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HomeNewsIOTA: Treasures of Shimmer Airdrop Kicks Off with 1.3M SMR Prize Pool,...

IOTA: Treasures of Shimmer Airdrop Kicks Off with 1.3M SMR Prize Pool, 22K Daily Active Addresses on Shimmer Network

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  • Shimmer Layer 1 network achieves 22,000 daily active addresses as the Treasures of Shimmer airdrop campaign begins.
  • IOTA Foundation cites the success of Shimmer Network in Q1, 2023 report.

IOTA co-founder, Dominik Schiener, took to Twitter to celebrate the milestone for the Shimmer Layer 1 network, reporting a growth in utility with 22,000 daily active addresses on the network as the Treasures of Shimmer airdrop campaign began.

The campaign, which kicked off on May 3, 2023, will reward projects and users for participating in the public testing of the EVM chain and dApps deployed on it. Participants will be able to partake in a prize pool of 1,300,000 SMR tokens. Schiener expressed his confidence in the technology and the Shimmer ecosystem while praising the potential of the SMR token.

IOTA Foundation recently released its Q1, 2023 report and cited the success of the Shimmer Network, mentioning that the IOTA staging network has operated successfully without any bugs or issues since its launch about seven months ago.

The report highlights that while IOTA and Shimmer are both Layer 1 platforms, they differ in tokenization. Shimmer’s Stardust protocol enables custom tokens, NFTs, and alias outputs on Layer 1. Shimmer is currently the public staging network for testing IOTA.

Shimmer EVM Testnet reaches a remarkable milestone in a few weeks after launch

In March, the Shimmer EVM testnet was launched, which has since hit one million transactions with over 38,000 wallet addresses. More than 2,200 smart contracts have been deployed on the network.

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, as mentioned in the quarterly report.

Shimmer requires users to back up data stored on the Tangle with SMR tokens

While both IOTA and Shimmer use a DAG (the Tangle) for transactions and data storage, they differ in their tokenization approaches. While IOTA uses dust protection, Shimmer requires users to back up data stored on the Tangle with SMR tokens.

In conclusion, the Shimmer Network has achieved remarkable growth with its Layer 1 network, demonstrating its utility as the Treasures of Shimmer airdrop campaign begins. The success of the Shimmer EVM testnet since its launch is another promising sign of the potential of the network, and the development of the primary Layer 2 support for Shimmer EVM is expected to enhance the network’s capabilities further.

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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
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