Just in: Shimmer Network Launches, Major Milestone For IOTA

Posted on by Doris Kyende
Estimated read time 2 min read
  • Shimmer network has finally been launched today.
  • The launch will play a huge role in the growth of the IOTA ecosystem.

After months of testing the shimmer network internal structure on Beta since mid July, The Shimmer Network has finally been launched . The shimmer network had been designed to be the testing hub for developer projects. The network will also significantly accelerate IOTA’s success. Meanwhile, IOTA’s native token MIOTA has dropped more than 5% to holding the $$0.305 mark.

The network is a project aimed to help accelerate the development and innovation of projects on the IOTA main net by opening up new possibilities to tokenize everything starting from NFTs, real-world assets and stablecoins and many others, natively on Layer 1 without fees. Shimmer is the first  feeless network to form a multi-chain ecosystem on parallelized DAG ledger of Shimmer.

According to Shimmer, users can migrate their NFTs from other networks such as Ethereum, Solana, and Polygon to and from Shimmer. All (100%) of the shimmer tokens (SMR) have been distributed to the community,where people can access their shimmer token using the Firefly wallet. Bitfinex, a crypto exchange company owned by iFinex Inc, is the official launch partner of the shimmer token (SMR).

Read More; IOTA One Step Closer to ‘Unite Them All’ With Shimmer Mainnet Launch

Notably, IOTA has moved from being a single asset ledger to a multi asset ledger. Shimmer will be its own Layer 1 network and will adopt a dApp ecosystem network, and will be used as a base where developers and users are able to tokenize anything. Interestingly, many dAPP’s are already on Beta and will now be moved to Shimmer.

Shimmer network is one of the smart contract networks with the lowest fees for smart contract execution. Some of the unique features that come with the network is;

  • Highly scalable ledger
  • Native Assets
  • Application layer with EVM and WASM support.
  • Fair token distribution
  • Bridgeless composability
  • MEV protection and native randomness

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Doris Kyende

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