TangleSwap DEX wins IOTA’s 1.8 million Shimmer (SMR) airdrop campaign

The Treasures of Shimmer testnet campaign is a wrap and we can exclusively reveal that the 1.8 million Shimmer (SMR) airdrop has a winner.

TangleSwap, a decentralized exchange (DEX) built on IOTA, has won top spot ahead of 16 other projects, according to details shared with Invezz on Monday.

Joining TangleSwap DEX among top three were ShimmerSea, a decentralized exchange that allows users to trade Shimmer tokens; and ApeDAO, a decentralized autonomous organization (DAO) that allows users to earn rewards for staking Shimmer tokens. 

What to know about IOTA’s ShimmerEVM testnet

Shimmer is a new blockchain network that is being developed by the IOTA Foundation. It is designed to be a testing ground for new features and upgrades that will eventually be implemented on the IOTA mainnet.

The native token on Shimmer is SMR, which holders can use to pay for fees or stake to earn rewards.

As Invezz reported, IOTA announced the ShimmerEVM testnet in late March, targeting growth for the platform in key crypto sectirs such as decentralised finance (DeFi). The Treasures of Shimmer airdrop campaign ran for two weeks from May 3 to May 17. The IOTA Foundation, which announced the Shimmer network in 2021, was looking to battle-test the network ahead of its mainnet launch.

dApps and their users were to be rewarded in SMR tokens for participating in the testing.

Dominik Schiener, co-founder of IOTA and Chairman of the IOTA Foundation, commented on the success of the testnet, telling Invezz in a statement:

“This ShimmerEVM testnet campaign marked an important milestone in the development of the EVM chain. It not only tested its resilience when it was pushed to the limit, but also allowed us to smooth out any creases to ensure the highest level of performance as we take the next steps forward. The testnet did just as it was intended and surpassed our highest expectations. The innovation and collaboration from each participating project left an impact on the future development of Shimmer. Once again, our community came together and proved they were a force to be reckoned with.”

Across Shimmer’s Test & Earn and Play & Earn campaigns, there were more than 14 million transactions, with 1.8 million in daily transactions. The network saw a sub-second block confirmation time and recorded transactions across 214,897 wallets.