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- The introduction of ShimmerEVM in 2023 marked a pivotal year for IOTA, enabling multi-chain solutions and bringing decentralized finance (DeFi) to the ecosystem.
- IOTA’s plans for 2024 include the introduction of Layer 2 (L2) EVM-compatible smart contracts on the mainnet, the launch of IOTA 2.0 testnet, and the integration of smart contracts into IOTA’s base layer.
2023 was indeed a game-changing year for the entire crypto community as well as for some of the top projects like IOTA. The IOTA team recorded stellar growth with the introduction of ShimmerEVM along with developments related to IOTA 2.0 launch.
As we wave goodbye to 2023, let's rewind the game-changing moments that reshaped our tech landscape. From #ShimmerEVM, testnet triumphs, introducing #IOTA 2.0 and our vibrant ecosystem, we're gearing up for an exhilarating year ahead! 👇🧵https://t.co/5xq2yyFirD pic.twitter.com/fiUfr666ls
— IOTA (@iota) December 31, 2023
IOTA’s Growth With ShimmerEVM
The year 2023 has been a pivotal one for IOTA, marked by the introduction of ShimmerEVM, a groundbreaking multi-chain solution facilitating interaction among different EVM-compatible smart contracts and decentralized applications (DApps) across diverse chains. Furthermore, this innovation has brought the world of decentralized finance (DeFi) to the IOTA ecosystem, and its impact has been nothing short of transformative.
The journey began in March with the launch of the ShimmerEVM testnet, providing the community with a platform to explore its capabilities. Within just one month, the testnet recorded impressive metrics, including over one million transactions, 38,000 wallet addresses, and the deployment of more than 2,200 smart contracts.
May witnessed an escalation in testing activities with the Treasures of Shimmer campaign, organized by the Tangle Ecosystem Association (TEA). The competition among dApps resulted in an astonishing addition of over 10 million transactions to the testnet and a peak of 1.8 million daily transactions.
Impact on the IOTA Ecosystem
The official release of ShimmerEVM in September marked a turning point for the IOTA ecosystem. A mere two weeks after the launch, “IOTA’s Shimmer TVL Soars 4x Amid Surging Ecosystem Adoption,” highlighting the remarkable impact on the ecosystem. Numerous projects that had eagerly awaited the opportunity to go public on Shimmer could now do so.
The release also led to a substantial surge in Total Value Locked (TVL), reaching $4.8 million in October, reflecting a remarkable 95.92% increase from the previous month. Defillama, the tracking platform, now monitors five Shimmer projects, with the recent integration of Accumulator, the first yield aggregator on the EVM. ShimmerEVM’s ShimmerSea TVL has notably surpassed other decentralized exchanges on the platform. As of November, the IOTA ecosystem also boasts an impressive lineup of 40 active projects, showcasing its dynamic and expanding nature.
In December, the integration of ShimmerEVM with LayerZero significantly expanded its influence in the wider cryptocurrency landscape, promoting frictionless cross-chain communication. Adding to the momentum on Shimmer was the introduction of the Bloom Wallet in November, a creation by former members of IOTA’s Firefly Wallet team. This wallet simplifies asset transfers between Shimmer and ShimmerEVM, providing users with a user-friendly experience and contributing to increased activity within the ecosystem.
Gearing for IOTA 2.0 In 2024
Looking ahead, the IOTA ecosystem has ambitious plans for the future, including the introduction of Layer 2 (L2) EVM-compatible smart contracts on the IOTA mainnet. The roadmap also includes the launch of the IOTA 2.0 testnet, its integration with Shimmer, and subsequent integration with the IOTA mainnet. Additionally, there are plans to directly integrate smart contracts into IOTA’s base layer (L1).
With a strategic focus on real-world asset (RWA) tokenization, coupled with a commitment to regulatory compliance and partnerships, IOTA and Shimmer position themselves as leaders in unlocking new opportunities within emerging digital economies.
As 2023 concludes, the anticipation for IOTA 2.0, the continuous growth of the ecosystem, and the innovative developments in 2024 are at a peak.