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The IOTA ecosystem has introduced a new network called Shimmer with its own token for fee-free tokenization
Blockchain developers IOTA have unveiled a network extension for their ecosystem called Shimmer. This was reported in the project blog. The innovation also received its own SMR token, which MIOTA token holders can claim on the new network.
To receive a new token, its holders can use the same mnemonic phrase on the Shimmer network as for wallets with access to MIOTA. Trading the token at the start will only be possible on Bitfinex, but other trading platforms have also expressed their willingness to support the token, Shimmer claims. In addition to the exchange, the token can be stored in a wallet (so far only on Firefly).
At the time of writing, the SMR rate in the SMR/USD trading pair has fallen by 25% to $0.04. The market capitalization of the token at the time of writing remains unknown due to the small number of exchanges supporting the asset. The developers claim that they have distributed 100% of the initial issue of SMR among the cryptocurrency community. In total, just over 1.4 quadrillion SMR tokens will be issued.
It is assumed that the new network extension will allow the tokenization of both non-fungible tokens (NFTs) and real physical objects without any commission costs. Shimmer will also receive support for smart contracts, which will allow the deployment of a multi-grid ecosystem, but it is not clear when exactly this innovation will be integrated into the network.
Against the backdrop of the news, MIOTA quotes are also falling. The MIOTA exchange rate in the MIOTA/USD pair fell by more than 6% to $0.29. MIOTA’s market capitalization has decreased to $809 million. Read about how the IOTA ecosystem added support for the NFT market in the BeInCrypto editorial material.
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