Key Highlights
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The IOTA Foundation has launched the ShimmerEVM testnet on the Shimmer testnet.
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The ShimmerEVM chain is likely to promote the growth of the IOTA network’s DeFi ecosystem.
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IOTA projects can experiment with the test chain and provide feedback prior to the mainnet launch.
IOTA Unveils ShimmerEVM Test Chain on Shimmer Testnet
The IOTA Foundation, the non-profit organization behind the IOTA distributed ledger technology (DLT), has declared the launch of the ShimmerEVM test chain on the Shimmer testnet.
In a press release provided to Coinjournal, the foundation stated that this public testing period is the next significant move in development before the much-anticipated ShimmerEVM launch.
According to the team, the broad testing of the ShimmerEVM test chain with multiple validators and dozens of dApps included would improve the resilience, performance, and security of the planned ShimmerEVM smart contract chain.
The test chain is accompanied by some essential updates to the consensus module, the node software and an extended EVM compatibility.
IOTA’s ShimmerEVM Chain to Grow the Network’s DeFi Ecosystem
The IOTA Foundation is optimistic that the ShimmerEVM chain would promote the growth of the network’s DeFi ecosystem.
The team pointed out that the testnet would expand the reach of the Shimmer protocol to a wider community of blockchain developers who create EVM-compatible smart contracts and build the foundation for the bridgeless and seamless interoperable nature of ShimmerEVM.
IOTA Foundation added that the extended EVM compatibility of ShimmerEVM is thanks to the ‘Magic Smart Contracts”, which is automatically activated on every IOTA smart contract chain.
The team explained that Magic smart contracts enable seamless and bridgeless native asset transfer between Shimmer L1 and EVM chains. This eliminates the need for custom bridges within the Shimmer ecosystem.
The ShimmerEVM testnet chain is now ready for its public testnet phase following an in-depth internal testing to ensure the security of the network
When asked to comment on this latest cryptocurrency news, Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation stated;
“We want to make sure our interoperable and highly scalable Shimmer protocol is accessible to a broader community of blockchain developers which is only possible with added EVM compatibility. To do this safely and securely, we had to conduct a lot of testing and validating internally, but like with all our projects, we count on our dedicated community to help us improve the ShimmerEVM chain, and that’s why we have made our testnet available to the public. We are continuously making new improvements, so when the ‘real’ ShimmerEVM is ready to launch, it’s more refined. This testnet is a big step forward for the rollout of upcoming ecosystem projects on both Shimmer and IOTA.”
The public testnet would provide multiple IOTA community projects the opportunity to try out the chain and give feedback to the IOTA team.
IOTA, the native coin of the ecosystem, has been performing well in recent hours. At press time, the price of IOTA stands at $0.2121, up by over 5% in the past 24 hours.
