Shimmer FAQs

A rapid innovation playground for those who dare to innovate

General questions

How do I follow updates on Shimmer?

Follow us on Twitter and join our Discord.

What is the Shimmer roadmap?

Shimmer will accompany IOTA on its path to become a fully decentralized, programmable multi-asset ledger. The series of upgrades that will first be introduced on Shimmer are:

  • Programmable multi-asset ledger, with the introduction of output types and tokenization on the base layer,
  • Smart Contracts, with the introduction of IOTA Smart Contracts; agnostic multi-chain smart contracts are fully EVM-compatible
  • Full decentralization, with the IOTA 2.0 protocol and its leaderless consensus algorithm, currently live on a public testnet
  • Sharding and further optimizations, such as Layer 1 DeFi and more sophisticated output types.

When will the Shimmer network launch?

We don’t provide any timelines on when the Shimmer network will launch. The community will be closely involved during the genesis of the network, so you will not be able to miss the Mainnet launch.

What is IOTA 2.0?

It's the fully decentralized IOTA protocol with a revolutionary leaderless consensus. You can learn all about it on v2.iota.org

I want to try out IOTA 2.0. What can I do?

Awesome to hear! You can already read up on IOTA 2.0 on the official website and join the IOTA 2.0 DevNet. We encourage you to join our Discord to be part of the community, join the network by deploying a node or to ask any questions you may have.

Will the Shimmer network be based on the GoShimmer node?

No, the GoShimmer node software currently used for the IOTA 2.0 DevNet is a research implementation meant to validate the IOTA 2.0 modules. The Shimmer network will be based on the Hornet and Bee nodes, which will receive iterative upgrades to accommodate the IOTA 2.0 protocol.

What is the purpose of Shimmer?

The Shimmer network is an incentivized staging network for the IOTA mainnet. This means that features are added to Shimmer for testing in production before they are later released on the IOTA mainnet. It will launch as the first testing ground for our upcoming tokenisation and smart contract features, before later upgrading to the IOTA 2.0 protocol.

Why rapid innovation and staging network?

Shimmer is a pre-production staging network of IOTA. It will enable anyone to iterate quickly and deploy fast. It means that features will become available quickly, but also might evolve fast and break things. It allows to speed up the development process, because breaking changes are expected and accepted in order to gain velocity and reach a stable version faster - without much waiting time or delays.

How is the Shimmer network incentivized?

Shimmer is an open and permissionless network, providing anyone with the opportunity to participate, contribute and even attack the network. While there will be dedicated bug bounty programs and DAOs to help fund development, it will ultimately be up to the community to realize the full potential and possibilities of Shimmer.

Token & Economics

When does staking of IOTA tokens start in order to receive Shimmer tokens?

We will announce the staking start through the official Shimmer social media channels. Are you already following them?

How do I stake to earn Shimmer tokens?

The process for staking is fully automated through the Firefly wallet (including Ledger Nano).

Can I stake if my coins are on exchanges?

No, the Shimmer network has not launched yet and an integration of the staking mechanism would not have been easy to implement for exchanges. Users therefore can only stake using the Firefly wallet.

Is staking IOTA being done automatically for all Firefly wallets?

No, users have to initiate staking themselves for all wallets contained in a Firefly profile. We will publish detailed information about the staking process with the upcoming Firefly version enabling staking.

How do I receive my Shimmer tokens once I started staking my IOTA tokens?

Staking rewards will be assigned directly to your Firefly wallet and to the IOTA address with which you staked. The entire process is fully automated within your Firefly wallet.

How do I get access to my tokens on the Shimmer network once it's live?

Claiming your Shimmer tokens once the network is live will be a simple process of issuing a transaction from the wallet that you staked with. Make sure to not lose access to your wallet and keys!

Will Shimmer tokens be integrated into the Firefly wallet?

Yes

Will the Shimmer token be traded on exchange?

There are no promises on any markets being developed for trading Shimmer tokens.

When can I transfer my Shimmer tokens?

The Shimmer tokens can be fully accessed when the Shimmer mainnet launches.

Are there two types of staking for Shimmer?

Yes. Users can stake IOTA tokens in order to earn SMR tokens. At the end of the staking period (90 days), the collective Shimmer rewards define the Shimmer genesis and the total supply. Once the Shimmer network has launched, SMR token holders will be able to stake SMR tokens to help secure the network and get a share in the inflation on the network (staking rewards).

How high are the staking rewards on Shimmer?

The inflation on the Shimmer token is initially set at 8%, which is distributed pro rata to SMR token stakers that help and secure the network. The inflation rate can later be adjusted by the community.

How about taxes?

Since tax obligations differ from country to country, please consult your local tax advisor.

Other

My question is not listed here, where can I ask it?

Please join us on Discord and ask any question you might have there.