Shimmer’s Layer 1 stands out for its feeless transactions, while ShimmerEVM (Layer 2) introduces smart contracts with customizable gas fees. As we venture further into the world of blockchain, Shimmer and IOTA emerge as captivating subjects, particularly in relation to their transaction fee models. To gain a better understanding, let’s take a closer look at Collin Brown’s enlightening tweet about “Unraveling the Shimmer Enigma.”
1/3) Unraveling the Shimmer Enigma: Feeless vs. Fee-Empowered ✨
Have you ever wondered why Shimmer is feeless while ShimmerEVM embraces gas fees? Let’s delve into the distinctions between #Shimmer’s feeless transactions and #ShimmerEVM’s gas-powered smart contracts. #IOTA #Shimmer ⬇️
pic.twitter.com/SXgOt60Jeb
— Collin Brown (@CollinBrownXRP)
September 21, 2023
Brown’s tweets echo the fact that the Shimmer network (L1) is built on Directed Acyclic Graph (DAG) technology, similar to IOTA. This architecture, which operates without any fees, ensures scalability, unparalleled security, and energy efficiency. Additionally, the Shimmer L1 ecosystem serves as a testing ground for future innovations by IOTA.
Merging Platforms: Introducing ShimmerEVM L2
Situated on top of L1, ShimmerEVM (L2) signifies the integration of the ecosystem’s first EVM-compatible chain. This bridge not only enables smart contract functionalities, but also acts as a connection point between Shimmer and Ethereum-focused decentralized applications (dApps). However, an important distinction arises here: L1 is feeless, while ShimmerEVM incorporates fees that are crucial for the mechanics of smart contracts. The silver lining, however, lies in the adjustability of these fees, allowing developers to create economically efficient dApps.
Shimmer’s Paradigm: A Unique Economic Blueprint
Diverging from traditional blockchain models dependent on miners, Shimmer takes a different approach. By employing a distinctive consensus mechanism, Shimmer eliminates the need to impose network security costs on its users. This strategy enhances the appeal of L1 for both users and commercial entities. Simultaneously, it lays the foundation for a fee marketplace model for ShimmerEVM on L2.
When combined, these two layers form a powerful duo, positioning the platform for unparalleled growth in the expanding realms of web3 and DeFi.
For those interested in a more comprehensive understanding, Shimmer’s official tweet provides further insights:
Why is Shimmer feeless when ShimmerEVM has gas fees? In this thread, we explore the differences between #Shimmer network’s feeless transactions and the L2 EVM-compatible smart contract chain anchored on the Shimmer L1 network: #ShimmerEVM ⬇️
pic.twitter.com/SGVh23gyCc
— Shimmer (@shimmernet)
September 21, 2023
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