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- The ShimmerEVM testnet weathers spam attack while achieving a peak of 700 transactions per second (TPS).
- ShimmerEVM enables efficient, fast, secure, and parallel processing of smart contracts on a scalable platform.
The IOTA Foundation has been working to bring the ShimmerEVM mainnet to the market. Web3 Builder and Venture Fund Nakama Labs has recently shared an update on how it’s battle-testing the ShimmerEVM beta version by conducting some spam attacks on ShimmerEVM.
In its recent tweet, Nakama Labs stated that Shimmer’s capabilities are evident as it achieves a peak of 700 transactions per second (TPS), resulting in an impressive $250,000 per hour to sustain this attack on the mainnet.
We did it again: Another spam attack on #ShimmerEVM! 👀@shimmernet's prowess shines as we hit 700 TPS at its peak, translating to a staggering $250k per hour to keep up this attack on the mainnet.
Devs, join the battle to prep Shimmer #EVM for its launch! pic.twitter.com/AFqkbpPlgR
— Nakama Labs (@Nakama_Labs) August 23, 2023
The IOTA development team has been diligently developing the Shimmer Ethereum Virtual Machine (EVM), which has already been launched as a testnet version in the market. The ShimmerEVM testnet chain introduces the first EVM-compatible smart contract chain within the Shimmer network. This chain enables efficient, fast, secure, and parallel processing of smart contracts on a scalable platform.
With these capabilities, the ShimmerEVM can challenge the likes of Arbitrum and Binance Smart Chain within the decentralized finance (DeFi) space. Nakama Labs noted: “Shimmer isn’t just about scalability or fast tx, it’s a perfect fit for a vast Web3 ecosystem. With EVM at its foundation with unique features, it empowers creators to bring their innovative ideas to life”.
Unique Features of Simmer
- No roadblocks, No Limits: Shimmer uses L2 chains to tackle scalability issues and offer smart contract functions. Transactions are issued during consensus to maintain a strong L2-L1 connection. This boosts network performance, allowing for more activity and enhancing decentralized app potential. Shimmer supports much greater L2 anchoring than standard blockchains, enabling significantly higher scalability. It’s a perfect L1 for diverse dApps, ensuring smooth operation.
- Bridgeless Asset Transfer:Â Bridges are vital for blockchain networks, aiding chain compatibility, but they risk security breaches. Examples include Harmony Horizon Bridge’s $100M hack and the Ronin bridge breach. Shimmer tackles this with strong security.Shimmer, a Layer 1 solution, processes transactions and contracts concurrently, ditching bridges for safer operations. Assets from Shimmer’s L1 chain can bridge to any L2 smart contract chain, boosting security and resilience. This approach further fosters a feeless, secure developer-user ecosystem. It also encourages composability, allowing assets and apps on different chains to cooperate, boosting innovation and resource use. This widens network adaptability, enabling creative cross-platform solutions.
- Zero Fees on Layer 1: Fees hinder scalability in blockchains by limiting transactions. Thus, Shimmer’s game-changing feature, feeless L1 transfers, transforms the scene. No-cost asset transfers set a new accessibility standard, enabling seamless transactions.Also, Shimmer enhances responsible storage with a deposit system. Users need to deposit SMR tokens for data storage, curbing spam and boosting efficiency. This secures and sustains the ecosystem. The deposit is fully refundable.
