- ShimmerEVM, a groundbreaking update in IOTA, opens the doors for Ethereum applications to seamlessly interact with the IOTA network.
- Through its unique architecture, ShimmerEVM not only facilitates smooth transactions but also lays the foundation for robust protection against spam attacks with its native token, SMR.
The blockchain world witnesses a groundbreaking update as IOTA unveils ShimmerEVM today, bridging the chasm between Ethereum applications and the IOTA network. The initiative is aimed at fostering a harmonious relationship between IOTA’s sister network, Shimmer, and the thriving Ethereum ecosystem. This integration aims to establish a seamless bridge, allowing assets to traverse effortlessly across ShimmerEVM, Shimmer, and other chains, whether they are public or private.
Fully EVM-Compatible #SmartContracts are now available in the public #ShimmerEVM chain!🎉 Celebrate with us (just in time for Shimmer's Birthday 🍰) the first step to programmability on Shimmer and @iota. Check the key features 🧵⬇️and read the blog:https://t.co/aHjxjoGToV pic.twitter.com/yjjr6q5rQZ
— Shimmer (@shimmernet) September 28, 2023
A Quantum Leap towards Seamless Integration
ShimmerEVM serves as a cornerstone for smart contracts, easing the pathway for a myriad of Ethereum applications to transition onto the IOTA network. This has been made possible through the utilization of ‘Magic Smart Contracts’ which allow assets to be transferred between EVM (Ethereum Virtual Machine) chains and the Shimmer network sans the need for bridges, which in the past have proven to be prone to vulnerabilities.
A significant facet of this integration is the native token SMR which not only ensures smooth transactions but also provides a robust defense mechanism against spam attacks courtesy of its memory deposit feature. This not only elevates the security measures but also resonates with an appreciation in token value, showcasing an 8% growth over the last week.
The launch of ShimmerEVM propels IOTA closer to achieving its ‘Coordicide’ milestone, a move towards decentralizing the central control entity. Dominik Schiener, in a discussion with BTC-ECHO, elucidated that post ShimmerEVM launch, the initial ‘Coordicide’ modules will be integrated within Shimmer. This monumental stride positions IOTA in alignment with DeFi stalwarts like Arbitrum and Binance Smart Chain.
Unfolding the Shimmer Network
Shimmer network, dubbed as the staging network for IOTA, embodies the epitome of innovation. It acts as a crucible for testing and perfecting core protocol improvements before they are amalgamated into the IOTA network. This culture of perpetual refinement facilitates the development and implementation of dApps (decentralized applications), creating a conducive environment for testing new functionalities to achieve a flawless operational standard.
Moreover, ShimmerEVM extends its prowess by running on the latest version of IOTA Smart Contracts (ISC) thus inheriting a gamut of features that were meticulously crafted and honed over time. From ensuring EVM compatibility to providing an MEV (Miner Extractable Value) protection, the attributes of ShimmerEVM are tailored for ushering in a new epoch of smart contract interoperability.
With the advent of ShimmerEVM, the gateway to a new dimension of cross-chain smart contract interactions has been flung open, marking a pivotal moment in the blockchain narrative. As the IOTA ecosystem embarks on this exciting journey, the blend of Ethereum and IOTA through ShimmerEVM holds the promise of unfurling unexplored potentials in blockchain technology.
