IOTA’s Shimmer announces $1M airdrop for ShimmerEVM ecosystem users

Shimmer, IOTA’s staging network, has earmarked 1.5% of the platform’s total supply for an incentive program aimed at bolstering growth, innovation and community engagement across the ShimmerEVM ecosystem.

Specifically, the Shimmer team hopes the incentive program will help boost liquidity provision and the total value locked (TVL) in decentralised applications (dApps) within ShimmerEVM.

🪂 $1M #Airdrop Alert!🪂 Starting this January 31st, @ 3PM CET, participate in the #Shimmer Liquidity Mining Airdrop Injection by @TangleEcosystem! How? Use the @shimmerbridge to bring liquidity into the #ShimmerEVM & boost its ecosystem ✨. All details here… pic.twitter.com/7uGiHg9hRm

— Shimmer (@shimmernet) January 30, 2024

According to an announcement by the Shimmer Growth Committee, made up of community members and Tangle Ecosystem representatives, the incentive program will see more than $1 million airdropped to ShimmmerEVM users.

 “Starting tomorrow, 31 January 2024, at 3:00 PM CET, this incentive aims to enhance the inflow and utilization of fresh liquidity from connected ecosystems via the newly launched Shimmer Bridge, powered by Tangle DAO LLC,” the Shimmer team wrote in a blog post.

As Invezz highlighted, IOTA launched ShimmerEVM on the mainnet in September last year, and the network integrated with LayerZero in December.

How to qualify for the airdrop

To qualify for the airdrop, users will need to bridge at least $1,000 in LayerZero wrapped assets to the Shimmer EVM and use them in activities that generate TVL. Details shared in the blog post highlight eligible assets as WETH, WBTC, USDT, USDC, MATIC, BNB, AVAX, and FTM.

Ecosystem participants can use the assets “either directly or by purchasing SMR tokens or other eligible ecosystem tokens listed on the Tide campaign board.”

“The campaign will track and reward all assets ever bridged into Shimmer EVM via ShimmerBridge. So if you have already bridged in assets and are currently providing liquidity with these assets in eligible dApps, you don’t need to remove/re-add them,” the Shimmer team added.

Another criteria is that users will also have to hold their TVL for 30 days (DeFiLlama shows the ShimmerEVM currently has a TVL of just over $10 million). Rewards will be distributed after a cumulative 45-day tracking period the Shimmer team says will end on March 16, 2024.

According to Shimmer, the Web3 incentive protocol Tide will monitor the airdrop campaign. New user seeking to participate in the progran have to register on the Tide Campain board first.

The post IOTA’s Shimmer announces $1M airdrop for ShimmerEVM ecosystem users appeared first on Invezz