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IOTA Co-founder Highlights Remarkable Milestone for Shimmer Network

Thu, 05/04/2023 - 15:19
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Tomiwabold Olajide
IOTA co-founder speaks on success of Shimmer Network
IOTA Co-founder Highlights Remarkable Milestone for Shimmer Network
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Dominik Schiener, the IOTA co-founder, has taken to Twitter to celebrate a milestone for the Shimmer Layer 1 network.

He reports a growth in utility with 22,000 daily active addresses on Shimmer network as the Treasures of Shimmer airdrop campaign began.

It bears mentioning that Treasures of Shimmer, a two-week-long incentive campaign, kicked off on May 3, 2023, and will reward projects and users for participating in the public testing of the EVM chain and the dApps deployed on it. Participants will be able to partake in a prize pool of 1,300,000 SMR tokens.

In his tweet, Schiener praises the technology and the Shimmer ecosystem. He also believes in the potential of the SMR token.

IOTA (MIOTA) Shares Exciting Growth Updates in First 2023 Report: Details

In its Q1, 2023 report, the IOTA Foundation speaks on the success of the Shimmer Network, saying the IOTA staging network has operated successfully without any bugs or issues since its launch about seven months ago.

While both IOTA and Shimmer are Layer 1 platforms, both use a DAG (the Tangle) for transactions and data storage but differ in tokenization. Shimmer's Stardust protocol enables custom tokens, NFTs and alias outputs on Layer 1. This is yet to come to IOTA, as Shimmer is its public staging network for testing.

Also, while IOTA uses dust protection, Shimmer requires users to back up data stored on the Tangle with SMR tokens.

IOTA's Shimmer EVM Testnet Reaches Remarkable Milestones Weeks After Launch

In March, the Shimmer EVM testnet was launched. As reported, the testnet has hit one million transactions with over 38,000 wallet addresses. Also, over 2,200 smart contracts have been deployed.

As stated in its recent quarterly report, the development of the primary Layer 2 support for Shimmer EVM is set to begin in iterative milestones and releases after careful planning and design phases.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.