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IOTAs Layer-1 blockchain network Shimmer has been buzzing with activity in recent times as it continues to hit new milestones with daily active addresses as well as total network transactions. In late March 2023, Shimmer unveiled the ShimmerEVM testnet, setting a bridge for the easy transfer of assets between Shimmer and the Ethereum blockchain network.

In the latest development, IOTA co-founder Dominik Schiener announced that there have been more than 5,000 smart contracts deployed on the ShimmerEVM testnet so far. Also, the total number of active addresses on the testnet has now surged past 64,000 while ShimmerEVM has registered more than 6 million transactions to date.

This is a significant milestone in a very short time after the launch and shows that theres a very high acceptance for ShimmerEVM. However, the IOTA developer team has yet not confirmed the final date of launch for the ShimmerEVM mainnet.

Interestingly, as it turns out, the largest contributor to the massive activity on the ShimmerEVM testnet is the recently launched Web3 gaming experience Treasures of Shimmer. Earlier this month on May 3, the Treasures of Shimmer initiative commenced. It is a two-week incentive program that aims to reward users and projects for their participation in the public testing of the ShimmerEVM chain and the deployed dApps on it.

Following this, participants will engage in the public testing of 1.3 million SMR tokens. It will be interesting to see whether the ShimmerEVM network activity continues to stay this high as the initiative ends.

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As previously stated, the launch of ShimmerEVM will allow the easy transfer of assets between the Shimmer network and the Ethereum blockchain. As a result, users will be able to bridge their IOTA tokens to the ShimmerEVM and unlock yield farming opportunities for themselves.

IOTA co-founder Dominik Schiener said: Shimmer is expected to provide $IOTA holders with a chance to stake their tokens and earn returns, thus taking the crypto to new heights. It is considered a crucial element in the growth of DeFi on the Shimmer platform.

The IOTA team is continuously making new improvements for the launch of the real ShimmerEVM, aiming to provide a more polished version. They consider this testnet to be a crucial milestone toward the rollout of future ecosystem projects on both Shimmer and IOTA.

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IOTA: Shimmer Reaches 6M Transactions and 5,000 Smart ... - Crypto News Flash