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Enabling Cross-Chain Interoperability Between Shimmer, IOTA, and the World
TL;DR:
Shimmer partners with Multichain, a cross-chain router protocol for seamless interoperability between IOTA and Shimmer. This enables Shimmer and IOTA tokens to be bridged between the two networks, with future cross-chain solutions between Shimmer and other major blockchains supported by Multichain. The launch of the ShimmerEVM testnet showcases the potential of Multichain, with easy transfer of testnet tokens between IOTA and ShimmerEVM testnets as well as smooth transfers between ShimmerEVM and Ethereum, Fantom, and BSC testnets.
Shimmer is pleased to announce a long-term strategic partnership with Multichain (formerly known as Anyswap), a cross-chain router protocol for Web3 interoperability.
Multichain is a Web3 cross-chain infrastructure provider enabling interoperability between almost all major blockchains. It will provide seamless interoperability between the IOTA and Shimmer networks after the upcoming launch of the ShimmerEVM, enabling the transfer of Shimmer and IOTA tokens between the two networks.
Through this integration, IOTA holders will gain access to a fast-growing Shimmer ecosystem and, with it, investment opportunities to earn yield on their IOTA tokens through staking, yield-farming, and more. Thanks to the Multichain bridge, Shimmer and IOTA move even closer together, maximizing mutual growth and success.
Furthermore, we are proud to announce that Multichain will support Shimmer with a cross-chain interoperability solution between the upcoming ShimmerEVM chain and supported blockchains in the Multichain ecosystem, enabling asset transfer and smart contract execution between multiple chains.
With the recent launch of the ShimmerEVM testnet, users will be given a glimpse of the potential utility of Multichain. The testnet tokens will be easily transferrable between the IOTA and ShimmerEVM testnets, and the test bridge will also facilitate smooth transfers between ShimmerEVM, Ethereum, Fantom, and BSC testnets.
This integration is a major milestone and will contribute vastly to the growth of the Shimmer and IOTA ecosystem by providing a vivid cross-chain infrastructure that will open up access to decentralized finance on all major blockchain protocols supported by the Multichain router.
About Multichain
Launched in July 2020 as Anyswap, Multichain aims to cater to the needs of different and diverse blockchains by providing seamless interoperability solutions through their cross-chain bridge and router. In addition, Multichain’s smart contract function anyCall (a cross-chain messaging router protocol) enables cross-chain messaging and contract calling.
Multichain supports all ECDSA and EdDSA encrypted chains and is almost universally applicable as an interoperability layer.
With 56 supported EVM and non-EVM chains, and more than 2460 integrated projects, Multichain has established itself as an industry-leading cross-chain router protocol with a continuously expanding ecosystem.
Shimmer and Multichain
Shimmer is an L1 innovation network providing the core building blocks for a scalable, modular multi-chain architecture. Similar to the IOTA network, Shimmer is built on a UTXO-based parallelized DAG ledger, which guarantees higher scalability than conventional blockchains while ensuring the interoperability and composability of L2 smart contract chains anchored to it. With its unique tokenization framework, Shimmer will become a multi-asset ledger for feeless minting and transfer of native assets without middlemen or crippling gas fees.
And while Shimmer eliminates the need for bridges for all L2 networks anchored to it, it is essential to recognize that no network is an island. For a seamless user experience, it is detrimental to connect the Shimmer network to different smart contract chains outside its own ecosystem (e.g. Ethereum, Binance Smart Chain, Fantom, etc).
Therefore, Shimmer is proud to have partnered with the leading cross-chain router and bridge protocol, Multichain, which, with its non-custodial solution and secure multi-party computation (MPC) model, has established a winning reputation in the field of cross-chain security.
Stay tuned for more information on this exciting collaboration and follow Shimmer and Multichain on Twitter.