IOTA Faces Challenges: ShimmerEVM Launch Delays

IOTA’s ShimmerEVM is poised to disrupt crypto markets, facing minor delays.
Dave from the IOTA team details ShimmerEVM’s testing challenges and resolution.
ShimmerEVM’s lightning-fast testnet processing hints at a DeFi contender.

IOTA, a distributed ledger, is making strategic moves to venture into the billion-dollar cryptocurrency markets with the upcoming closed launch of ShimmerEVM, a groundbreaking project. The initial hype around this innovative endeavor has been overshadowed by some recent bumps in the road, as revealed in a tweet by the latest jewel in the crown of blockchain innovation, Shimmer. Though these delays have set back the ShimmerEVM mainnet launch, Shimmer remains a valuable addition to the ever-evolving world of blockchain innovation.

📢 #ShimmerEVM Development Update. Thank you for your patience – in this time, our Smart Contracts team has been hard at work testing and fixing bugs – crucial for a smooth launch 🧵⬇️ pic.twitter.com/f2ch7zsfI2
— Shimmer (@shimmernet) September 7, 2023

One of the key IOTA team members, Dave de Fijter, explained that the delays in the launch of ShimmerEVM are due to rigorous testing and the resolution of some minor bugs. The team’s unique approach, which involves collaborating with various projects for dApp evaluation on the testnet, has presented unforeseen challenges. However, their collective efforts have resolved all major concerns, putting IOTA back on track for a closed ShimmerEVM launch and paving the way for subsequent public release.

ShimmerEVM’s testnet performance is already turning heads. As the first EVM-compatible smart contract chain within the Shimmer network, it promises lightning-fast, secure, and simultaneous smart contract processing. With its impressive design and capabilities, ShimmerEVM is positioning itself as a formidable contender in decentralized finance (DeFi), potentially taking on heavyweights like Arbitrum and Binance Smart Chain. The testnet has already processed over 1.4 million transactions, showcasing its potential.

Shimmer is poised to redefine the crypto landscape with its groundbreaking features. The introduction of a parallelized Directed Acyclic Graph (DAG) ledger tailored for custom smart contract chains, is set to debut as ShimmerEVM. Its successful testnet phase serves as a testament to its immense potential. Enhanced security measures, zero transaction fees for Layer 1 asset transfers, and an innovative storage deposit system contribute to Shimmer’s growing appeal in cryptocurrency.

As a testament to IOTA’s recent developments, the price of IOTA has surged by 9.37% in the past week, with a 2.61% increase in the last 24 hours. As of writing, IOTA price stands at $0.174956, accompanied by a 24-hour trading volume of $5,779,916 and a market cap of $486,296,030. With a circulating supply of 2,779,530,283 MIOTA coins and a maximum supply mirroring that figure, IOTA continues to make waves in the ever-evolving world of cryptocurrencies.