IOTA Enters New Phase with Launch of Ethereum-Compatible Shimmer Chain

The IOTA network has entered a new phase with the introduction of the EVM Public Smart Contract Chain. The initiative to support smart contracts began several years ago, focusing on creating a permissionless multichain solution linked to either Shimmer or IOTA.

This framework utilizes a Directed Acyclic Graph (DAG) as the base for facilitating cross-chain communication. To solidify its vision, the IOTA Smart Contracts (ISC) project was launched. After extensive development and collaborative effort, the first public ISC chain operating with a functional token, the Shimmer EVM, has now been established.

Shimmer, which utilizes the SMR token to foster significant innovations within IOTA, announced this milestone on X, stating that “Fully EVM-Compatible Smart Contracts are now available in the public ShimmerEVM chain. This marks the first step toward programmability on Shimmer and IOTA.”

Dominik Schiener from IOTA expressed enthusiasm about the potential of this new chain, celebrating Shimmer’s evolution into an “L1 network with real utility and a thriving ecosystem.” He elaborated on the Ethereum-compatible chain, emphasizing its capability to support Decentralized Finance (DeFi), GameFi, and IOTA’s strategic market initiatives. Schiener noted the aim is to develop this into one of the most significant Web3 ecosystems.

### More on Shimmer EVM Chain

The ShimmerEVM chain represents the first structure in a multichain landscape, designed to facilitate smart contracts and allow for bridgeless Layer 2 cross-chain value transfers. Users will have the ability to send their SMR tokens, and in the future, NFTs and custom Native Assets, to ShimmerEVM via the Firefly wallet without requiring any special bridging solution.

This foundational chain is expected to set the stage for additional chains to emerge. ShimmerEVM operates on the latest version of ISC, inheriting all its features.

Initially launched as a public chain, the control of ShimmerEVM will gradually transition to the community over time. To further decentralize the chain, a supermajority of validators will eventually be handed over to the community, promoting an inclusive governance model.