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IOTA price surges towards 3-month high after Shimmer & Multichain partnership

By:
on Apr 5, 2023
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  • Multichain is a cross-chain router protocol for Web3 interoperability.
  • The partnership provides seamless interoperability between the IOTA and Shimmer networks.
  • It also allows Shimmer and IOTA tokens to be bridged between the two networks.

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IOTA (MIOTA) price has been on a bullish trajectory since March 29 after the launch of the ShimmerEVM testnet. The bullish trend has, however, received a boost today following the partnership between Shimmer and Multichain (formerly known as Anyswap).

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At press time, the MIOTA token was trending at $0.2259 up about 3% immediately after the partnership news. Shimmer (SMR) on the other hand surged about 4% to trade at $0.06375.

Major milestone for IOTA

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The partnership aims at enabling seamless interoperability between Shimmer and IOTA blockchains allowing SMR and MIOTA tokens to be bridged between the two blockchain networks.

Multichain is a Web3 cross-chain infrastructure provider enabling interoperability between almost all major blockchains and its partnership with Shimmer is a great step for IOTA especially after the IOTA Foundation recently launched the ShimmerEVM test chain.

Most importantly, users will be able to easily transfer testnet tokens between IOTA and ShimmerEVM testnets as well as transfer the tokens between ShimmerEVM and Ethereum, Fantom, and BSC testnets.

MIOTA token holders will also gain access to the fast-growing Shimmer ecosystem and increase investment opportunities when it comes to earning yield on their tokens through staking and yield farming.

The Multichain Bridge will bring the two blockchains closer and maximize mutual growth and success. It is a major milestone and will contribute vastly to the growth of the Shimmer and IOTA ecosystem by providing a vivid cross-chain infrastructure that will open up access to decentralized finance on all major blockchain protocols supported by the Multichain router.

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