and staking participants, and a beta testnet showcasing increased usage. Additionally, the strategic partnership with Oak Security for long-term audits and the introduction of Shido Staking, offering an impressive 8% APR, have undoubtedly fueled the enthusiasm surrounding SHIDO.

There is also the much anticipated Shido Network mainnet launch, which is scheduled for this January.

Shido Network mainnet completion coming in January including unique features. Our biggest event to date.

Shido Network features Gasless Function, Burn Mechanism, 1 Sec Time-to-Finality, EVM, WASM Compiler, IBC Protocol and much more.

Infinitely scalable. Build without limits. pic.twitter.com/J4nrBmmkek

As Shido Network stands at the forefront of scalable blockchain solutions, the SHIDO token’s remarkable performance underscores the growing demand for innovative and sustainable projects within the cryptocurrency space.

The post Shido Network’s SHIDO token hits new ATH after a 600% surge appeared first on Invezz

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