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- The Shimmer community explains how they have ensured transparency with the distribution of the native SMR tokens.
- Out of the total SMR token supply of 1.8 billion tokens, 80% moves as circulating supply while 20% stays with the community as an ecosystem fund and is available only with DAO approval.
Ever since its launch last September 2022, the Shimmer blockchain network has seen strong activity on the platform with multiple projects joining in no time. Shimmer is a community-owned Layer-1 staging network of the IOTA ecosystem which serves as the testbed for multiple innovations and new projects coming to IOTA.
Recently, the team behind the Shimmer network has come clean about the distribution of its native SMR tokens. It noted that over the last few months, Shimmer has distributed the SMR tokens with no lock-ups, hidden allocations, or VCs. Thus, Shimmer has given an equal opportunity for everyone to join the network.
✨#Shimmer is a community-owned network with one of the fairest token distributions. $SMR tokens were distributed with no lock-ups, hidden allocations, or VCs. This provides an equal opportunity for all to join the network.✨🙌
Read about the #Tokenomics 🧵 ⬇️ 1/7 pic.twitter.com/pfbSggsuUd— Shimmer (@shimmernet) April 10, 2023
Shimmer added that the community remains focused on building a sustainable long-term ecosystem. Thus, it provides incentives and opportunities that are aligned among all participants. This will ensure that the network remains healthy and vibrant such that everyone would benefit from the growth.
Shimmer has ensured that its native $SMR tokens come with sustainable and long-term tokenomics wherein the SMR tokens shall have a fixed supply with no inflation. Within the Shimmer ecosystem as well as for the ShimmerEVM, the SMR tokens remain the primary asset used as a medium of exchange within the Shimmer ecosystem.
Furthermore, for any operations and transactions within the ShimmerEVM, the SMR token is used as a gas fee. Besides, SMR is also the governance token for on-chain voting which makes it more important for the Shimmer community.
Understanding the Shimmer Tokenomics
In July 2022, just before the launch of the Shimmer network, the community voted on increasing the Shimmer token supply in order to set up an ecosystem fund that would support the growth of the Shimmer network.
Currently, the total supply of SMR tokens is 1,813,620,509 SMR. However, the community has capped the circulating supply for SMR at 80% of that (1,450,896,407 SMR). The community has reserved the rest of the 20% of the tokens (362,724,102 SMR) for the ecosystem fund. Thus, the spending of the extra 20% of SMR tokens happens only after the DAO approval.
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Earlier this month, Shimmer announced the launch of the ShimmerEVM testnet along with introducing the support for the Ledger wallet, as well as the passing of four governance proposals. With the launch of the ShimmerEVM testnet, the team has implemented several interfacing contracts that will allow users to use native assets deposited to a chain directly within EVM.
Furthermore, the Shimmer developer team also announced major improvements in the GoShimmer node software with critical bug fixes.
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