- Shimmer partners with Multichain to enhance smooth interoperability between networks.
- IOTA holders would be able to unlock different Investment opportunities.
A partnership agreement between L1 innovation network Shimmer and Web3 cross-chain infrastructure provider Multichain has been announced to enable seamless interoperability between ShimmerEVM and other networks.
📢Partnership Announcement 📢@MultichainOrg will enable you to move your $MIOTA and $SMR seamlessly between #Shimmer and #IOTA.
Learn how👉 https://t.co/CXSSv2Nu94 pic.twitter.com/2ugmfHGUMX— Shimmer (@shimmernet) April 5, 2023
According to reports, the partnership would make way for Shimmer and IOTA tokens to be bridged between the two ecosystems. As stated, Multichain would support future cross-chain solutions between ShimmerEVM and other major blockchains.
The partnership opens more opportunities for IOTA holders as they can access the fast-growing shimmer ecosystem. Holders can earn yields on their IOTA tokens through different investment opportunities including staking, yield-farming, etc.
Furthermore, we are proud to announce that Multichain will support Shimmer with a cross-chain interoperability solution between the upcoming ShimmerEVM chain and supported blockchains in the Multichain ecosystem, enabling asset transfer and smart contract execution between multiple chains.
Shimmer is built on UTXO-based parallelized DAG ledger
ShimmerEVMM testnet was recently launched, and it is reported that users would have the chance to experience the potential utility of Multichain. The testnet tokens can be easily transferred between IOTA and ShimmerEVM testnet. A more interesting possibility is that the test bridge can show transfer between ShimmerEVM and other EVM chains.
Multichain was launched in 2021 and provides support for all ECDSA and EdDSA encrypted chains. As of now, it has 56 supported EVM and non-EVM chains and has more than 2460 integrated projects. Shimmer also operates similarly to the IOTA network as it is built on the UTXO-based parallelized DAG ledger. With this, there is a higher possibility of higher scalability compared to conventional blockchains. It would ensure that the interoperability and composability of L2 smart contract chains are anchored to it. This makes the minting feeless and eliminates middlemen from the transfer of native assets.
And while Shimmer eliminates the need for bridges for all L2 networks anchored to it, it is essential to recognize that no network is an island. Connecting the ShimmerEVM to different smart contract chains outside its ecosystem provides a seamless user experience. Therefore, Shimmer is proud to have partnered with the leading cross-chain router and bridge protocol, Multichain, which, with its non-custodial solution and secure multi-party computation (MPC) model, has established a winning reputation in the field of cross-chain security.
Shimmer appears to be one of the biggest projects of IOTA. According to a previous blog post, refactoring of the codebase, several audits, and countless hours of internal testing were done on the project since tokens worth hundreds of millions of dollars would be exchanged, traded, and bridged from other networks. Even in the public testnet phase, the team will conduct more tests and validate the ShimmerEVM. This is to find bugs or improvements to be made. For the past months, the team has been working to improve on the first Shimmer-compatible release of IOTA Smart Contracts (ISC) in several ways.
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