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.

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.