ShimmerEVM Emerges as the Fastest-Growing Chain on DeFi Llama in Just One Month
Excitement surrounds the rapid growth of ShimmerEVM, which has become the fastest-growing chain on DeFi Llama within a one-month period. This success can be attributed to the launch of the Shimmer Sea decentralized exchange, which has captivated the community.
In a remarkable achievement, DEEPR, a DeFi platform that enables users to borrow and lend their assets, recently introduced its token, which sold out within a mere two minutes. This overwhelming response indicates the community’s enthusiasm for the future of DeFi.
One month ago, IOTA made history by unveiling ShimmerEVM, a groundbreaking connection between two vital blockchain ecosystems: IOTA’s sister network, Shimmer, and Ethereum. Since then, ShimmerEVM has experienced exponential growth, setting new records as the community eagerly anticipates innovative projects.
ShimmerEVM serves as a bridge between Shimmer and chains that utilize the Ethereum Virtual Machine (EVM). As one community member astutely observed on X, it has achieved the fastest growth among all chains on DeFi Llama within a one-month period.
“The launch of ShimmerEVM has been absolutely phenomenal. The community’s excitement is palpable, and we have achieved remarkable milestones on this incredible journey.”
Within just one month of its launch, the ShimmerEVM ecosystem witnessed the introduction of ShimmerSea, a decentralized exchange that facilitates the trading of various tokens and NFTs. The exchange is fueled by the LUM token, which was launched on October 14 and sold out in less than 10 minutes, leaving no room for doubt about its popularity.
Another noteworthy launch was Deepr Finance, a project dedicated to providing the most secure and efficient lending platform. Like its counterparts, Deepr Finance’s tokens were completely sold out within a mere two minutes a week ago. Holders of DEEPR tokens can now trade them on ShimmerSea exchanges.
Yield farmers are now turning their attention to the latest addition, Accumulator, a yield-aggregator designed to maximize earnings on Shimmer. Despite being live for only a few weeks, Accumulator has already amassed over $250,000 worth of total value locked.
Accumulator streamlines the process of optimizing rewards from various liquidity pools on DEXes and other DeFi yield farming opportunities. This automated approach not only saves time and fees but also significantly boosts returns.
ShimmerEVM Sets a New Standard
In an industry where many projects rush to launch their products for quick profits, the launch of ShimmerEVM has set a new standard in terms of planning, development, and execution.
Since its inception, ShimmerEVM has experienced zero outages, bugs, or disruptions. The first few months are crucial for the success of any new project in the crypto world. Platforms that encounter glitches and bugs during their early stages quickly lose the trust of their users, often failing to regain it.
Furthermore, the security of blockchain networks relies heavily on tokens. A platform that faces glitches and loses user trust in its early stages struggles to attract investment and secure tokens. Consequently, it faces a lack of security, exacerbating its challenges and further deterring potential users.
Exciting developments are on the horizon, including the introduction of a new bridge that will enable users to transfer assets such as Ether, Bitcoin, USDC, and Tether to the network. This enhancement will not only strengthen the network but also bolster its security.
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