- Shimmer concludes community grant committee selection, narrows candidate selection to 25.
- Shimmer token’s market cap skyrockets over 15,000%
Shimmer has rounded up its community grant committee selection. The grant which was in the first phase was recently concluded, and 25 candidates were selected. As revealed by an IOTA community manager ;
“Phase 1 of our Shimmer Community Grant Committee selection process has ended. We had 25 candidates for both categories, and the community had time to assess their favored candidates since 9 November.”
Following the completion of the first phase, phase 2 is scheduled to kick off on the 9th of December, and the 3rd phase is scheduled to follow right after.
👉✨Phase 1 of our #Shimmer Community Grant Committee selection process has ended. We had 25 candidates for both categories, and the community had time to asses their favored candidates since 9 November. Here are the results! #SMR #IOTA #IOTAcommunity https://t.co/1ZDzpZCFJu 🧵👇
— Phylo✨🐙 (@PhyloIota) December 8, 2022
The community manager also added that after the selection process is complete, “Shimmer Community members will have one week to select your favorite Committee Lead Candidate and your 4 favorite Grant Reviewer candidates.” Additionally, the community is also set to elect the 10 finalist Shimmer Treasury grant reviewers.
The Shimmer community grant committee launched the grant program in a bid to accelerate the growth and adoption within the Shimmer ecosystem. The grant intends to support notable builders, as well as other valuable initiatives within the Shimmer community.
Shimmer network dominance looks promising in the long term
It is important to note that the Shimmer ecosystem has recorded outstanding growth, despite only launching three months ago. IOTA unveiled the Shimmer network, along with its SMR token on the 28th of September.
Although Shimmer made its entrance to the market at a time when sentiments were collectively bearish for both Bitcoin and other altcoins, it has outperformed in market value.
Data from Coinmarketcap shows that Shimmer (SMR) attained a market cap value of $175 million, only 7-days after its launch. The market cap also recently hit $200 million shortly after, causing key players to pay closer attention to the Shimmer ecosystem. Trading volume followed a similar path, spiking over 50% within the last 24 hours.
As Shimmer gains more traction, adoption for the SMR token is certain to surge, once listed on other leading exchanges. At present, SMR is available to traders on a few exchange platforms, including Bitfinex.
As disclosed by the co-founder of IOTA, Dominik Schiener, sentiments around the SMR token are becoming even more bullish amongst prospective investors, who were initially bearish on the token, following its launch.
Per his most recent tweet,
“Some investors I pitched Shimmer to were very worried that SMR was 100% airdropped to the community because “it would dump immediately.” Instead, a week after launch, we are up from $0 to $200m market cap and we’re just starting. IOTA and Shimmer hodlers are made differently.”
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