ShimmerEVM continues to log major milestones on its way to achieving its vision of a fully decentralized economy for Web3. The chain’s ascension is further fueled by other positive developments in its niche.
IOTA Penguin, the alias of a Web3 comms at Nakama Labs, just compiled the most recent milestones of the digital ledger and published them via X (formerly Twitter). The info also caught the attention of IOTA, which acknowledged it through an RT.
Fastest-Growing Chain on DefiLlama
ShimmerEVM now boasts the bragging rights of being the fastest-developing chain in a mere month on the DefiLlama platform. The new badge of honor possessed by the Ethereum Virtual Machine (EVM) is presently driving bullish sentiments in the Shimmer community.
On top of the hype is the introduction of the ShimmerSea decentralized exchange (DEX). According to IOTA Penguin, the network keeps itself distinct from the competition with its priority for innovation and ensuring positive user experience.
The pseudonymous X recounted as examples the fair launches of $LUM and $DEEPR to nail a point.
DEEPR Gets Sold Out in Minutes
$DEEPR is the native token of the decentralized finance (DeFi) lending and borrowing platform Deepr Finance. The chain of the digital asset provides services without ever needing intermediaries.
The equal distribution of the crypto upon its launch saw its supply get depleted in only over two minutes.
Accumulator for Maximizing DeFi Gains
Accumulator is currently available for those who are looking to boost their earnings on Shimmer. Based on the mysterious X user, the decentralized application (dApp) hauled a whopping $257K total value locked (TVL).
The prime advantage of the dApp is it automates the way rewards are augmented from DEX. The platform likewise boosts the farming prospects in DeFi.
On November 1, DEEPR/SMR was integrated into the system to magnify the opportunities for users.
Other Comments from IOTA Penguin
The Web3 comms from Nakama Labs expressed a bullish forecast for the network as more SMR tokens are expected to shift from Shimmer L1 to ShimmerEVM L2 soon to enhance the network of the latter.
Additionally, the X/Twitter personality gave weight to the vital function of MultiSig development. It is believed that this progress can be instrumental in erecting a bridge towards a governance infrastructure that’s extra secure and transparent. The setup can help a lot in exploit and fraud deterrence.
Lastly, the person hypes an AAA type of bridge on the horizon, which could potentially pull in more liquidity.
From what we learned here, ShimmerEVM is not just trekking through the trying terrains of decentralization; the platform is also cementing expansion along its voyage.