- Shimmer acts as a pivotal platform for IOTA, enhancing technology through protocol upgrades and fostering Web3 growth.
- ShimmerEVM introduces EVM compatibility, driving innovation with millions of transactions and significant total value locked (TVL).
As it moves towards IOTA 2.0, with its focus on sustainable tokenomics and increased programmability, Shimmer aims to establish its role in the growing Web3 space, enhancing interoperability and scalability for various applications.
✨ Shimmer, the testing ground for IOTA's innovations, is set for exciting upgrades. Dive into the roadmap and discover how #Shimmer enhances the @iota ecosystem 🌐. Don't miss out! 🔗https://t.co/u3NdUojWJK pic.twitter.com/21d7U0Kufk
— Shimmer (@shimmernet) February 6, 2024
Recognized as a vital network for the development and implementation of protocol upgrades, Shimmer leads the transition to IOTA 2.0. With its sustainable token economy and improved programmability, Shimmer is set to strengthen its position in the Web3 sector, supporting interoperability and scalability for a wide range of applications.
Incorporation of EVM Compliance and Progression towards Smart Contracts
Shimmer plays a critical role in the direction of IOTA, providing a testbed for new innovations. In the last year, it has contributed to the expansion of IOTA’s Tangle L1, adding a layer of tokenization and EVM-compatible smart contract chains in L2. ShimmerEVM, active for four months, has processed millions of transactions and achieved a significant total value locked (TVL).
Prospects for Shimmer: Beyond a Trial Network
Although Shimmer serves as a testing network for IOTA, it aims to be more. It is designed as an independent Layer 1 network and a dApp ecosystem, supported by a large and active community. Shimmer is becoming a hub for DeFi and Web3 innovations, planning numerous enhancements and releases to extend its capabilities.
Shimmer’s Development Trajectory
Shimmer’s development will proceed in phases, each adding functionality and innovation, from the start of ShimmerEVM to multi-chain expansion and the integration of IOTA 2.0’s consensus without leaders.
- Phase 1: Start of Shimmer with native assets integration in a parallel ledger.
- Phase 2: Launch of ShimmerEVM, introducing EVM compatibility and advanced features.
- Phase 3: Multi-chain expansion, enhancing interoperability and scalability.
- Phase 4: Implementation of IOTA 2.0’s consensus without leaders, increasing decentralization and efficiency.
- Phase 5: Staking of $SMR and the introduction of a sustainable token economy.
Future of Shimmer and IOTA EVM
Since its introduction, ShimmerEVM has been an effective multi-chain solution, easing the transition between EVM-compatible smart contracts. With more than 3.2 million transactions and a TVL of $13.07 million so far, its solid infrastructure and vibrant community secure its continued significance.
How has the price behaved in recent weeks?
The price is currently between the middle band (the orange line, which represents a simple moving average) and the lower band, which could indicate a possible downtrend or consolidation phase. However, the price’s proximity to the middle band also suggests that there could be some support level preventing further decline.
The money flow index (FMI), which combines price and volume to measure buying and selling pressure, is at 69.55. An MFI above 50 typically indicates that buying pressure is greater than selling pressure. However, it is approaching the overbought threshold of 80, which could suggest a future price pullback if it breaks this level.
Overall, the trend appears to be in a state of flux, with the recent contraction in the bands indicating a period of consolidation or a possible reversal after a period of increased volatility. Investors could be cautious and look for more signals before making significant moves.
As the launch of IOTA’s Mainnet approaches, the importance of Shimmer as a testing and development platform grows. The decision to keep developing Shimmer and ShimmerEVM is strategic, aiming to lead blockchain technology innovation and complement the upcoming release of the IOTA EVM.