A lot of tokens are seeing renewed positive price action as $BTC trends towards and above $50k. A couple that people might not be as familiar with are $IOTA and $SMR, up ~5% and ~8%, respectively.
Shimmer and the ShimmerEVM is an interoperability network designed initially as a testing ground of sorts for IOTA.
In this edition, we’ll be going over what the ShimmerEVM is, the existing dApps on the chain, updates to the ShimmerEVM airdrop campaign, and more.
What is ShimmerEVM?
ShimmerEVM is an L2, apart of the Shimmer network, which aims to offer a scalable and interoperable foundation for blockchain development. This EVM-compatible smart contract platform is designed to enhance the efficiency and interoperability of blockchain applications. ShimmerEVM introduces capabilities such as sub-second block finality, parallel processing for scalability, native randomness for security, as well as some protection against MEV exploits, aiming to provide a robust environment for Web3 development without the need for external bridges since it uses the Shimmer interoperability layer. By being built on top of the Shimmer network, ShimmerEVM underscores a commitment to speed, security, and seamless cross-chain communication.
Shimmer Airdrop Iniative & Updates
The Tangle Ecosystem Association has launched an ambitious initiative through its Shimmer Growth Committee, intended to invigorate the ShimmerEVM ecosystem with a ~27m $SMR airdrop.
Tangle serves specifically to improve the IOTA and associated Shimmer network, focusing on non-technical improvements and initiatives (like airdrops).
This effort commenced on January 31, 2024, marking a significant milestone in Shimmer's journey towards fostering a vibrant, multi-chain ecosystem. It’s worth noting that this initiative ends on February 14 at 9AM EST.
How to Qualify:
Bridging Assets: Participants must use the ShimmerBridge to transfer assets into ShimmerEVM through the official Shimmer Bridge, with a minimum value of $1,000+ required to qualify. Users must also register on the Tide campaign, which can be found in this blog post.
TVL Generation: After bridging assets, participants are expected to deploy these assets in TVL-generating activities within ShimmerEVM (more on this below).
Consistent Participation: To qualify for the airdrop, participants must maintain their TVL for at least 30 days. The campaign encourages participants to keep their assets within the ecosystem for an extended period, as the longer they hold their assets, the higher their potential rewards. This sustained participation is crucial for fostering a stable and growing DeFi environment within ShimmerEVM.
Airdrop Updates
Some recent changes have been implemented to both penalize and reward certain farming behaviors.
Stablecoin Pairs Exclusion: New Rule - Liquidity provision in stablecoin pairs ($USDT/$USDC) will be excluded from further receiving the airdrop rewards going forward. This adjustment aims to distribute more towards pairs that directly support the ShimmerEVM's native token, $SMR, and its inherent ecosystem growth.
Increased Rewards on SMR Pairs : New Rule - SMR/USDT & SMR/USDC pairs will receive double the points rewards rate. This rule goes into effect Wednesday at 9AM EST.
Announcement *
We’re hosting our 2nd episode of Revelo RoundTable at 12PM EST Thursday.
In this twitter space, we set our sights on Options, featuring Premia, Dopex, rysk, & Panoptic.
ShimmerEVM Protocols
To qualify for the Shimmer Airdrop, users must use specific protocols. This isn’t actually that restrictive, as there currently aren’t many protocols on ShimmerEVM, so most of the specified pools are where users would flock to anyways.
ShimmerSea
Shimmersea is the leading protocol by TVL on Shimmer, serving as both the top DEX and NFT marketplace. It’s native $LUM governance token can be staked for boosted IOTA & SMR rewards.
Airdrop qualifying pools: SMR/USDT, SMR/ETH, SMR/WBTC, LUM/USDT, sIOTA/USDT, SMR/USDC, SMR/MATIC, SMR/AVAX, SMR/BNB, SMR/FTM
TangleSwap
TangleSwap is a DEX which also maintains a presence on Cardano. The protocol also promotes it’s own SDK which can be integrated into other apps in a seamless manner.
Airdrop qualifying pools: SMR/USDT (0.3%, 1%, 0.05%), sIOTA/USDT (0.3%, 1%, 0.05%), FUEL/USDT (1%), SMR/USDC (0.3%, 1%, 0.05%), SMR/WBTC (0.05%, 0.3%, 1%), SMR/ETH (0.3%, 0.05%, 1%), ETH/sIOTA (1%, 0.3%, 0.05%), AUR/ETH (1%), AUR/USDT (1%)
Swapline
Swapline is an omnichain DEX live on Shimmer, SathoshiVM, Fantom, and the OP network. It advertises 0-slippage and low fees, as well as it’s limit orders feature.
Airdrop qualifying pools: SMR/USDT, sIOTA/USDT, wETH/SMR, wBTC/SMR, LUM/USDT, USDT/USDC, wBNB/SMR, MATC/SMR, AVAX/SMR, RUST/USDT
Iotabee
Iotabee is a DeFi hub, connecting Ethereum and Shimmer. It includes a DEX, as well as a crosschain swap feature, connecting ShimmerEVM, IOTA, and BSC. Iotabee has it’s own incentives program, including 24M native tokens in farming rewards. Details TBA.
Airdrop qualifying pools: SMR/USDT, ETH/SMR, WBTC/SMR
Risks or Downsides of Participating in a Crypto Airdrop
Variable Reward Distribution Based on TVL: The $1 million airdrop in $SMR tokens is specifically designed to reward participants based on their contribution to TVL generating activities within ShimmerEVM. Those who contribute higher TVL will be eligible for greater rewards. To qualify for the airdrop, participants are required to maintain their TVL on ShimmerEVM for a minimum of 30 days. However, it's pertinent to note that the returns over this 30-day period may not align with initial expectations.
Scams and Fraud: Participation in airdrops can be risky, especially on a new chain or network. Some protocols might turn out to be scams, targeting unsuspecting users. It's essential to be cautious and conduct thorough research before engaging with an unfamiliar project.
Regulatory Risks: Legal and regulatory considerations can be complex, varying widely by jurisdiction. Participants should always check the rules of both the protocol and their residing country to ensure compliance. Engaging in an airdrop without understanding the relevant regulations might lead to unintended legal complications.
Uncertain Returns: While the prospect of an airdrop can be exciting, the rewards are never guaranteed. Some protocols might promise to launch a token and never follow through, or the token's value might not justify the resources spent on obtaining the airdrop. Understanding that airdrops can be unpredictable and that returns might fluctuate is vital for anyone considering participation.
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