ShimmerEVM marks IOTA’s entry into DeFi, facilitating interactions between smart contracts and EVM-compatible DApps.
ShimmerEVM’s integration with LayerZero and the Bloom wallet expands IOTA’s capabilities in cross-chain communication and transfer.

Have you heard about the latest developments in IOTA and Shimmer? Let me tell you something you may not know. IOTA, always at the forefront in the crypto world, has taken a giant step forward with the introduction of ShimmerEVM in 2023.

Did you know that this marked its entry into the DeFi space? It’s a huge leap, as ShimmerEVM allows interactions between different smart contracts and EVM-compatible DApps on multiple chains. Imagine the possibilities this opens up.

But how successful has it been? On the ShimmerEVM testnet, launched in March, the numbers speak for themselves: over one million transactions, 38,000 wallet addresses, and over 2,200 smart contracts deployed. Impressive, right? This not only shows the interest, but the active participation of the community in this new platform.

Let’s get to the real impact of ShimmerEVM in the IOTA ecosystem

In September, when it launched, the Total Locked Value (TVL) reached $4.8 million in October, an increase of 95.92% over the previous month. And that’s not all: there are now 40 active projects. Doesn’t it seem like IOTA is getting more creative with its ecosystem?

ShimmerEVM integration doesn’t stop there. With LayerZero in December, it expanded its reach, facilitating cross-chain communication. And Bloom Wallet, you know it? Launched in November, it facilitates the transfer of assets between Shimmer and ShimmerEVM. This is expansion in action.

what about future updates and strategies?

IOTA 2.0 is on the horizon, with an unprecedented amount of content already created to introduce it. The Stardust update to the main IOTA network in October brought a tokenization framework and improvements to cross-chain asset transfer. And in November, IOTA Identity 1.0 was launched on the mainnet, bringing together digital and real-world identities.

Let’s talk about strategic decisions and regulatory compliance

IOTA decided to discontinue the Project and Token Assembly, impacting IOTA’s token offering. And the creation of the IOTA Ecosystem DLT Foundation in Abu Dhabi is a crucial step for real-world adoption and regulatory compliance.

Regulatory compliance is vital, and in 2023 the EU adopted the Markets in Cryptoassets Regulation (MiCA), providing clarity for industry participants. The IOTA Foundation has been actively involved in promoting appropriate regulatory frameworks for the cryptoasset industry.

Finally, future plans include the introduction of layer 2 EVM-compliant smart contracts on the IOTA core network, the IOTA 2.0 testnet and its integration with Shimmer and the IOTA core network. There is also the integration of smart contracts directly into the IOTA base layer (L1).

The focus on real-world asset tokenization, coupled with regulatory compliance and partnerships, positions IOTA and Shimmer as leaders in opening up new opportunities in emerging digital economies.

The increase in LTV and number of active projects reflect a dynamic and expanding nature, while protocol updates and future strategies show a clear commitment to innovation and adaptation in a rapidly evolving market. The roadmap to IOTA 2.0 and future plans indicate a proactive focus on real-world asset tokenization and strengthening its position in emerging digital economies.

With these developments, IOTA and Shimmer are not only adapting to the changing cryptocurrency landscape, but are leading the way into a future where innovation and adaptation are key.

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Filed under: Bitcoin - @ December 31, 2023 10:12 pm