Shimmer: IOTA Side Project with $1 Million Airdrop

The SMR Airdrop is intended to attract new capital and new users. You can also see the campaign as an attempt to bring more liquidity into the ecosystem now, where IOTA itself wants to go live with the EVM in March or April. In any case, it is advisable to study the many small prints on the Shimmer EVM Airdrop before you commit.

Shimmer (SMR), launched by IOTA as a side project in autumn 2022, has been rather quiet recently. Shimmer is currently trading at around $0.035, only around 10 percent above its all-time low and in view of major IOTA plans for 2024, doubts about the future meaning and purpose of SMR are certainly permissible.

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Now Shimmer wants to herald a turnaround and is announcing an airdrop in a blog post in which 1.5 percent of all SMRs, currently worth a good $1 million, will be distributed to participants

The campaign starts this Wednesday, January 31st, at 3 p.m. German time and participants will be rewarded with the Shimmer Airdrop in the second half of March and April. But the conditions for accessing SMR for free are somewhat complicated and not without controversy. Decide for yourself:

1. To qualify for the SMR Airdrop, you must contribute at least $1,000 in liquidity to the Shimmer EVM. You can’t do this with Shimmer or IOTA itself, but only with one of the following cryptocurrencies: Tether (USDT), USDC, Wrapped Bitcoin (WBTC), Ethereum (ETH) , Polygon (MATIC) , Avalanche (AVX), Binance Coin (BNB) or Fantom (FTM).
2. You need to deposit your crypto balances into the EVM via the Shimmer Bridge here and apply them to one of these three DeFi projects: ShimmerSea, TangleSwap or Swapline. Other Shimmer EVM DeFi projects that are participating are expected to follow in the coming days.
3. You must register your participation in the Shimmer Airdrop on the Tide campaign page here . You will then receive a free NFT, which allows you to track your actions on the Shimmer EVM over the coming weeks.
4. Because your contributed $1,000 or more in crypto must remain in smart contracts for at least 30 days, which contribute to the TVL of the Shimmer EVM.
5. Anyone who brings in more money and/or leaves the Shimmer EVM for more than 30 days will be rewarded with more SMR later. Billing will take place on March 16th and then four groups with different rewards will be formed through the airdrop. Basically: More TVL input and more time will increase the Shimmer Airdrop Bonus, which is to be paid out in stages over six weeks.
6. According to the announcement, if you have already met the requirements through the Shimmer Bridge before today, you should only need to complete step 3 and then become eligible.

Conclusion: Shimmer Airdrop – PR number or chance of winning?

DeFiLlama currently measures around $12 million TVL in the Shimmer EVM, which means “further ran” in the competition of the DeFi division. The SMR Airdrop is intended to attract new capital and new users.

But whether the value of the shimmers allocated to you in March and April exceeds the possible gains elsewhere from the crypto contributed remains an open question. You can also see the campaign as an attempt to bring more liquidity into the ecosystem now, where IOTA itself wants to go live with the EVM in March or April. In any case, it is advisable to study the many small prints on the Shimmer EVM Airdrop before you commit.

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(Featured image by Maxim Hopman via Unsplash)

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