Is Ethereum Obsolete? IOTA’s ShimmerEVM Makes a Strong Case for DeFi Supremacy

Shimmer EVM
  • IOTA’s ShimmerEVM unlocks the DeFi door, letting smart contracts and DApps dance across chains, with real-world asset tokenization poised to fuel the next digital revolution.
  • From testnet triumphs to cross-chain communication with LayerZero, IOTA’s ShimmerEVM is proving its DeFi prowess, with IOTA 2.0 on the horizon to further expand its reach.
  • Beyond the hype, IOTA’s strategic moves and focus on regulatory compliance position it and ShimmerEVM as leaders in DeFi and beyond, adapting and innovating for a future where digital economies thrive.

The crypto world is constantly evolving, and IOTA is not just keeping pace – it’s breaking new ground. Enter ShimmerEVM, IOTA’s game-changer, launched in 2023 and marking its grand entrance into the DeFi arena.

Imagine a world where smart contracts and DApps seamlessly interact across multiple chains. This is the reality ShimmerEVM brings, opening up a universe of possibilities for developers and users alike.

Impressive Numbers Tell the Story:

The ShimmerEVM testnet, launched in March 2023, boasts over 1 million transactions, 38,000 wallet addresses, and 2,200 smart contracts deployed. This isn’t just a number; it’s a testament to the community’s excitement and active participation.

And the impact on the IOTA ecosystem? Boom! Total Locked Value (TVL) on ShimmerEVM skyrocketed by 95.92% in just one month, reaching $4.8 million in October. There are now 40 active projects bubbling with innovation, demonstrating IOTA’s expanding creative ecosystem.

Current ShimmerEVM TVL – DeFiLlama Data

But ShimmerEVM doesn’t operate in a silo. Its integration with LayerZero in December expanded its reach, enabling seamless cross-chain communication. And Bloom Wallet, launched in November, smooths the transfer of assets between Shimmer and ShimmerEVM, further breaking down barriers.

Beyond the Horizon: IOTA 2.0 and Beyond:

The future is bright for IOTA. IOTA 2.0 looms on the horizon, packed with groundbreaking features. The Stardust update brought tokenization and improved cross-chain asset transfer, while IOTA Identity 1.0 bridges the gap between digital and real-world identities.

Strategically, IOTA is making bold moves. The discontinuation of Project and Token Assembly may have surprised some, but it paves the way for a more streamlined token offering. And the creation of the IOTA Ecosystem DLT Foundation in Abu Dhabi signifies a commitment to real-world adoption and regulatory compliance.

Speaking of regulations, the EU’s Markets in Cryptoassets Regulation (MiCA) provides much-needed clarity for the industry, and IOTA is at the forefront of advocating for appropriate frameworks.

The Future is Now:

IOTA isn’t waiting for the future; it’s building it. Layer 2 EVM-compliant smart contracts are coming to the IOTA core network, the IOTA 2.0 testnet, and Shimmer, further solidifying their interconnectedness. And let’s not forget the integration of smart contracts directly into the IOTA base layer, opening up a world of possibilities.

Focus on Real-World Impact:

IOTA’s focus is not just on technological advancement, but on real-world applications. With real-world asset tokenization at the core, IOTA and Shimmer are poised to lead the charge in emerging digital economies.

A Leader in Innovation and Adaptation:

The increase in LTV and active projects, along with strategic updates and future plans, paint a clear picture. IOTA and Shimmer are not just adapting to the changing crypto landscape; they are leading the way with innovation and adaptability.

With ShimmerEVM as its spearhead, IOTA is charting its course towards a future where it’s not just playing in the DeFi space, it’s redefining it.

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