- Iotabee, the multichain DEX on the Shimmer network will now facilitate token listing on the new platform.
- Iotabee aims at maintaining openness for the success of decentralized finance (DeFi) on the Shimmer network.
Last month, the IOTA Foundation launched its Shimmer Network along with its native SMR tokens. Shimmer is the incentivized Layer 1 innovation network, built to spark the growth of feeless and highly interoperable digital assets and token economies.
Due to the feeless nature of the Shimmer Layer 1, there’s been a massive explosion in the price of the SMR tokens. Iotabee, the multichain DEX on the Shimmer network is now taking up the responsibility of providing the Shimmer tokens marketplace for the IOTA community.
Upon the launch of the Shimmer EVM, the Iotabee decentralized exchange (DEX) will be completely permissionless for listing tokens. This would allow anyone to list any tokens. Iotabee said that they believe in maintaining openness for the success of decentralized finance (DeFi) on the Shimmer network. It added:
Openness will encourage innovation. Openness to new layer 1 tokens will also show the power of feeless. As a Swap/DEX, Iotabee doesn’t have the right or expertise to decide which token is more superior to list. This is the right of the community. We could only be as open as we can to support the ecosystem as the token marketplace.
New token listings for Shimmer
Before listing a utility token on the Iotabee marketplace, users need to be ready with a website or whitepaper, introducing their project or a working product. For anyone willing to list meme tokens, they first need to have a community with interest in the token that has been used enough by the community members.
However, Iotabee puts a warning that users must do their due diligence before trading any tokens on the marketplace. They noted:
Because we cannot be both open and selective, openness is more of the key to the success of Shimmer ecosystem at this stage. Therefore, users will have to do their own research on the tokens they trade. As a market place, Iotabee will try to provide more information on the upcoming token page so that users will be able to check and verify the token they are trading.
Decentralized exchange Iotabee noted that they will provide more token information that includes analysis from a third party. Once Iotabee opens up the DEX, it will explore and add more mechanisms to help users verify the tokens.
More details about the Shimmer Network
Just like IOTA, Shimmer also uses a DAG-based parallelized settlement layer having high anchoring capacity in comparison to other standard blockchain networks. The Shimmer Network serves as a validation ground for all developments geared toward the IOTA network. It will also serve as the gateway for the development of IOTA 2.0. Shimmer serves as a feeless and a bridgeless base layer for tokenizing anything. These four critical features are what will make Shimmer superior to other blockchain ecosystems.