IOTA’s SMR Token, Shimmer Network To Go Live Tomorrow

The Shimmer Network launch, scheduled for the 28th of September, has had a ripple effect on IOTA. IOTA has made significant gains in anticipation of the launch over the past week. 

IOTA will also launch its SMR tokens along with Shimmer, which will provide financial incentives to users for using the network. 

IOTA’s Staging Network Set For Launch 

IOTA’s staging network, the Shimmer Network, is all set for launch on the 28th of September, with preparations underway in full swing. The launch of the Shimmer Network will happen in tandem with the launch of the network’s native SMR tokens. The SMR tokens are designed to help incentivize and fuel the participation of users and builders on the newly launched network. IOTA took to Twitter to update users, with a launch party scheduled for the 28th of September. 

“@shimmernet is launching this Wednesday, 28th, with a banging party in Singapore. Don’t worry if you can’t make it – the incredible duo @antonionardella & @PhyloIota will cover it in a #livestream, starting at 2 PM CEST.”

Co-founder and Chairman of the IOTA foundation, Dominik Schiener, tweeted the news of the launch and the SMR token launch, stating, 

“This is the week where, for the first time since the start of #IOTA in 2015, we launch a new token to the world. Couldn’t be more excited for what will follow.”

Details Of The Shimmer Network 

The Shimmer Network is the IOTA blockchain’s staging network. A Layer-1 innovation network, it is designed to push the growth of interoperable digital assets. Like IOTA, Shimmer is also a DAG-based parallelized settlement layer, which also features a higher L2 anchoring capacity. 

Developers can use the Shimmer Network, which will act as a feeless and bridgeless base layer and create new, cutting-edge innovations. At the Shimmer Project’s core is the Stardust module, which allows developers to create smart contracts which are compatible with NFTs and other forms of tokenization. The Shimmer Network will also be hosting decentralized finance (DeFi) applications in the future. 

IOTA Price On The Up

Ahead of the Shimmer Network launch, the IOTA price has seen a reasonable increase over the past week. Currently, IOTA is trading at around $0.30, which reflects an increase of nearly 8%. Over the past week, IOTA’s price has seen a total increase of around 20%, which clearly indicates that the launch is providing near-term momentum for the token. 

Staking Rewards With SMR 

According to reports, SMR token holders will be able to stake their assets and be able to earn staking rewards. In line with this, the IOTA blockchain’s official wallet, Firefly, also informed users through an update on how they will be able to claim their staking rewards. According to the post, users will be able to claim their Shimmer staking rewards directly from the Firefly Shimmer application. 

“Ahead of Shimmer launch (28.09.2022), we wanted to share some key information, so you know what to expect. You’ll be able to claim your Shimmer staking rewards through the new Firefly Shimmer app. It is a desktop application that installs separately from your main Firefly #IOTA”

The Firefly Shimmer application is a desktop application independent of the Firefly wallet. Currently, Firefly is waiting on a review and security audit of the Ledger Shimmer App, which is scheduled to happen within two weeks of launch. However, existing Ledger users do not have to wait to claim their rewards. 

“If you are a Ledger user and you don’t want to wait, it will still be possible to claim your Shimmer rewards. In Ledger Live Settings, you simply go to ‘Experimental features’ and enable ‘Developer mode,’ allowing you to install the Shimmer app on your device.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.