IOTA inches closer to a full DeFi ecosystem with the ShimmerEVM test chain launch
The IOTA Foundation releases its public test chain to improve its resilience, performance, and security ahead of the awaited ShimmerEVM launch
BERLIN. March 29, 2023 – IOTA, the non-profit organization driving the development of an open, feeless, and highly scalable distributed ledger technology (DLT) for Web3 applications and digital economies, announces today the launch of the ShimmerEVM test chain on the Shimmer testnet.
With IOTA launching its incentivized staging network Shimmer last September this public testing period is the important next step in development ahead of the eagerly awaited ShimmerEVM launch.
The extensive testing of the ShimmerEVM test chain with multiple validators and dozens of dApps contributing, will enhance the resilience, performance, and security of the planned ShimmerEVM smart contract chain. The launch of the test chain comes with various important updates to the consensus module, the node software and most importantly an extended EVM compatibility. It 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 interoperable nature of ShimmerEVM.
The basis for this extended EVM compatibility is built by the so-called ‘Magic Smart Contracts”, which comes at a default on every IOTA smart contract chain. Magic smart contracts enable seamless and bridgeless native asset transfer between Shimmer L1 and EVM chains. This eliminates the need for custom bridges within the Shimmer ecosystem. Additionally, its sandbox contract enables unpredictable, post-consensus random functionality to the EVM, allowing safe randomness within EVM, making special oracle solutions obsolete.
After extensive internal testing to ensure the security of the network, the ShimmerEVM test chain is now ready for its public testnet phase. Dozens of eagerly waiting IOTA community projects can now battle-test the EVM chain while behind the scenes, the IOTA team will continuously work on additional improvements to reflect the ongoing feedback the IOTA community will provide.
“We want to ensure our interoperable and highly scalable Shimmer protocol is accessible to a wider community of blockchain developers which is only possible with additional EVM compatibility. In order to do this safely and securely, it took a lot of testing and validating internally, but like all our projects, we rely on our dedicated community to help us improve the ShimmerEVM chain and that’s why we have made our testnet public,” says Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation. “We are continually making new improvements so when the ‘real’ ShimmerEVM is ready to launch, it’s more polished. This testnet is an important step forward for the rollout of future ecosystem projects on both Shimmer and IOTA.”
For more information, check out IOTA’s blog post here: https://blog.shimmer.network/shimmerevm-testnet-launch/
About IOTA
The IOTA Foundation is a global non-profit foundation that develops next-generation decentralized technologies for a new digital economy in a connected world. It redesigns the way people and devices connect to share information and value, removing middlemen. The Foundation collaborates with a global ecosystem and partners to research and develop technologies that deliver sustainable, real-world impact. Together, they are shaping a new digital economy, removing unnecessary friction and unlocking human potential.
About Shimmer
Shimmer is the official L1 staging and validation network of IOTA’s distributed ledger technology (DLT). It is a rapid innovation playground with short development cycles, allowing developers to build applications and use features that are not yet available on the IOTA mainnet.
Similar to the IOTA network, Shimmer is built on a UTXO-based parallelized, directed acyclic graph (DAG), guaranteeing higher scalability than conventional Blockchains, and it provides the core building blocks for a scalable, modular multi-chain architecture.
Shimmer ensures interoperability and composability of L2 smart contract chains and is capable of connecting any type or flavor of L2 smart contract chain anchored to it. With its unique tokenization framework, Shimmer will become a multi-asset ledger for minting and transfer of native assets without middlemen or crippling gas fees.
$SMR is the native token of the Shimmer network and serves as the network’s economic backbone, facilitating value transactions and interactions within the Shimmer ecosystem. Users of Shimmer use the $SMR token to launch new DeFi applications, DEXs, NFTs, DAOs, and other dApps.
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