ShimmerEVM is part of the Shimmer network, which employs a Directed Acyclic Graph (DAG) ledger to offer a scalable and interoperable foundation for blockchain development. This EVM-compatible smart contract platform is designed to enhance the efficiency and interoperability of blockchain applications by leveraging Shimmer’s unique DAG structure. It facilitates the quick and secure deployment of smart contracts, supporting seamless interactions within the Shimmer ecosystem and with other blockchain networks. ShimmerEVM introduces capabilities such as sub-second block finality, parallel processing for scalability, native randomness for security, and protection against MEV exploits, aiming to provide a robust environment for Web3 development without the need for external bridges. By integrating with the DAG-based Shimmer network, ShimmerEVM underscores a commitment to speed, security, and seamless cross-chain communication.
This Airdrop Guide will provide a step-by-step demonstration of how to farm an airdrop for Shimmer.
Shimmer Liquidity Mining Airdrop Details
The Tangle Ecosystem Association has launched an ambitious initiative through its Shimmer Growth Committee to invigorate the ShimmerEVM ecosystem with a 27.2m $SMR airdrop. This strategic move aims to attract fresh liquidity and foster community-driven development by leveraging the Shimmer Bridge, a gateway for assets from the broader Web3 space into ShimmerEVM. This effort commenced on January 31, 2024, marking a significant milestone in Shimmer’s journey towards fostering a vibrant, multi-chain ecosystem.
Airdrop Allocation and Participation Criteria
Total Tokens Allocated: 27,204,307 SMR Tokens (1.5% of the total $SMR supply) or approximately $700k at the current rate of $0.0256 per $SMR.
Eligibility Criteria:
Bridging Assets: Participants must use the ShimmerBridge to transfer assets such as ETH, USDC, or other supported tokens into ShimmerEVM, with a minimum value of $1,000 required to qualify. This initial step ensures participants’ integration into the Shimmer ecosystem and positions them for potential rewards.
TVL Generation: After bridging assets, participants are expected to deploy these assets in TVL-generating activities within ShimmerEVM. This involves providing liquidity in approved DeFi applications and participating in liquidity pools that are listed on the Tide campaign board. All included $SMR / $USDT & $SMR / $USDC pairs will now receive double the amount of airdrop points. This incentivizes participants to contribute liquidity specifically to these pairs, significantly enhancing the potential rewards for engaging with these key liquidity pools.
Stablecoin Pairs Exclusion: New Rule – Liquidity provision in stablecoin pairs ($USDT/$USDC) will be excluded from further receiving the airdrop rewards. However, participants will keep any airdrop points they have already earned from these pairs prior to the rule change on February 12th. This adjustment aims to focus rewards more towards pairs that directly support the ShimmerEVM’s native token, SMR, and its ecosystem growth.
Consistent Participation: To qualify for the airdrop, participants must maintain their TVL for at least 30 days. The campaign encourages participants to keep their assets within the ecosystem for an extended period, as the longer they hold their assets, the higher their potential rewards. This sustained participation is crucial for fostering a stable and growing DeFi environment within ShimmerEVM.
Participation Deadline: Participants are required to bridge their assets and meet the TVL requirements before February 14, 2024, at 3 pm CET. Moreover, they must maintain their TVL for at least 30 continuous days during the campaign period, which spans from January 31, 2024, to March 16, 2024. This structured timeframe aims to ensure a committed and sustained contribution from the participants towards enhancing the ecosystem’s liquidity.
Reward Structure
Maximum Reward per Account: $250,000 in tracked and rewarded TVL
Reward Tiers: Four tiers exist, with higher tiers offering up to 30% more airdrop points per provided $TVL than the lowest tier.
Incentivized dApps and Pools: Liquidity provision in selected pools on platforms like ShimmerSea, TangleSwap, Swapline, and Iotabee, among others, will be rewarded with airdrop points. The new rule update specifically incentivizes the $SMR / $USDT and $SMR / $USDC pairs by offering double airdrop points for liquidity provided to these pools. This change aims to enhance the attractiveness of contributing to the ShimmerEVM’s ecosystem by directly supporting its native token’s liquidity.
Distribution and Claiming of Rewards
Calculation: The final $SMR airdrop rewards will be determined based on the total airdrop points accrued divided by the available SMR tokens for the airdrop. Participants’ allocations will reflect their point achievements relative to the total points generated by all participants.
