A cryptocurrency linked to the IOTA ecosystem, launched on September 28, 2022, is up 210% in its first six days of use, demonstrating that the community is excited about the news.
In 2017, the IOTA ecosystem showed itself as an alternative network to bitcoin, using DAG instead of blockchain for its innovations.
That year, the community followed the project and it was appreciated many times over, although MIOTA never hit its all-time high of $5.25, down 94.8% since 2017.
IOTA Cryptocurrency Rises 210% in First Six Days
According to the project’s official website, the “Shimmer is a scalable and simple network that enables frictionless decentralized and scalable Web3 economies“.
Initially launched as a testnet for news from the IOTA network, the main version was released six days ago, with the Shimmer network already running in parallel with the DAG.
Thus, the Shimmer cryptocurrency (SMR) was launched, which has already reached the price of US$0.12, with an increase in value of 210% since its launch on September 28 by the IOTA network.
Co-founder of the IOTA Foundation, Dominik Schiener celebrated the milestone the project reached on his Twitter, noting that the project went from 0 to 200 million market cap in less than a week.
“Some of the investors I cast Shimmer to were very concerned that $SMR would be released to the community at 100% because “it would be evicted immediately”. Instead, we’ve gone from $0 to $200 within a week of launching. million in market cap, and we’re just getting started.”
Some investors I threw Shimmer to were very concerned that $SMR was 100% dropped to the community because “it would be dumped immediately”
Instead, a week after launch, we’ve jumped from $0 to $200 million market cap and we’re just getting started.#JOTA and #Flicker holders are made differently. https://t.co/sMz2JvjlD0
— Dominik Schiener ✨ (@DomSchiener) October 5, 2022
The first major exchange to list the token is Bitfinex, the first to also support IOTA in 2017.
“Shimmer ships with a powerful tokenization framework, providing unprecedented usability for free Layer 1 tokenization, while providing scalability and compositing for smart contract chains, in a multi-chain architecture.said Dominik in a statement sent to live coins.
“We are thrilled that Bitfinex is the leading exchange to share our vision of a ‘chain of chains’ so that everyone can harness the power and potential of Web3.”
Chance or cold?
The IOTA Foundation advocates for free tokenization while realizing an evolution in the digital token economy and a breakthrough in the smart contract based on ERC-20 tokens, which is ubiquitous.
Being able to tokenize everything in a Layer 1 chain instance positions Shimmer as the free “chain of chains,” making the SMR token the natural standard for “tokenizing everything,” according to the IOTA foundation.
In an era of great interest in tokenization, it’s unclear whether Shimmer is an opportunity or a cold one, but the project is sure to kick off with big business support and rapid growth.
For Dominik, Shimmer can help revive IOTA and succeed in the future, a project that now competes not only with Bitcoin, but also Ethereum.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
