IOTA is calling on developers to battle-test the chain and deploy as many smart contracts as possible. According to a press release with Times Tabloid today, In return, IOTA will offer 1.3M $SMR tokens to reward participating decentralized applications (dApps) and their users.

Read Also: IOTA Announces Shimmer’s Partnership with Multichain to Boost Cross-chain Interoperability

With the official launch of ShimmerEVM just around the corner, the IOTA team is looking to ensure it meets the highest standards of performance, reliability, and safety. This campaign will run for two weeks starting Wednesday, May 3rd at 3:00 PM CEST.

During this two-week-long campaign, the public will have an unprecedented opportunity to trial the deployed dApps for $SMR token rewards by creating as much smart contract activity as possible. The more activity created using dApps, the larger the $SMR token reward for the project and its users will be.

Read Also: IOTA Partners with Crypto Finance Group to Support Shimmer Network Token (SMR)

Reacting to the new development, Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation said:

“ShimmerEVM is an important step forward in becoming a novel and lively DeFi ecosystem, but to build it as strong as possible, we need to first open it up to public testing. We are so excited to launch Treasures of Shimmer to see what the community has been cooking up.

“It not only is the first opportunity for us to see how external projects will run on the EVM chain ahead of the full launch, but it also allows us to give back to our community through reward incentives.”

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The post IOTA to Reward ShimmerEVM Testers with 1.3 Million Token Airdrop: Details appeared first on Times Tabloid.

This partnership, according to a latest press release, will have a profound impact on the IOTA ecosystem and community, enabling seamless interoperability between the IOTA and Shimmer networks. This will allow users to transfer Shimmer and IOTA tokens between the two networks after the upcoming launch of ShimmerEVM. This integration is crucial to bridging Shimmer and IOTA together to maximize mutual growth and success.

Read Also: IOTA Partners with Crypto Finance Group to Support Shimmer Network Token (SMR)

Following the launch of the ShimmerEVM testnet, users will now have a glimpse of the potential utility of Multichain. The test bridge facilitates smooth transfers between the ShimmerEVM testnets, ShimmerEVM, Ethereum, Fantom, and BSC testnets.

Furthermore, it’s announced that Multichain will support Shimmer with a cross-chain interoperability solution between the upcoming ShimmerEVM chain and supported blockchains in the Multichain ecosystem, enabling asset transfer and smart contract execution between multiple chains.

This integration is a major milestone and will contribute vastly to the growth of the Shimmer and IOTA ecosystem by providing a vivid cross-chain infrastructure that will open up access to decentralized finance on all major blockchain protocols supported by the Multichain router.

Read Also: Here’s How IOTA Is Building to Achieve a True Circular Economy: A DPP Underway

About Multichain

Launched in July 2020 as Anyswap, Multichain aims to cater to the needs of different and diverse blockchains by providing seamless interoperability solutions through their cross-chain bridge and router. In addition, Multichain’s smart contract function anyCall (a cross-chain messaging router protocol) enables cross-chain messaging and contract calling.

Multichain supports all ECDSA and EdDSA encrypted chains and is almost universally applicable as an interoperability layer.

With 56 supported EVM and non-EVM chains, and more than 2460 integrated projects, Multichain has established itself as an industry-leading cross-chain router protocol with a continuously expanding ecosystem.

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The post IOTA Announces Shimmer’s Partnership with Multichain to Boost Cross-chain Interoperability appeared first on Times Tabloid.

According to the press release recently shared with Times Tabloid, this marks an important step forward for the company in developing a full decentralized finance (DeFi) ecosystem.

Following the launch of Shimmer last September, IOTA’s incentivized staging network is now in its testing period to improve its resilience, performance, and security ahead of the full ShimmerEVM smart contract launch.

The launch of this new test chain will expand the reach of the Shimmer protocol to a wider community of blockchain developers who build EVM-compatible smart contracts, and build the foundation for the bridgeless and seamless interoperability nature of ShimmerEVM.

Multiple validators and dozens of decentralized applications (dApps) will contribute to this testing phase, providing IOTA with ongoing feedback to improve the network.

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The post IOTA Launches ShimmerEVM Test Chain, approaching Full DeFi Ecosystem appeared first on Times Tabloid.

IOTA Partners With Crypto Finance Group

Following the successful launch of its incentivized staging network – the Shimmer Network – the IOTA Foundation is announcing that Crypto Finance Group will be the first to offer both trading and safekeeping for the $SMR token. It will be the first prudentially regulated custody and brokerage provider supporting the native token of the Shimmer network.

Read Also: IOTA Launches Smart Contract Network Shimmer and Its Native Token SMR on the Mainnet

Crypto Finance Group, the Swiss-based storage provider, is a long-standing partner of the IOTA Foundation as they were the first worldwide storage provider for the original IOTA token.

This partnership will enable investors from private and institutional sectors to trade and store $SMR tokens in a regulatory-compliant manner, as Crypto Finance Group is a FINMA-regulated service provider and part of Deutsche Börse Group. The partnership will play a huge role in driving innovation and adoption of the Shimmer network.

