Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dominik Schiener, the IOTA co-founder, has taken to Twitter to celebrate a milestone for the Shimmer Layer 1 network.
He reports a growth in utility with 22,000 daily active addresses on Shimmer network as the Treasures of Shimmer airdrop campaign began.
22k daily active addresses just on the Shimmer L1 yesterday with the start of the Treasures of Shimmer airdrop campaign.
— Dominik Schiener (@DomSchiener) May 4, 2023
The tech is amazing. The ecosystem is flourishing and growing daily. This is the way $SMR #Shimmer
Imagine how SMR will fly once this hits mainnet. pic.twitter.com/H7utlU9e5y
It bears mentioning that Treasures of Shimmer, a two-week-long incentive campaign, kicked off on May 3, 2023, and will reward projects and users for participating in the public testing of the EVM chain and the dApps deployed on it. Participants will be able to partake in a prize pool of 1,300,000 SMR tokens.
In his tweet, Schiener praises the technology and the Shimmer ecosystem. He also believes in the potential of the SMR token.
In its Q1, 2023 report, the IOTA Foundation speaks on the success of the Shimmer Network, saying the IOTA staging network has operated successfully without any bugs or issues since its launch about seven months ago.
While both IOTA and Shimmer are Layer 1 platforms, both use a DAG (the Tangle) for transactions and data storage but differ in tokenization. Shimmer's Stardust protocol enables custom tokens, NFTs and alias outputs on Layer 1. This is yet to come to IOTA, as Shimmer is its public staging network for testing.
Also, while IOTA uses dust protection, Shimmer requires users to back up data stored on the Tangle with SMR tokens.
In March, the Shimmer EVM testnet was launched. As reported, the testnet has hit one million transactions with over 38,000 wallet addresses. Also, over 2,200 smart contracts have been deployed.
As stated in its recent quarterly report, 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.
Arman Shirinyan
Gamza Khanzadaev
Alex Dovbnya
