IOTA’s Shimmer Network Unveils $1 Million Liquidity Mining Airdrop to Bolster DeFi Ecosystem

IOTA’s Shimmer Network Unveils $1 Million Liquidity Mining Airdrop to Bolster DeFi Ecosystem

Time Stamp: January 31, 2024 12:54 AM
Source Node: 3089726

IOTA staging network Shimmer,has recently announced a $1 million liquidity mining airdrop in an initiative developed by the Tangle Ecosystem Association’s Shimmer Growth Committee, aimimg to support its layer-2 ShimmerEVM and boost its decentralized finance (DeFi) ecosystem.

In collaboration with the Shimmer community, the project is set to enhance the usage of the Shimmer Bridge and encourage development driven by the community. The airdrop accounts for more than 1.5% of Shimmer’s total supply at its present value.

Scheduled to begin on January 31, 2024, at 3:00 p.m. CET, the initiative seeks to bring new liquidity into ShimmerEVM, improve liquidity provision, and increase the Total Value Locked (TVL) in decentralized apps (dApps) within the ShimmerEVM, with rewards being distributed in the SMR token.

Tide Finance, a Web3 incentive protocol, will manage and record the rewards. Tide works with Shimmer dApps to track contributor balances and reward those who provide liquidity and hold tokens. Its system will assign rewards based on the level of participants’ contributions.

To participate in the ShimmerEVM airdrop and receive SMR tokens. Participants are required to have a Web3 wallet, such as Bloom, MetaMask, or other Web3-compatible wallets supporting the network, to register and collect their rewards.

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Eligibility for the airdrop necessitates users to bridge at least $1,000 in LayerZero-wrapped assets to ShimmerEVM, with qualifying assets including WETH, WBTC, USDT, USDC, MATIC, BNB, AVAX, and FTM. Participants must then use these assets to contribute to the TVL in Shimmer EVM, either directly or through purchasing SMR tokens or other eligible ecosystem tokens listed on the Tide campaign board.

To participate in the airdrop, users will have to register on Tide’s campaign page, which will grant them a non-fungible token (NFT) verifying their participation and tracking their wallet’s activity.

These tokens should then be used in pools and contracts of specific decentralized applications, with the value lcoked having to stay in these protocol for a period of at least 30 days for the liquidity provider to be eligible in the airdrop.

Tide will use its smart contract monitoring tools to oversee the participants in this incentive program, ensuring a smooth and efficient process. This effort is part of a broader strategy to strengthen and grow the ShimmerEVM ecosystem.

Featured image via Unsplash.

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