- Shimmer EVM, developed by the Iota Foundation, is gearing up to launch as the 185th chain in a saturated crypto market.
- As Shimmer prepares to enter the scene, it stands against well-established chains, including Ethereum and BSC. Its success depends on security, accessibility, and integrations.
Delving Into Security Measures
Arbitrum, with its zk-rollup technology and backing by Ethereum’s robust validator network, has set a gold standard in security. But, their DAO, facing backlash over its decision-making process, has raised eyebrows. BSC, on the contrary, uses a ‘Proof of Authority’ system for security. Yet, the massive concentration of BNB in Binance’s wallets has cast shadows on its decentralization claims.
In contrast, Shimmer EVM provides a distinct approach. It acts as a foundation for other projects to craft their chain, which means security levels can vary between chains. It hasn’t faced the market’s stress tests yet, leaving potential vulnerabilities a question mark. The bright side? Shimmer’s decentralized DAO and the distribution of its voting token, SMR, aimed at ensuring community-driven governance.
The Accessibility Quotient
Access to Arbitrum is reasonably simple for the average DeFi user, especially when they’re already familiar with Ethereum. The network’s efficiency, with faster transactions and reduced gas costs, makes it attractive. BSC, with its Binance integration, is even more user-friendly, boasting impressive transaction speeds and reduced gas fees.
Shimmer EVM, still in its nascent phase, presents a different challenge. With its token available only on select exchanges and a slightly convoluted purchasing route, it hasn’t yet matched the ease offered by Arbitrum or BSC. However, its impressive testnet results, showcasing swift transaction capabilities, offer hope.
Both Arbitrum and BSC have significantly integrated into the broader crypto ecosystem. Arbitrum’s security coupled with the agility of an alt chain attracts a plethora of DeFi projects. BSC, while home to numerous projects, battles its reputation marred by scam tokens.
Shimmer’s integration scenario remains speculative, given its pre-launch state. Yet, the Touchpoint program, fostering collaborations between developers, signals a thriving ecosystem at the onset. With a diverse range of protocols waiting to launch, from gaming to DeFi, Shimmer’s unique proposition is its engaged community, enthusiastically awaiting the EVM launch.
Shimmer EVM, while a late entrant, brings a distinct narrative to the crypto table. With a robust technical foundation and a community eager for its launch, only time will reveal if it manages to captivate the jaded crypto audience.