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The recent launch of the Shimmer network has brought profits to the IOTA team. Now the developers of the Shimmer network are trying to achieve IOTA 2.0. The network was introduced to tackle the upcoming new innovations to the IOTA protocol. Not only that, it conducts safe and secure customized smart contract chains.
It aims to provide “interoperability, composability, and feeless value transfers between smart contract chains”. The developers are trying to create highly decentralized applications with scalable ledgers to allow the access of native tokens and to create contactless asset transfers. SMR is the native token of the Shimmer network; it facilitates safe transactions within the Shimmer network.
What Sets Shimmer Network Apart From Others?
- It has a highly scalable ledger.
- Consists of native assets.
- Bridgeless Composability.
- Security.
- Costless.
- Application layer with EVM and WASM support.
Due to its composability nature, Shimmer has the capability to connect to any L2 smart contract chain. The DAG ledger is also important for quick transactions. And Its unique tokenization provides feeless minting that can transfer the native crypto assets without any middle agent. The users of Shimmer are utilizing SMR to create DEX’s, NFT’s, DAO’s, and various dApps.
According to the co-founder of IOTA, Dominik Schiener, the upcoming updates on the platform are:
- ShimmerEVM Beta.
- DeFi Ecosystem Test Launch.
- On-chain governance with wallet voting.
Now Iotabee has decided to launch DEX on the IOTA platform. This new innovation connects Iotabee DEX with Shimmer EVM, so it can trade tokens on IOTA, Shimmer, Shimmer EVM, and different EVM chains like BNB Smart Chain (BSC).
“By providing trading possibilities with stablecoins and across chains, we hope to bring in more assets and resources to the whole ecosystem, which will eventually be beneficial to all IOTA believers.”
Schiener stated that “With Shimmer we revive ourselves, with IOTA we win. Let’s make Shimmer the biggest success possible, so we replicate and do it even better with IOTA.”
The growth rate of IOTA depends upon the success of the Shimmer network. The developers of IOTA will have an idea of how to lead the platform on a successful path, not only that they are trying their best to develop IOTA 2.0. Some analysts referred to the Shimmer of IOTA as Kusama for polkadot. Buying the crypto from Shimmer network will help in the growth of the IOTA platform.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
