IOTA launches ShimmerEVM on the mainnet

IOTA, a leading player in the cryptocurrency industry, has launched the first public IOTA Smart Contracts (ISC) on the network. The contracts will run on Shimmer, the staging network for the IOTA ecosystem.

ShimmerEVM has numerous features. First, it is an EVM-compatible network, making it possible for people to run contracts from Ethereum and other chains. Second, it has magic smart contracts that enable users to interact with native assets and NFTs from other layer 1 networks.

Further, ShimmerEVM has other features, including MEV protection, node support, and Layer 1 native asset support. As part of this launch, IOTA launched ShimmerEVM as a public chain that can be accessed by all users. Over time, the IOTA Foundation will offer the network to the community as a way of ensuring its decentralisation.

In the past few months, many developers have created projects in Shimmer’s ecosystem. For example, ShimaSea is a decentralised exchange (DEX) while Virtue launched the first Shimmer $vUSD stablecoin. Other top dApps in the ecosystem are Deepr Finance, Accumulator, Soonaverse, and Genie’s Bounty. In a note Dominik Schiener, the head of IOTA Foundation said:

“We’ve collaborated with other projects to ensure we are as compatible with other EVM technologies as possible while preserving the unique properties that set us apart. We also collaborated extensively with developers launching dApps and with the broader community.”

IOTA crypto price reacted mildly to the ShimmerEVM news. It was trading at $0.15, where it has been at in the past few days. Like other coins, IOTA token has plunged by more than 44% from its highest level this year and by 95% from its all-time high.

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