IOTA to launch SMR token with Shimmer- This will change the world

  • Ahead of the Shimmer Network launch on September 28, the IOTA crypto is making strong gains over the last week.
  • The native SMR tokens of the Shimmer Network will provide financial incentives for using the network.

Shimmer network, the staging network of the IOTA blockchain network is set to launch ahead this week on September 28. The preparations for the Shimmer launch are currently going on in full swing. The launch of the Shimmer Network will happen along with native SMR tokens which will help in fueling the participation of builders and users.

Launched last year in 2021, the Shimmer Network is a staging network of the IOTA blockchain. It is basically a Layer-1 innovation network that will push the growth of interoperable digital assets. Alike IOTA, Shimmer is also a DAG-based parallelized settlement layer with a higher L2 anchoring capacity.

The Shimmer network will serve as a feeless and bridgeless base layer for developers to build new cutting-edge innovations. The central area of the Shimmer Project is the Stardust module. It allows the development of smart contracts along with the possibility of carrying out NFTs and other forms of tokenization.

The future possibilities of the Shimmer Network would also involve hosting decentralized finance (DeFi) applications. Post the launch of the Shimmer Network, the SMR token will provide financial incentives for using the network. It still remains unclear whether SMR will be available for trading swiftly on other exchanges.

Ahead of the Shimmer Network launch, the price of IOTA has been on the rise. As of press time, IOTA is trading 7.73 percent up at a price of $0.30. Over the last week, the IOTA price has surged by more than 20 percent.

Shimmer (SMR) staking rewards

As per the details, users will be able to stake their native SMR tokens and earn staking rewards from the same. Firefly, the official wallet of the IOTA blockchain updated last week on how users can claim their staking rewards.

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Firefly said that users of the SMR tokens will be able to claim the Shimmer staking rewards directly from the Firefly Shimmer app. This is basically, a desktop app separate from the main Firely wallet app. Currently, Firefly is awaiting a review and security edit for the popular Ledger Shimmer app. Following the Shimmer launch, the review will happen within two weeks.

However, existing Ledger users won’t have to wait to claim their Shimmer rewards. As Firefly noted: “In Ledger Live Settings, you simply go to “Experimental features” and enable “Developer mode”, allowing you to install the Shimmer app on your device”.

The Firefly shimmer app will be available soon as Shimmer launches on September 28. Users will be able to download this app from the Firefly website along with a full token guide.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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