HomeNewsIOTA's Shimmer TVL Soars 4x Amid Surging Ecosystem Adoption

IOTA’s Shimmer TVL Soars 4x Amid Surging Ecosystem Adoption

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  • IOTA Foundation announces IOTA 2.0: A complete rebuild and a step closer to genuine decentralization.
  • The ShimmerEVM Testnet: Successfully processes over 15 million transactions, showcasing IOTA’s robustness and scalability.

From Concept to Reality: The Dawn of IOTA 2.0

Last week’s ShimmerEVM update set the stage for an even more significant leap forward. Introducing IOTA 2.0 – a monumental shift envisioned by the IOTA Foundation. Rooted in extensive research and innovative prototyping, IOTA 2.0 encapsulates a transformative vision of ensuring digital autonomy for all.

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The overhaul of IOTA‘s design wasn’t a mere tweak but a ground-up reconstruction. This strategic revamp not only signals the commencement of the coordinator’s phase-out but also heralds a new era of unadulterated decentralization.

Distinct from traditional DLTs, IOTA 2.0 promises a plethora of features that make it public, decentralized, democratic, and sustainable. At the heart of this evolution lies the Tangle – IOTA’s unique Directed Acyclic Graph (DAG) structure. Differing from the linear constraints of conventional blockchains, Tangle’s architecture will introduce:

  • An avant-garde accounts system
  • Zero fees for its token holders
  • Collaborative Nakamoto-based consensus that operates asynchronously
  • A pragmatic approach to conflict resolution

To guide enthusiasts and the wider community, the IOTA Foundation is set to roll out a series of resources detailing the intricacies of the IOTA 2.0 protocol.

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Milestones and Collaborations: IOTA’s Journey to Decentralization

Earlier this year, evidence of IOTA Foundation’s commitment shone brightly through their tireless endeavors. Collaborating closely with the Shimmer teams, they embarked on enhancing functionalities, exploring novel avenues, and establishing deeper community connections.

One of 2023’s significant milestones was the ShimmerEVM Testnet launch in March, accentuated by the ‘Treasures of Shimmer Testnet’ campaign. Such initiatives weren’t merely for show; they bore impressive stats. Without encountering major hiccups, the Testnet impressively churned out over 3 million blocks, processing 15 million transactions.

The campaign further spiked the activity, with a remarkable 10 million transactions, all fueled by 16 projects vying for a hefty $SMR token bounty.

These developments resonate with the essence of distributed ledger technology, underlining the IOTA ecosystem’s unwavering dedication to driving innovation and fostering inclusivity.

As we witness these advancements, it’s evident that feedback integration and refining strategies for the ShimmerEVM’s impending launch on Shimmer remain at the forefront. The journey has begun, and the decentralized digital future beckons.

Connect with Collin Brown on X (Twitter) for valuable market insights, frequent updates, and a touch of humor! 

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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