Read Also: Here’s How IOTA Is Building to Achieve a True Circular Economy: A DPP Underway

Reacting to the new development, Dominik Schiener, Co-Founder of the IOTA Foundation, said:

“Our relationship with Crypto Finance Group continues to drive innovation and adoption. We welcome their decision to trade and store SMR – the tremendous expansion of projects and token holders since Shimmer’s launch in October shows the market’s confidence in the token and the network’s possibilities. We believe that this integration will enable seamless, regulatory-compliant, and safe access for institutional and private investors alike.”

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The post IOTA Partners with Crypto Finance Group to Support Shimmer Network Token (SMR) appeared first on Times Tabloid.

The Shimmer network is the IOTA ecosystem’s dedicated innovation network. All core protocol improvements and feature upgrades will be battle-tested here first, making it the ideal innovation ground.

Read Also: Here’s How IOTA Is Building to Achieve a True Circular Economy: A DPP Underway

It’s more than a test network thanks to its native $SMR token and the baked-in economic incentives that the token offers community members. These incentives will eventually attract and foster its own economic ecosystem. There are a number of dApps already prepped for deployment on Shimmer.

IOTA’s longstanding community-mindedness is at the heart of this mainnet launch. Shimmer’s unique tokenization framework empowers users to mint, manage, melt or burn custom layer-1 tokens and NFTs. Versatility, interoperability, and composability are at the core of this development, and Shimmer is capable of connecting any type or flavor of L2 smart contract chain anchored to it.

According to the report, once feature-complete with the upcoming ShimmerEVM launch, the Shimmer network will join the smart contract networks with the lowest fees for smart contract execution. It will offer builders a network of new opportunities to build and scale their decentralized applications (DApps). This implies that the Shimmer network will be able to compete with the existing smart contract platforms such as Ethereum, Cardano, Solana, and others.

Read Also: IOTA Partners With Dell To Develop Data-Driven Solution for Real-Time Tracking of Carbon Footprints

Details about the SMR Token

As aforementioned, the $SMR token is the native token of the Shimmer network and 100% of the initial supply of the token is allocated to the community. The total supply of the token is approximately 1,813,620,509 SMR

According to the report, anyone staking IOTA tokens received SMR tokens over a three-month staking period. During the time, a total of 1,450,896,407 SMR was generated from users staking IOTA. Also, the community decided to mint additional tokens to award 10% of the total supply each to the Swiss Tangle Ecosystem Association (TEA) and the Shimmer Community Treasury (DAO). This enabled them to independently community projects

How Users Can Claim SMR Tokens

In the report, it’s explained that users can claim their SMR tokens in the Shimmer network by importing stronghold backup files, BIP39 24-word phrases, or hardware wallet devices of the account from which IOTA tokens have been staked in the IOTA network.

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The post IOTA Launches Smart Contract Network Shimmer and Its Native Token SMR on the Mainnet appeared first on Times Tabloid.

Shimmer tokens and Assembly tokens will be airdropped to IOTA stakers over a three-month period. All that is required is to stake IOTA tokens within the Firefly wallet.

Read Also: IOTA Launches Assembly with Sharded, Feeless Smart Contracts, Taking Web3 and Metaverse Mainstream

Shimmer tweeted, “Pre-staking just started! But what does it mean? 1 MIOTA gets you 1 SMR every 10 seconds for up to 90 days starting Dec 28th at 3 PM. Get set up in the Firefly wallet. And don’t forget, you can simultaneously stake on Assembly too.”

Pre-staking just started! But what does it mean?
1 $MIOTA gets you 1 $SMR every 10 seconds for up to 90 days starting Dec 28th at 3PM.
Get set up in the #Firefly wallet https://t.co/IjdIpMO0u2
And don't forget, you can simultaneously #stake on @assembly_net too!#Shimmer pic.twitter.com/IXe91KxO97

— Shimmer (@shimmernet) December 21, 2021

The week-long pre-staking period officially starts now on 21 December, 9:00 AM EST. So, token holders can start registering for the token distribution. On December 28, 9:00 AM EST, the token distribution will officially start, with IOTA token holders continuously receiving Shimmer tokens and Assembly tokens as staking rewards over a 90 day period.

There are no lockups or penalties and token rewards are readily available within the Firefly wallet. Earned tokens will be fully transferable with the launch of the Assembly and Shimmer networks in 2022.

The opening of staking capabilities for the IOTA token is a major development that makes IOTA a multi-asset ledger and strengthens the foundation of both Shimmer and Assembly networks.

Read Also: IOTA Debuts Genesis NFTs on Newly-Launched Shimmer Network to Reward Early Adopters

The rewards generated by staking will strengthen both networks, reward early adopters, and solidify a self-governed ecosystem. It’s a huge step forward for IOTA, Shimmer, and Assembly.

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The post IOTA Kicks Off Staking on Assembly and Shimmer appeared first on Times Tabloid.