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- In another milestone, the ShimmerEVM testnet has seen the deployment of more than 5K smart contracts and more than 6 million transactions taking place.
- Dominik Schiner said Shimmer will provide IOTA holders with the opportunity to stake their tokens and boost DeFi growth on the platform.
IOTA’s Layer-1 blockchain network Shimmer has been buzzing with activity in recent times as it continues to hit new milestones with daily active addresses as well as total network transactions. In late March 2023, Shimmer unveiled the ShimmerEVM testnet, setting a bridge for the easy transfer of assets between Shimmer and the Ethereum blockchain network.
In the latest development, IOTA co-founder Dominik Schiener announced that there have been more than 5,000 smart contracts deployed on the ShimmerEVM testnet so far. Also, the total number of active addresses on the testnet has now surged past 64,000 while ShimmerEVM has registered more than 6 million transactions to date.
6m+ transactions and over 5k smart contracts deployed so far on the #Shimmer EVM Testnet. 64k+ active addresses
This is how we like it. 👏 https://t.co/ldPZxCLG8o
— Dominik Schiener (@DomSchiener) May 11, 2023
This is a significant milestone in a very short time after the launch and shows that there’s a very high acceptance for ShimmerEVM. However, the IOTA developer team has yet not confirmed the final date of launch for the ShimmerEVM mainnet.
Interestingly, as it turns out, the largest contributor to the massive activity on the ShimmerEVM testnet is the recently launched Web3 gaming experience Treasures of Shimmer. Earlier this month on May 3, the Treasures of Shimmer initiative commenced. It is a two-week incentive program that aims to reward users and projects for their participation in the public testing of the ShimmerEVM chain and the deployed dApps on it.
Following this, participants will engage in the public testing of 1.3 million SMR tokens. It will be interesting to see whether the ShimmerEVM network activity continues to stay this high as the initiative ends.
ShimmerEVM and Yield Farming Opportunities
As previously stated, the launch of ShimmerEVM will allow the easy transfer of assets between the Shimmer network and the Ethereum blockchain. As a result, users will be able to bridge their IOTA tokens to the ShimmerEVM and unlock yield farming opportunities for themselves.
IOTA co-founder Dominik Schiener said: “Shimmer is expected to provide $IOTA holders with a chance to stake their tokens and earn returns, thus taking the crypto to new heights. It is considered a crucial element in the growth of DeFi on the Shimmer platform”.
With Shimmer, $IOTA holders will finally get the opportunity to stake their tokens and earn yield.
Shimmer will help to elevate $IOTA to new levels. It'll be a key component for the DeFi growth on Shimmer 🚀 https://t.co/cpTPrHNcQB
— Dominik Schiener (@DomSchiener) May 11, 2023
The IOTA team is continuously making new improvements for the launch of the ‘real’ ShimmerEVM, aiming to provide a more polished version. They consider this testnet to be a crucial milestone toward the rollout of future ecosystem projects on both Shimmer and IOTA.
