IOTA: Shimmer Launch on the Horizon, Rocket Fuel for IOTA

IOTA’s Shimmer network is coming next week with the promise of a new innovative process for projects looking to join the IOTA network.
Shimmer is a new network by IOTA but also comes with its unique token- SMR.

Earlier this week, IOTA confirmed the final launch of the Shimmer network. Per the announcement, the Shimmer network will launch on 29th September, about a week after the Cardano Vasil upgrade. In mid-July, the team behind the Shimmer network released the Shimmer Beta network. At the time, developers were encouraged to test the new network’s internal structure.

Wen #Shimmer launch?
Mark your calendar – 28.09.2022! Boom 💣 pic.twitter.com/26hKIzAgzZ

— Shimmer (@shimmernet) September 15, 2022

Earlier this month, the team further released the Shimmer smart contract testnet. After releasing a fully functional and public smart contract test chain, the public has been testing smart contract deployment on the network. More recently, it was disclosed that Shimmer users could migrate their NFTs from other networks such as Ethereum, Solana, and Polygon to and from Shimmer.

Already being integrated with one of the best bridges in crypto @MultichainOrg https://t.co/jSBCkQ5IPt

— Dominik Schiener (@DomSchiener) September 6, 2022

One of the most unique features of Shimmer is its token distribution. As explained by IOTA co-founder Dominik Schiener is that 100% of the tokens were distributed to the community. There were no VC allocations, no token lockups, and no hidden allocations.

We ❤️ fair token launches

100% of all #Shimmer tokens were distributed to the community. No VCs, no token lockups or hidden allocations. Tokenomics so simple, yet so powerful.

Shimmer is an ecosystem of opportunity for everyone. https://t.co/MxfapgNGrY

— Dominik Schiener (@DomSchiener) September 22, 2022

Rocket Fuel For IOTA

Shimmer is set to be the testing hub for developer projects looking to deploy on IOTA. In essence, it will be an accelerator program. Thus, its success could drive the adoption of IOTA significantly. Like the rest of the marker, IOTA’s native token MIOTA is struggling to break out of its bearish pattern. With the wider market showing strength in the last 24 hours, IOTA has gained a little over 8% reaching $0.277.

It is important to note that the Ethereum Merge upgrade about two weeks ago did little to boost ETH and likewise for ADA after the Cardano Vasil upgrade. Will it be different for IOTA?