ShimmerEVM’s Debut: An Assessment of Its Prosperous Beginning (Part 1/2)

On September 28, 2023, we celebrated the long-awaited launch of ShimmerEVM, heralding a new era with the introduction of fully EVM-compatible smart contracts on the Shimmer L1 network. Pioneering in a multi-chain ecosystem, ShimmerEVM offers the capability for horizontally scalable, rapid, secure, and concurrent execution of smart contracts. It also facilitates complete modularity and composability of smart contracts across different chains. For an in-depth exploration of ShimmerEVM’s technical specifications, we invite you to peruse our earlier blog post.

In this article, we want to offer a comprehensive exploration of the flourishing ShimmerEVM ecosystem, illuminating various remarkable facets of this groundbreaking EVM L2. Prior to the launch, a great number of community builders and project teams had diligently crafted a diverse range of various dApps, subjecting many of them to rigorous testing and comprehensive audits. With the availability of ShimmerEVM, many of these dApps were able to launch immediately. At Nakama, we have also been active, introducing a number of our dApps to the ecosystem. With this, there’s a wealth of discoveries to explore and insights to share. So, let’s dive right in!

Smooth maiden voyage

Before we dive into the different dApps, let’s take a moment to acknowledge the reliability of the network. The launch of ShimmerEVM has been a remarkable testament to the robustness of its underlying technology. After undergoing rigorous testing for several months and Nakama’s active involvement in testing and dedicated bug reporting for refinement, the result is evident in the absence of significant technical issues.

The amazing”Treasures of Shimmer” testnet campaign in May, marked by substantial engagement from both project teams and community users, surely played a pivotal role in ensuring the stability of the network.

In sum, the harmonious launch underscores the pivotal importance of battle-testing before introducing technical innovations. Now, with approximately two months of live operation, we proudly note that ShimmerEVM has shown great consistency with speed of execution on-chain , further exemplifying the strength and reliability of this cutting-edge technology. This further instills our confidence in our decision to launch our dApps on this powerful network supported by the ever increasing IOTA and Shimmer community.

Embark on a shimmering dApps odyssey

In the vibrant ShimmerEVM ecosystem, there’s an abundance of exciting dApps and projects, each with its unique offerings and ambitions. While it’s impossible to encompass everything in this article, we’ll do our utmost to spotlight some of the most ambitious and innovative ventures taking shape on this dynamic platform. As our ecosystem continues to evolve, we are pleased to announce upcoming articles, which will include relevant highlights and updates.

Deepr Degen & DEEPR fair launch

Deepr Degen has successfully launched as a testing ground for Deepr Finance on ShimmerEVM, offering users a unique environment to experiment with decentralized lending and borrowing using meme tokens. Due to limits on collateral and debt amounts, there is no substantial risk, and the platform can be safely tested. Following the implementation of a AAA bridge and the accumulation of sufficient liquidity, the full Deepr Finance platform will officially launch.

Just recently, another major achievement was unlocked. The DEEPR token fair launch on ShimmerSea exceeded all expectations by selling out within just two minutes, marking an incredible success for Deepr Finance. With a hard cap of 9 million SMR tokens, equivalent to approximately $360,000 at a value of 4 cents per SMR token, the event drew immense interest and participation, showcasing the community’s enthusiasm for the project. This remarkable achievement underscores the project’s commitment to a fair and transparent token distribution, making DEEPR an immediate success in the growing DeFi space on ShimmerEVM.

Stay tuned for the full launch of Deepr Finance and prepare to engage in secure, decentralized lending and borrowing on a rewarding platform.

ShimmerSea: exploring ShimmerEVM’s oceans

ShimmerSea marked an incredible debut, successfully hosting several fair token launches, such as their proprietary LUM token and the Deepr Finance DEEPR token. Throughout these events, the platform demonstrated remarkable stability and user-friendliness, earning praise from the community. This makes ShimmerSea a trusted launchpad on ShimmerEVM for introducing new tokens and projects to the ecosystem.

Additionally, ShimmerSea has expanded its offerings with the recent introduction of an NFT marketplace that stands out for its exceptional versatility and integration with the Shimmer ecosystem. It not only offers a platform for NFT collections but also provides access to powerful functionalities such as distributing rewards to NFT holders through custom staking pools. Be sure to explore the NFT marketplace!

