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$IOTA partners with Multichain.
In a blog post today, $IOTA announced a partnership with Multichain, formerly known as Anyswap, to facilitate interoperability with Shimmers.
Users could swap tokens across both networks through this integration with the Web3 cross-chain infrastructure provider. Notably, the benefits would also extend to the ShimmerEVM chain. More so, for the ShimmerEVM chain, it would enable interoperability with not just $IOTA but other Multichain-supported networks, including Ethereum, Fantom, and BSC testnets.
For context, Shimmers like $IOTA is a directed acyclic graph ($DAG) network. However, transactions on the network attract zero fees. In addition, it offers customizable smart contracts and promises to offer a scalable multi-chain ecosystem. Notably, the network was created to stress-test future $IOTA features.
“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,” the blog read. “Thanks to the Multichain bridge, Shimmer and $IOTA move even closer together, maximizing mutual growth and success.”
Recall that $IOTA enables transactions between devices connected to the internet. The developers tout its $DAG technology as being more scalable than blockchain. As The Crypto Basic reported in November, the project is currently involved in the European Blockchain Service Infrastructure initiative exploring cross-border blockchain solutions for the European Union.