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- IOTA’s ShimmerEVN reportedly processed 15 million transactions with an average block time of 800 milliseconds in the second quarter of 2023.
- Two independent committees were established to promote the growth of the Shimmer ecosystem.
IOTA (MIOTA) has released its second quarter progress report covering wide arrays of updates including the Shimmernet. A quick review of the quarterly achievements includes the ShimmerEVM Testnet launch on March 29, crucial propositions for governance, and the Treasures of Shimmer Testnet campaign. Since the launch of ShimmerEVM, no challenges have been encountered so far.
📢 Our Q2 Progress Report on #IOTA and @shimmernet is out! Stay ahead of the curve and dive into our latest quarterly update covering the latest collaborations, with significant achievements in governance, protocol research, engineering, and more⬇️https://t.co/4SqvxfCo76 pic.twitter.com/EhONgvDYHS
— IOTA (@iota) July 3, 2023
According to the report, more than 3 million blocks and 15 million transactions have been processed so far. Its average block time has been around 800 milliseconds with transaction peak being around 1.8 million transactions in a single day.
The report further discloses that the Treasures of Shimmer campaign by TEA largely contributed to the improved activities of the testnet as massive participation led to 10 million transactions in the period under review. It was observed that the surge was caused by 16 projects that were actively competing for a share of the 1.8 million $SMR token bounty.
Two Committees Established
In the second quarter of the year, the establishment of two independent committees was supported by 98 percent of the community to ensure the growth of the Shimmer ecosystem. These are the Shimmer Community Treasury Grant Committee and the Shimmer Growth Committee.
The first committee – the Shimmer Community Grant Committee has so far gone through 40 grant proposals from ecosystem builders and approved $300,000 in grants. The second – Shimmer Growth Committee is also said to have funded infrastructure projects for the upcoming ShimmerEVM launch in addition to some partnership facilitations.
The Governance group is also working to prepare governance processes for ShimmerEVM. Within the period, GoShimmer functionality was transferred to new software – iota-core. The confirmation flags and the fork-choice rule were adjusted and guided by the Finalization Research Working Group. The report also captured the progress of the IOTA Core Team, the Tooling Team, the IOTA Software Development Kit (SDK), the Identity Team, and the TIPs Team.
Other Updates by Various IOTA Teams
The Tooling Team has finalized the improvements for the Tangle Explorer. The IOTA Core Team is also working on the implementation of an online protocol upgrade mechanism, alongside delegation, staking, and Mana calculations. The SDK team is working on the first stable release of the IOTA SDK. The Identity Team is in the final stage of shifting to JSON Web Token (JWT) format for the credentials and presentations. Finally, the TIPs team is working to improve the quality of TIPs.
One other important mention in the report is the IOTA regulatory affairs.
This quarter, Mariana De La Roche joined the Board of Directors of the International Association of Trusted Blockchain Applications (INATBA) and, together with the IOTA Foundation’s Laura Kajtazi, the Expert Panel of the European Blockchain Observatory and Forum (EUBOF). Our regulatory affairs team leads the IOTA Foundation’s work in being the voice of the DLT/blockchain industry on international regulatory matters.
The sixth round of staking for Assembly has started, and 11.7 billion tokens have so far been allocated to stakers. While the report discloses the exciting milestone achieved in the second quarter, it mentions that more projects are in the pipeline.
In terms of Coordicide, the teams are porting and implementing features from the GoShimmer research prototype to the Hornet node software.
Furthermore, crucial progress has been made in governance, research, and engineering, solidifying the foundation for future advancements. With a thriving community and dedicated teams, the IOTA ecosystem is poised for continued growth and innovation in the coming months. Exciting times lie ahead!
