• The IOTA Foundation launched the Shimmer blockchain in September 2022 as a Layer-1 staging network.
• Two Committees, the Shimmer Growth Committee and the Shimmer Community Treasury Grant Committee, have been formed to foster ecosystem development with a budget of 90,681,025.5 SMR and 27,204,307 SMR respectively.
• The Shimmer token holders voted on four different governance proposals to create these Committees.
IOTA Launches Shimmer Blockchain
The IOTA Foundation unveiled its Layer-1 staging network Shimmer last year in September 2022. It serves as a testbed to host new innovative projects before moving them onto the IOTA mainnet.
Shimmer Token Holder Votes On Governance Proposals
Over the last two weeks, the Shimmer ($SMR) token holders voted on four different governance proposals while finally agreeing to set up a Shimmer Growth Committee and Shimmer Community Treasury Grant Committee. With support from the IOTA Foundation, the community developed a highly flexible and secure system for casting votes directly on the Tangle and through Firefly wallet.
Shimmer Growth Committee Established
The Tangle Ecosystem Association will soon be setting up the Shimmer Growth Committee with Program Lead of the Shimmer Community Treasury Grant Committee being elected by members along with two Grant Reviewers – Linus Nauman and Garrett Jin – having received highest number of votes. The job of this committee is to unlock opportunities for increasing adoption of the network by allocating a budget of 90,681,025.5 SMR tokens annually that could be used to fund projects aimed at accelerating growth in this ecosystem.
Shimmer Community Treasury Grant Commitee Formed
The members also agreed upon forming another DAO called ‚Shimemr Community Treasury Grant Commitee‘ as a non profit LLC in Marshall Islands with an annual budget of 27,204,307 SMR tokens that can be used for various development initiatives across this space.
With support from IOTA Foundation coupled with direct voting system based on Tangle ledger technology by community members has enabled decentralization within its ecosystem thus driving forward several community driven initiatives for faster growth trajectory in near future.