- Before the introduction of Shimmer Network, the IOTA crypto is receiving strong profits in the last week.
- SMR, the native token of Shimmer Network, will be awarded financial rewards for using the Network.
Shimmer Network, the staging network of the IOTA blockchain network, is now ready to introduce this month on September 28. The arrangements for the introduction of Shimmer are continuously going on dynamically. The launch of Shimmer Network, as well as SMR tokens, will happen together, which will help in powering the involvement of builders and users.
Introduced in 2021, the Shimmer Network is basically a staging network of the IOTA blockchain. It is a Layer-1 innovation network that will eventually result in the increase of incompatible virtual assets. Similar to IOTA, Shimmer is also a DAG-grounded correlated settlement layer having higher L2 anchoring capacity.
The Shimmer network will be free of cost and a bridge base layer for creators to generate new cutting-edge innovations. The mid area of the project is the Stardust module. It permits the growth of smart contracts as well as the chance of conducting NFTs and other various tokenization.
The future chance of the Network will also indulge in anchoring DeFi apps. After the launch of the Shimmer Network, the SMR token will award financial rewards for using the Network. It is still doubted if SMR will be available for trading fastly on the other exchanges.
Before the launch of Shimmer Network, the value of IOTA has been grown already. At the time of writing, IOTA stands at $0.30, which is 7.73% up. In the past week, the IOTA price went over 20%.
The process to get the staking rewards.
According to the information, clients will be permitted to stake their native SMR tokens and receive staking rewards from that. Firefly, the official wallet of the IOTA blockchain, gave details on how the clients can get their staking rewards. “Now, the users can get the rewards from the Firefly Shimmer app.”
Now, the official wallet is waiting for an evaluation and security edit for the famous Ledger Shimmer app. Just after the Shimmer launch, the evaluation will be done in two weeks.
The current Ledger client doesn’t need to wait to get their rewards. As Firefly explained: “In the Live Settings of Ledger, you have to just look for “Experimental features” and permit the “Developer mode,” permitting you to install the Shimmer app on your gadget.”
The Firefly Shimmer app will be accessible just after the introduction of Shimmer. Clients will then download the app from the website itself. Also, they will be provided with a full token guide.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/09/27/iota-and-shimmer-to-launch-smr-token/