IOTA partners with Multichain.
In a blog post today, IOTA announced a partnership with Multichain, formerly known as Anyswap, to facilitate interoperability with Shimmers.
Users could swap tokens across both networks through this integration with the Web3 cross-chain infrastructure provider. Notably, the benefits would also extend to the ShimmerEVM chain. More so, for the ShimmerEVM chain, it would enable interoperability with not just IOTA but other Multichain-supported networks, including Ethereum, Fantom, and BSC testnets.
For context, Shimmers like IOTA is a directed acyclic graph (DAG) network. However, transactions on the network attract zero fees. In addition, it offers customizable smart contracts and promises to offer a scalable multi-chain ecosystem. Notably, the network was created to stress-test future IOTA features.
“Through this integration, IOTA holders will gain access to a fast-growing Shimmer ecosystem and, with it, investment opportunities to earn yield on their IOTA tokens through staking, yield-farming, and more,” the blog read. “Thanks to the Multichain bridge, Shimmer and IOTA move even closer together, maximizing mutual growth and success.”
Recall that IOTA enables transactions between devices connected to the internet. The developers tout its DAG technology as being more scalable than blockchain. As The Crypto Basic reported in November, the project is currently involved in the European Blockchain Service Infrastructure initiative exploring cross-border blockchain solutions for the European Union.