HomeNewsIOTA Integrates Seamlessly: ShimmerNet TVL Skyrockets, Airdrop Fever Spreads

IOTA Integrates Seamlessly: ShimmerNet TVL Skyrockets, Airdrop Fever Spreads

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  • ShimmerEVM launches a $1 million airdrop, starting January 31, 2024, to incentivize liquidity and support its ecosystem.
  • The initiative involves over 1.5% of Shimmer’s total supply, targeting enhanced liquidity through Shimmer Bridge and boosting Total Locked-in Value (TVL) in dApps.

Catalyzing Growth in the ShimmerEVM Ecosystem

In a significant move to foster development and enhance community engagement, the Tangle Ecosystem Association and its Shimmer Growth Committee have introduced a groundbreaking $1 million airdrop in the ShimmerEVM ecosystem. This strategic initiative marks a pivotal step in attracting new liquidity and leveraging decentralized applications (dApps) within the ShimmerEVM framework.

Driving Liquidity and Innovation

The airdrop program, set to commence on January 31, 2024, is designed to stimulate the inflow and utilization of ecosystem liquidity connected through the Shimmer Bridge. This bridge, powered by Tangle DAO LLC, represents a vital component of the strategy, extending beyond mere financial incentives. The focus is on promoting growth, innovation, and robust community participation in the Shimmer ecosystem.

The incentive is structured to increase liquidity provision, consequently enhancing the Total Locked-in Value (TVL) in dApps operating within the ShimmerEVM. Participants will utilize the Shimmer Bridge to transfer value seamlessly into the ecosystem, thereby exploring the burgeoning DeFi landscape that ShimmerEVM offers.

Rewarding Community Contributions

Tide, a Web3 incentive protocol, plays a crucial role in this initiative by integrating with ShimmerEVM and employing its suite of smart contract monitoring tools. This integration ensures that contributions to the ShimmerEVM’s dApp ecosystem are duly recognized and rewarded.

The reward mechanism involves a tier and point system, tracking capital contributions in the form of LayerZero wrapped assets used as TVL on dApps within Shimmer EVM. Participants stand to gain higher rewards in SMR tokens based on their achieved level and points.

To partake in this campaign, users need to register on the Tide campaign board with their Web3 wallet address, maintain their TVL for at least 30 days, and comply with the eligibility criteria. Participants will be issued an NFT for tracking purposes and can verify their reward eligibility at any time.

Beyond Incentives: A Vision for the Future

This airdrop campaign transcends the traditional incentive program, embodying a commitment to unlocking the full potential of the ShimmerEVM ecosystem. It represents a concerted effort to establish a thriving and innovative environment that encourages active participation and development.

In conclusion, ShimmerEVM’s $1 million airdrop initiative is a testament to the evolving landscape of decentralized finance and the growing emphasis on community-driven development. By incentivizing liquidity and fostering innovation, ShimmerEVM is paving the way for a more dynamic and inclusive DeFi ecosystem.

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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628