Claiming Process: Eligible participants can claim their $SMR airdrop rewards via a designated dashboard, facilitated by Hedgey Finance’s distribution tools, a few days after the campaign ends and the data has been evaluated.
Vesting Schedule: Rewards will be distributed over a six-week period in a linear weekly vesting schedule.
Important Considerations
Participants must register on the Tide campaign board with their wallet to be tracked and recognized for their contributions.
Assets previously bridged into ShimmerEVM and already providing liquidity in eligible dApps count towards the airdrop, provided the participation requirements are met.
An “Invite a Friend” feature enables participants to receive 5% of their referred friend’s $SMR airdrop allocation, further incentivizing community growth and engagement.
Step-by-Step Guide to Farming Airdrop on ShimmerEVM
Bridging Assets with ShimmerBridge
Select the Source Chain: Choose your asset’s origin blockchain. Select ShimmerEVM as the source for outgoing transfers.
Select the Token to Transfer: Click on “Select Token” and pick from the available assets like $WETH, $WBTC, $USDT, $USDC, $MATIC, $BNB, $AVAX, and $FTM. Check your balance to ensure you have enough for the transfer.f
Enter the Token Amount: Input the amount you’re bridging. The app displays the equivalent amount on the destination chain and the transfer fees in the native gas token of the source chain. Verify you have sufficient gas.
Arrange Gas on ShimmerEVM: Opt for an airdrop of up to 1 $SMR token with your bridge transfer to cover initial gas fees on ShimmerEVM. The initial gas obtained during the bridging process is crucial for enabling your first transactions on ShimmerEVM. This should adequately cover your initial interactions until you need to acquire more $SMR for continued activity.
Transfer the Tokens: Approve the transfer and transaction fees in your wallet. Track the transfer progress via the provided link to LayerZero Scan or the ShimmerBridge app’s transactions box. Once complete, your assets will be on ShimmerEVM. This action qualifies you for participation in the airdrop and may also position you for a potential LayerZero $ZRO airdrop.
Watch our quick video demo on bridging assets to ShimmerEVM via the Official ShimmerBridge below!
Claiming the “Shimmer Liquidity Participant” Badge
Go to Tide Protocol’s Shimmer Liquidity Mining 1 Million USD Airdrop campaign page after transferring at least $1000 worth of eligible assets to ShimmerEVM.
Claim the “Shimmer Liquidity Participant” badge, which mints an NFT to your wallet. This step is crucial as it allows the monitoring of your activities within ShimmerEVM for the duration of the campaign.
Watch our quick video demo on claiming the ‘Shimmer Liquidity Participant’ badge on Tide Protocol’s campaign page below!
Engaging with DeFi Applications on ShimmerEVM
To qualify for the airdrop rewards, participants must use their bridged assets to generate TVL in the following incentivized DeFi applications:
Watch our quick video walkthrough on how to LP on TangleSwap below!
Risks or Downsides of Participating in a Crypto Airdrop
Variable Reward Distribution Based on TVL: The $1 million airdrop in $SMR tokens is specifically designed to reward participants based on their contribution to TVL generating activities within ShimmerEVM. Those who contribute higher TVL will be eligible for greater rewards. To qualify for the airdrop, participants are required to maintain their TVL on ShimmerEVM for a minimum of 30 days. However, it’s pertinent to note that the returns over this 30-day period may not align with initial expectations.
Scams and Fraud: Participation in airdrops can be risky, especially on a new chain or network. Some protocols might turn out to be scams, targeting unsuspecting users. It’s essential to be cautious and conduct thorough research before engaging with an unfamiliar project.
Regulatory Risks: Legal and regulatory considerations can be complex, varying widely by jurisdiction. Participants should always check the rules of both the protocol and their residing country to ensure compliance. Engaging in an airdrop without understanding the relevant regulations might lead to unintended legal complications.
Uncertain Returns: While the prospect of an airdrop can be exciting, the rewards are never guaranteed. Some protocols might promise to launch a token and never follow through, or the token’s value might not justify the resources spent on obtaining the airdrop. Understanding that airdrops can be unpredictable and that returns might fluctuate is vital for anyone considering participation.
Disclaimer
Please note that this is not an endorsement of any of the protocols mentioned above. Pre-launched and newly launched protocols carry more inherent risk so interact with these (and any other) protocols at your own discretion.
