- ShimmerSea becomes MagicSea, a leading DEX and NFT marketplace on IOTA EVM, offering real yield for token holders.
- A major protocol upgrade introduced the Liquidity Book, enhancing DeFi’s trading experience and competitiveness.
In an announcement in a post on X, ShimmerSea, a decentralized exchange (DEX) and NFT marketplace, announced that it is undergoing a transition. This change, which led to the project’s rebranding as MagicSea, is significant for both the community and the initiative. MagicSea is positioned to emerge as the leading multi-chain DEX and NFT marketplace by leveraging IOTA technology, opening up new opportunities for DeFi fans across the globe.
ShimmerSea evolves to MagicSea
Keyfacts / TLDR
Rename ShimmerSea to MagicSea
— ShimmerSea (@ShimmerSeaDEX) March 20, 2024
The journey has been remarkable since the BlueLabs team released ShimmerSea on ShimmerEVM. Total value locked (TVL), trading volume, and user engagement on ShimmerEVM all contributed to its rapid ascent to the top of the DEX and NFT markets as the team’s first protocol to be launched. As evidence of the community’s and partner projects’ unwavering faith in the team’s goal, their support made this success possible.
The transformation of ShimmerSea into MagicSea highlights the company’s dedication to innovation and expansion while capturing its identity. With MagicSea, the focus remains on enabling and expanding DeFi, leveraging the capabilities of IOTA technology to unlock new opportunities across multiple chains.
Key Developments with MagicSea
MagicSea introduces several significant innovations to advance the project to new heights. The launch of the Magic LUM and the Booster, which represent a major break from conventional tokenomic models, is fundamental to this trajectory. This would significantly improve the value proposition for participants by giving Magic LUM holders the chance to receive real yield in USDT.
MagicSea also broadens its scope by integrating IOTA EVM, which provides unmatched connectivity and compatibility inside the DeFi ecosystem. This calculated action establishes MagicSea as a leader in the DeFi market and highlights the company’s dedication to promoting innovation and uptake throughout different chains.
The transition to MagicSea is a major protocol upgrade, with the introduction of Concentrated Liquidity in the form of Liquidity Book. This innovative feature allows users to earn higher real yields from trading fees by concentrating their liquidity into designated bins. By offering Uni V2 liquidity positions with farms alongside Liquidity Book functionality, MagicSea sets itself apart as a formidable player in the DeFi landscape.
Embracing the Future
Fundamentally, MagicSea is still dedicated to supporting innovation and growth led by the community. Ensuring transparency and sustainability in tokenomics, the project has a maximum token supply of one million Magic LUM tokens. Magic LUM holders can also gain DEX revenue from every chain MagicSea extends to by staking their tokens on IOTA EVM, further solidifying the project’s commitment to inclusivity and shared success.
As previously reported by Crypto News Flash, the soft launch of IOTA EVM marks a significant milestone for the IOTA ecosystem. Spearheaded by The IOTA Foundation, this strategic move paves the way for enhanced opportunities, connectivity, and interoperability within the DeFi landscape. With a phased rollout underway, the foundation remains committed to working closely with the builder’s community to lay the groundwork for future innovations.
