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- ShimmerEVM is the fastest growing chain in a 1-month period on DeFi Llama as exciting products like the Shimmer Sea decentralized exchange launched.
- DEEPR, a DeFi platform that allows users to borrow and lend their assets, launched its token, and it sold out in two minutes, proving the community is excited about the future.
Just over a month ago, history was made as IOTA unveiled ShimmerEVM, connecting two of the world’s most essential blockchain ecosystems: IOTA’s sister network Shimmer, and Ethereum. Since then, ShimmerEVM has recorded rapid growth and is already setting new records as the community clamors for new and exciting projects.
ShimmerEVM offers a bridge between Shimmer and chains utilizing the Ethereum Virtual Machine (EVM). As one community member recently noted on X, it’s been the fastest-growing chain in a 1-month period on the decentralized finance analytics platform DeFi Llama.
“The ShimmerEVM launch has been absolutely amazing. I can feel the entire community is filled with excitement. It’s been a remarkable journey with some incredible milestones.”
In the one month since its launch, the ecosystem has witnessed the launch of ShimmerSea, a decentralized exchange. It facilitates the trading of a variety of tokens and NFTs. The DEX is powered by the LUM token, which launched on October 14 and sold out in less than 10 minutes.
SOLD OUT IN LESS THAN 10 MIN!!!!!!!!!!🚀🚀🚀🚀 https://t.co/2chynIru02
— ShimmerSea (@ShimmerSeaDEX) October 14, 2023
Another significant launch was Deepr Finance, a project that promises to offer the most secure and efficient lending platform. Like its peers, its tokens sold out within two minutes a week ago. Holders can trade the DEEPR tokens on ShimmerSea exchanges.
Yield farmers are turning to the latest entrant Accumulator, a yield-aggregator designed to maximize earnings on Shimmer. While only live for weeks, it has raked in over $250,000 worth of total value locked.
Accumulator “automates the process of optimizing your rewards from various liquidity pools on DEXes and other DeFi yield farming opportunities. This automated approach not only saves time and fees but is also highly efficient in boosting returns.”
ShimmerEVM sets the standard
While most projects rush to launch their products and make a quick buck, the launch of ShimmerEVM has set a new standard in planning, development, and execution.
Since its launch, it has recorded no outages, bugs, or disruptions. For any new project in the crypto world, the first few months are critical to its success. Platforms that suffer from glitches and bugs in their infancy lose the trust of their users quickly, and most never earn it back.
Additionally, blockchain networks rely on tokens for security. A platform that suffers from glitches and loses the trust of users early on fails to lure investors and their tokens. Consequently, it suffers from a lack of security, compounding its challenges and losing out on even more users.
More developments are in the pipeline, including a new bridge that will allow users to transfer assets such as Ether, Bitcoin, USDC, and Tether to the network. This will only strengthen the network and boost its security.
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