Shimmer, the staging network of IOTA, has just unveiled a significant initiative through its Shimmer Growth Committee, led by the Tangle Ecosystem Association.
This initiative involves a $1 million liquidity mining airdrop designed to bolster its layer-2 ShimmerEVM and enhance the DeFi ecosystem associated with it.
Starting from 3:00 p.m. CET on January 31, 2024, a new initiative is scheduled to begin with the goal of injecting additional liquidity into ShimmerEVM. The airdrop adds up to 1.5% of Shimmer’s total supply based on its current valuation.
The objective is to improve the provision of liquidity and increase the Total Value Locked (TVL) in dApps on ShimmerEVM. Rewards will be distributed in the form of the SMR token.
To participate in the ShimmerEVM airdrop and receive SMR tokens, participants must possess a Web3 wallet like Bloom, MetaMask, or other Web3-compatible wallets that support the network. Registration and reward collection require the use of these wallets.
How to qualify for the airdrop?
To qualify for the airdrop, individuals must transfer a minimum of $1,000 in LayerZero-wrapped assets to ShimmerEVM. Eligible assets comprise WETH, WBTC, USDT, USDC, MATIC, BNB, AVAX, and FTM. Participants are then required to use these assets to contribute to the Total Value Locked (TVL) in Shimmer EVM, either directly or by purchasing SMR tokens or other approved tokens from the Tide campaign board.
To join the airdrop, users need to register on Tide’s campaign page. Upon registration, participants receive a NFT that serves as proof of their involvement and tracks their wallet activity.
These acquired tokens must be utilized in pools and contracts of specific decentralized applications, and the locked value must remain in these protocols for a minimum of 30 days for liquidity providers to qualify for the airdrop.
Tide will employ its smart contract monitoring tools to oversee participants in this incentive program, ensuring a seamless and effective process. This initiative is part of a broader strategy to enhance and expand the ShimmerEVM ecosystem.
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