HomeNewsIOTA: Shimmer Network Unveils Grant & Growth Committees to Boost Ecosystem

IOTA: Shimmer Network Unveils Grant & Growth Committees to Boost Ecosystem

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  • Shimmer community approves four governance proposals, establishing Shimmer Growth Committee and Shimmer Community Treasury Grant Committ.
  • JD Sutton elected as Program Lead, with Linus Nauman, Garret Jin, Kowei, and Finanzgoblin/Richard Mediavilla as Grant Reviewers.

In March 2023, the Shimmer community voted on four governance proposals, approving all of them. As a result, a Shimmer Growth Committee and a Shimmer Community Treasury Grant Committee have been established, with their respective members selected. The Shimmer Growth Committee has been allocated a budget of 90,681,025.5 SMR tokens, while the Shimmer Community Treasury Grant Committee has received a budget of 27,204,307.5 SMR tokens.

JD Sutton was elected as the Program Lead for the Shimmer Community Treasury Grant Committee, with Linus Nauman, Garret Jin, Kowei, and Finanzgoblin/Richard Mediavilla selected as Grant Reviewers. The committees will focus on increasing adoption, supporting community projects, and driving growth for the Shimmer and IOTA ecosystems.

In the coming week, the Shimmer Community Treasury Grant Committee will begin forming under the temporary legal umbrella of the Tangle Ecosystem Association. The committee will activate their grant application system, and their annual budget will be transferred to a newly-created wallet. The first tranche of SMR tokens will be converted to 100,000 USDT through an OTC sale, enabling the committee to commence operations.

Additionally, the Treasury Grant Committee will submit an application to form a DAO as a non-profit LLC in the Marshall Islands. Once approved, the committee will become an independent legal entity under the Marshall Islands’ legislative non-profit framework, no longer affiliated with the Tangle Ecosystem Association.

The Shimmer Growth Committee will be established by the Tangle Ecosystem Association in the next few days. Its members include JD Sutton, Linus Nauman, Garrett Jin, Christian Sauer, and Holger Webel. The committee will seek opportunities to boost Shimmer adoption in the market and allocate its budget of 90,681,025.5 SMR tokens to various projects and proposals that aim to accelerate the Shimmer ecosystem’s growth.

The IOTA Foundation congratulated the Shimmer community on these decisions and expressed support for the elected members of the Shimmer Community Grant Committee. The foundation also thanked all community members who applied to become Grant Reviewers.

These votes mark a significant step towards decentralizing Shimmer and its ecosystem, with the community eagerly anticipating the initiatives that will emerge from these newly-established committees.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628