Shimmer $SMR Airdrop Opportunity: What You Need to Know
$1M Airdrop Initiative, ShimmerEVM & More
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There’s no shortage of airdrop opportunities, whether confirmed or unconfirmed, available for hungry market participants to chase after. One such initiative which may be worthwhile while not on many’s radars is Shimmer’s ~27M $SMR airdrop, worth around $1M. Some incentive programs like Wormhole’s $W token airdrop have obfuscated eligibility requirements, while others set very explicit guidelines and allocation expectations so you can determine if you’d like to purse their efforts.
In this edition, we’ll be going over what Shimmer is, how their limited-time airdrop opportunity works, and why users might want to stick around and use the ShimmerEVM ecosystem.
What is Shimmer?
Shimmer is an interoperability layer built on a parallelized-DAG (Decentralized Acrylic Graph). Shimmer serves as an earl-access staging network of IOTA; it sees innovations and new features that are then ported over to IOTA mainnet. Some of these features include native 0-fee and permissionless NFT mints, NFTs that can be used as wallets, and extension of ownership of assets from L2 to L2 chains. The Shimmer chain is a L1, upon which L2s can be built which play nice between one another. Most notably, this includes the ShimmerEVM.
The Shimmer Layer-2 EVM includes smart contract fees, which are usually small. It was designed to be the first public smart contract chain to provide additional utility to the IOTA ecosystem. PoA Conesneus (PoA) is ran along with random transaction ordering at the protocol level to help prevent MEV.
Airdrop Opportunity
Shimmer’s Liquidity Mining program takes place over a quick timeframe; it began on January 31st and ends on February 1st, meaning there are ~6 days left to participate. 1.5% of the total $SMR supply is being airdropped, around $1M. The team’s stated goals behind this airdrop are to garner TVL and increase LPing across ecosystem dApps. It may also introduce a new cohort of users to the Shimmer ecosystem who may otherwise not have been interested in bridging over.
How do you qualify? Explicit guidelines have been given by the Shimmer team; users must bridge over $1k in assets over the official Shimmer bridge to the ShimmerEVM. This initiative and the bridge are both backed by the Tangle DAO, a treasury that was created to support Shimmer as well as the IOTA network. The $1k minimum bridge amount as well as other measures ensures that new liquidity may be more sticky, and prevent some gaming.
Tide, a Web3 incentives protocol, will be used to monitor wallets and their activity in the Shimmer ecosystem. This mostly pertains to the amount bridged via LayerZero, and how much users contribute to TVL of dApps on ShimmerEVM. The program operates on a points basis and will distribute rewards based on tiers. Interested users can start here. They will receive a free NFT that will be used to signal to Tide that they are participating in the program, helping Tide to track points actively when a wallet is connected.
When it comes time to bridge, users must bridge $1k+ in $WETH, $WBTC, $USDT, $USDC, $MATIC, $BNB, $AVAX, & $FTM, as these are the supported assets on the ShimmerEVM chain.
In total, TVL needs to be held for 30 days within a dApp on the chain. Eligible dApps and even specific project pools can be found here. 30 days is set as the minimum; holding beyond 30 days begins generating a 1% boost in total points for every day past this minimum threshold. It should be noted that the tracking period concludes on March 16 at 3PM CET…
This leaves only a handful of days to potentially qualify for a 1% boost, so the sooner users bridge the more they can earn before the period ends. This is even better for early users of Shimmer, as all deposits onto ShimmerEVM ever are being counted. Rewards will then be distributed and available to claim for all over a six week period.
The program has gained some traction, as using the bridge may also qualify users for the LayerZero $ZRO airdrop, in light of Shimmer’s LayerZero integration. LayerZero’s messaging infrastructure is now connected to the ShimmerEVM; this notably puts Shimmer in contact with popular chains including Ethereum mainnet, BNB Chain, Arbitrum, Polygon, Base, Avalanche, and Optimism. This means users don’t have to bridge from just one chain like some chains require, the bridge is rather flexible and accommodates multiple popular ecosystems. This makes Shimmer more accessible, and while some may not be familiar with chain, for the first time in a while, users are willing to explore new ecosystems if the incentives are right.
The $1M liquidity mining initiative aside, an emerging ecosystem like ShimmerEVM may hold attractive opportunities just off of the projects deployed on the network, perhaps giving users a reason to stay. With just $12M in TVL, a little could go a long way in terms of incentives from native protocols on ShimmerEVM…
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