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IOTA launches ShimmerEVM testnet as it seeks ecosystem growth

By:
on Mar 29, 2023
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  • IOTA Foundation announced the launch of ShimmerEVM testnet.
  • The testnet is an important part of the upcoming ShimmerEVM launch.
  • IOTA is seeking to grow Shimmer's market share in key industries like DeFi.

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IOTA, the leading tangle network, has announced the launch of the ShimmerEVM test chain on the Shimmer network. This public testing will be an important part of the development process as the developers continue working on the ShimmerEVM.

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In a statement, IOTA Foundation said that ShimmerEVM test chain will have several validators and a dozen of dApps contributing. It will enhance and demonstrate the resilience, performance, and security of the ShimmerEVM smart contract chain. 

The EVM compatibility on Shimmer has been built using the so-called Magic Smart Contracts that come as a default on every IOTA smart contract chain. 

Further, it will also make it possible for testnet participants to identify bugs, which will then be fixed before the mainnet launch. In a statement, Dominik Schiener, the co-founder and Chairman of IOTA Foundation said:

“We want to ensure our interoperable and highly scalable Shimmer protocol is accessible to a wider community of blockchain developers which is only possible with additional EVM compatibility. In order to do this safely and securely, it took a lot of testing and validating internally, but like all our projects, we rely on our dedicated community to help us improve the ShimmerEVM chain.”

The launch of Shimmer’s EVM compatibility is an important step as the network continues growing and attracting developers. An EVM is a piece of software that executes smart contracts and provides computations on Ethereum’s network. This is an important feature because Ethereum is the biggest player in the smart contract industry.

Many other platforms have recently launched their EVM products. As we wrote here, EOS has also launched its EVM testnet. In February, Cardano launched its EVM-compatible sidechain. XRP Ledger also launched its EVM testnet this month.

Shimmer has attracted several projects in the past few months. Some of the top dApps in its ecosystem are Amnesia Cash, Dark Mythos, Fiesta Family, Feeless, and IOTA Trading cards.

Shimmer’s SMR token’s price rose by 5% after the news, giving it a market cap of over $88 million. 

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