IOTA’s DeFi ecosystem inches closer with the launch of the ShimmerEVM test chain

Key takeaways

• IOTA Foundation has launched its ShimmerEVM testnet on the Shimmer testnet.

• The ShimmerEVM chain is expected to boost the IOTA network’s DeFi ecosystem.

• IOTA projects can try out the test chain and give feedback ahead of the mainnet launch. 

IOTA launches the ShimmerEVM test chain on the Shimmer testnet

IOTA Foundation, the non-profit organisation behind the IOTA distributed ledger technology (DLT), has announced the launch of the ShimmerEVM test chain on the Shimmer testnet. 

In a press release shared with Coinjournal, the foundation said this public testing period is the important next step in development ahead of the eagerly awaited ShimmerEVM launch. 

According to the team, the extensive testing of the ShimmerEVM test chain with multiple validators and dozens of dApps contributing would boost the resilience, performance, and security of the planned ShimmerEVM smart contract chain. 

The test chain comes with some crucial updates to the consensus module, the node software and an extended EVM compatibility. 

IOTA’s ShimmerEVM chain to boost the network’s DeFi ecosystem

The IOTA Foundation is optimistic that the ShimmerEVM chain would boost 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 build 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 comes automatically 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. Thus, eliminating the need for custom bridges within the Shimmer ecosystem. 

The ShimmerEVM testnet chain is now ready for its public testnet phase following an extensive internal testing to ensure the security of the network

While commenting on this latest cryptocurrency news, Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation said;

“We want to ensure our interoperable and highly scalable Shimmer protocol is accessible to a wider community of blockchain developers which is only possible with additional EVM compatibility. In order to do this safely and securely, it took a lot of testing and validating internally, but like all our projects, we rely on our dedicated community to help us improve the ShimmerEVM chain, and that’s why we have made our testnet public. We are continually making new improvements, so when the ‘real’ ShimmerEVM is ready to launch, it’s more polished. This testnet is an important step forward for the rollout of future ecosystem projects on both Shimmer and IOTA.”

The public testnet would give numerous 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 over the past few hours. At press time, the price of IOTA stands at $0.2121, up by more than 5% in the last 24 hours.