Shimmer and its tokenization framework creates the basis for the protocol to become a multi-chain network enabling interoperability across blockchains that is feeless and allows for bridgeless cross-chain transfers and composability, according to the IOTA Foundation.
The IOTA Foundation advocates feeless tokenization as representing an evolution in the digital token economy and an advance from the ubiquitous smart contract based ERC-20 tokens. Being able to tokenize anything in an instance on a Layer 1 chain positions Shimmer as a feeless “chain of chains”, making the SMR token the natural standard to “tokenize everything,” according to the IOTA Foundation.
Bitfinex was the first exchange to list IOTA in 2017, and is today the first major exchange to list its very first offspring, Shimmer.
“Shimmer comes with a powerful tokenization framework, offering unprecedented utility for feeless Layer 1 tokenization, and at the same time will offer scalability and composability for smart contract chains in a multi-chain architecture,” said Dominik Schiener, Chairman of the Board of Directors and Co-Founder at the IOTA Foundation. “We are extremely happy to have Bitfinex as a major exchange listing our vision of a ‘chain of chains’, allowing anyone to harness the power and potential of Web3.”
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