- The ShimmerEVM provides flexibility allowing individual chain creators to select their validators.
- Shimmer EVM is still in its early stages, but its innovative approach to security, speed, and decentralization positions it as a major contender.
The IOTA team has been working on the launch of the ShimmerEVM mainnet as the team has already proceeded with the closed launch. IOTA launched Shimmer, a Layer-1 staging network characterized as a feeless, parallelized Directed Acyclic Graph (DAG) ledger, last year in September 2022.
Shimmer’s primary objective is to function as a testing ground for future advancements within the IOTA protocol. Recently, its Ethereum Virtual Machine (EVM) component, known as Shimmer EVM, was introduced in a testnet version. This marks a notable achievement for Shimmer as it introduces the first EVM-compatible smart contract chain within its network. This addition enables efficient, rapid, and secure parallel processing of smart contracts.
To gain a comprehensive understanding of Shimmer EVM’s position in the market, it’s essential to assess it in key dimensions such as security, accessibility, and integration. Shimmer competes with established players like Ethereum, Binance Smart Chain, Arbitrum, and Tron currently holding an 85% share of the total value locked in the DeFi ecosystem.
In the realm of security, Arbitrum utilizes Ethereum’s robust validator network and zk-rollup technology. However, concerns have arisen regarding its decentralized autonomous organization (DAO) governance, which has faced allegations of influencing voting outcomes. Binance Smart Chain employs a ‘Proof of Authority’ system, but the fact that Binance controls 71% of the total BNB tokens raises significant trust-related issues.
Shimmer Addresses Challenges of Existing Players
In contrast, Shimmer EVM adopts a distinctive approach, allowing individual chain creators to select their validators. This flexibility introduces a range of security protocols, although it’s important to acknowledge that the effectiveness of Shimmer’s validation process has yet to be validated in the open market. Nevertheless, its decentralized governance, supported by SMR voting tokens distributed to IOTA stakers, provides a higher degree of decentralization compared to Binance Smart Chain.
The SMR token saw a strong rally earlier this week moving to $0.077. Over the past week, the SMR token price has gained by than 35%. As of press time, the Shimmer (SMR) token is trading at $0.07101 with a market cap of just over $100 million. If the ShimmerEVM mainnet launch happens just as planned and without any hiccups, we can expect the SMR price can further rally all the way to $0.1.
ShimmerEVM currently faces some accessibility challenges, primarily because its tokens have limited availability on a select number of exchanges. However, its DAG-based architecture has exhibited impressive performance during testing, achieving a remarkable 1.83 million daily transactions with a block time of 0.7-0.8 seconds.
Arbitrum and BSC have already established themselves firmly within the crypto ecosystem through a range of integrated projects. The extent of Shimmer’s integration is yet to be determined, but there is significant anticipation within the community. This anticipation is substantiated by an existing user base of around 200,000 wallets and several planned projects for its EVM launch.
While Shimmer EVM is still in its early stages, its innovative approach to security, speed, and decentralization positions it as a contender that warrants attention in the competitive arena of blockchain technology.
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