Connect Shimmer, IOTA, Ethereum, Bitcoin and everything, made possible with Iotabee

April 16, 2023 Blockgates Ethereum Comments Off on Connect Shimmer, IOTA, Ethereum, Bitcoin and everything, made possible with Iotabee

  • The Iotabee DEX launches a bridge on ShimmerEVM allowing users to seamlessly transfer assets between the ShimmerEVM, IOTA Mainnet, and Ethereum.
  • Iotabee explains how bridges work in reality and the importance of having them within the blockchain ecosystem.

With the recent progress made by the IOTA Foundation with the recent launch of the Shimmer Network and associated projects thereafter, new players have joined the ecosystem offering unique solutions to certain issues.

Last month, IOTA released the ShimmerEVM testnet in the market expanding the reach of the scalable and interoperable Shimmer protocol to a wide community of blockchain users and developers working on EVM-compatible smart contracts.

Some projects have already started offering integration and support to the ShimmerEVM testnet. Iotabee DEX, the decentralized trading exchange on the ShimmerEVM, recently announced that the bridge is now live for testing on the ShimmerEVM testnet.

This will allow users to seamlessly transfer assets between the ShimmerEVM, IOTA Mainnet, Ethereum, and other blockchain platforms.

As stated by Iotabee, users can start using the Iotabee bridge in simple steps.

  1. Firstly, users need to prepare their wallets on IOTA’s self-custody wallet TanglePay or the leading Web3 wallet Metamask.
  2. Later, users can claim their ATOI and MATIC test tokens.
  3. Users can also report the bugs in the Iotabee Discord channel or else can submit a screenshot of the bug in Zeely channel for earning an additional XP as well as the exclusive “bug hunter” badge.

To use the bridge, users need to “wrap” their assets on one chain by locking them in a smart contract and issuing a “corresponding” wrapped token that can be easily transferred to the other chain. As the wrapped token reaches the destination chain, it can then be “unwrapped” just by burning the token and releasing the underlying asset from the smart contract.

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Iotabee Explains the Significance of Bridges

The bridge concept is quite popular in the decentralized finance (DeFi) space for the swift transfer of assets across multiple networks. Here are the possible use cases of a bridge.

  1. Liquidity Provision: Bridges allow users to move liquidity between different networks. this helps in increasing the overall liquidity available in crypto and DeFi.
  2. Asset Diversification: By using a bridge for moving assets between different networks, users can diversify their holdings as well as take advantage of different unique features and opportunities offered by different networks.
  3. Arbitrage: Using bridges, users can take advantage of price discrepancies across networks. They can buy assets on one network and sell them on the other network.
  4. Yield Farming: Through the moving of assets across different DeFi protocols, users can also participate in yield farming strategies while earning passive income from the holdings.
  5. Bridges give users to access new opportunities not available on native blockchains, such as borrowing and lending, staking, and trading.

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