With a variety of different liquidity pools, users can embark on a journey to generate a passive income. It’s super intuitive to jump into a pool and leave it again, and it feels great to see your rewards coming in.

Moreover, you can exchange assets within a matter of seconds, delivering what we consider a premier user experience with no MEV sandwich attack risk thanks to ShimmerEVM’s technical advancements.

ShimmerSea’s promising trajectory, supported by a talented team and a vibrant community, positions them as a pivotal player in the ShimmerEVM ecosystem.

Accumulator: auto-compound your DeFi earnings

Accumulator, your yield optimizer on ShimmerEVM, has achieved a highly successful launch with a TVL just recently surpassing $800,000 USD. Offering DeFi investors the ultimate tool to maximize crypto yield, Accumulator leverages automation and streamlines the process of collecting, converting, and reinvesting rewards from liquidity pools. By doing so, it outperforms manual yield farming in terms of cost savings and returns.

Accumulator has quickly become an essential toolof the ShimmerEVM ecosystem, offering users a secure and automated way to optimize their crypto assets.

Currently, users have the option to select from a variety of vaults, which include SMR/LUM and DEEPR/SMR pairs.

Furthermore, we look forward to the introduction of the utility token ACCU which adds an exciting dimension to its platform.

If you’re unsure about how to begin your journey with Accumulator, make sure to read this article.

IOTA Heroes: Your first game on ShimmerEVM

In IOTA Heroes, the pioneering game launched in the ecosystem, you can embark on adventures alongside your heroes, each of whom represents a unique NFT. These adventures include epic clashes with monsters, uncovering ancient treasures, and crafting powerful items.

The emergence of games like IOTA Heroes on ShimmerEVM marks a significant milestone in the evolution of DLT and decentralized applications. These games leverage blockchain’s transparency, security, and NFTs to provide players with true ownership of in-game assets, fostering trust and enabling novel economic systems. Moreover, they showcase the potential of decentralized technology in reshaping the gaming industry and enhancing the user experience.

Join the Play-To-Earn action in IOTA Heroes for an enjoyable gaming experience while also earning rewards in the form of IHG (IOTA Heroes Gold), the game’s native cryptocurrency. By adventuring, leasing heroes, and engaging in marketplace activities, you can enhance your gameplay and collect valuable rewards.

ApeDAO: Hub for DeFi investors

ApeDAO is a profit-focused DAO on ShimmerEVM deeply committed to transparency and integrity. By managing a community-based treasury, ApeDAO aims to capitalize on exciting DeFi opportunities while building trust and providing valuable education to the Shimmer and IOTA community. ApeDAO’s core values and focus on long-term, responsible investment make it a reliable source of DeFi expertise and a valuable contributor to the ShimmerEVM ecosystem’s growth and stability.

ApeDAO is governed by Ape NFTs and both the original Apes and the Lil’ Apes collections contribute to voting power in governance proposals, each with its own voting weight. To address the issue of NFT illiquidity, the DAO has recently unveiled its native token APEin, allowing you to effortlessly swap your Ape NFTs for APEin directly on ShimmerSea.

Get in on the DeFi action by securing one of their Ape NFTs from the ShimmerSea NFT marketplace, and you’ll become a member of the DAO. If you have any DeFi-related questions, this community is your prime source for insights and expertise.

Outlook

The ShimmerEVM ecosystem has witnessed remarkable growth since its launch, with an increasing number of innovative dApps contributing to its vibrant landscape. We are thrilled by the progress made so far and are particularly excited about the upcoming releases of our Nakama dApps.

Stay tuned for the second part of this series, where we will cover the growing Total Value Locked (TVL), providing insights into the network’s economic strength. Additionally, we will explore the future bridge and stablecoin developments, offering a glimpse into the evolving infrastructure that will further enhance the capabilities of ShimmerEVM.

The future holds exciting prospects, and we invite you to join us on this journey of technological innovation and decentralized possibilities. Make sure to follow us on X.

Disclosure: Please be aware that Nakama has disclosed its financial investments in Deepr Finance and ShimmerSea. Furthermore, the Nakama team is developing Deepr Finance, Accumulator, and Virtue.