First public smart contract chain launches on IOTA in big milestone
Dominik Schiener is excited about the possibilities brought about by this new chain, taking to X to celebrate the milestone of Shimmer becoming an"L1 network with real utility and a thriving ecosystem."
Schiener spoke more about the new Ethereum-compatible chain, describing it as"fully EVM-compatible to support DeFi, GameFi, and IOTA's push in the market.Now we work together to grow it into one of the largest Web3 ecosystems.", the ShimmerEVM chain is the first in a multichain environment, allowing the processing of smart contracts as well as bridgeless L2 cross-chain value transfers.
Users would be able to send their SMR tokens and, in the future, NFTs and custom Native Assets to the ShimmerEVM through Firefly with no special bridge needed.This initial chain should pave the way for more chains to emerge. ShimmerEVM operates on the most recent version of ISC and hence inherits all of its features.
The new ShimmerEVM initially launched as a public chain, but over time, the IOTA Foundation will hand over the reins of control of the chain to the community. To decentralize the chain further, a supermajority of validators will gradually be given to the community.
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