Soonaverse and the ShimmerEVM
The ShimmerEVM testnet is now live and being actively battle tested, which means the launch of the new ShimmerEVM chain is near. We will be leveraging this new EVM chain to partner with already existing decentralized applications (dApps) to expand the capabilities of the Soonaverse platform. On top of that, we have already written a new, fully custom, smart contract that has been audited by AuditOne (https://www.auditone.io/) and will make earning $SOON on the ShimmerEVM possible. There’s also a few more EVM related things we have in the pipeline that we look forward to sharing with you SOON.
Before we dive into what we’re building, we need to ask: Why are smart contracts so important? Put simply, it’s because it finally enables the use of smart contracts and creates infinitely more use cases and opportunities.
Smart Contracts
First off, let’s define what smart contracts are. Smart contracts are digital contracts that automate the implementation of agreed upon rules between parties. They’re immutable and decentralized, meaning they cannot be altered or controlled by any single entity. Instead, smart contracts leverage blockchain technology for transparency, security, and accountability.
Here are a few reasons why smart contracts are truly important:
- Accessibility: Anyone with an internet connection can use smart contracts, democratizing access to financial services. People who have traditionally been excluded from the financial system could benefit from this and reduce financial inequality on a worldwide scale.
- Decentralization: Smart contracts operate on a decentralized network, which means they aren’t controlled by any single entity or government. There is no central point of control, so they are resistant to censorship and manipulation.
- Security: The use of cryptography in smart contracts makes them highly secure against fraud and tampering. As a result, they are a fantastic option for individuals and businesses looking for a safe and secure method of transacting.
Overall, smart contracts are an integral part of the blockchain ecosystem since they enable dApps that automate complex processes and transactions. They offer a more efficient, secure, and transparent alternative to traditional centralized transactions.
How is the Soonaverse going to leverage this technology?
Reducing the amount of intermediaries is one of the main goals for the Soonaverse and we’ve been accomplishing this so far by offloading as many things as we can from our system onto Shimmer. This includes tokens, NFTs, and the awards functionality.
But we haven’t been able to develop any systems where the transaction itself is decentralized since Shimmer doesn’t have that type of functionality yet. Adding in smart contracts via the ShimmerEVM means that the processes, and not just the end results, will become fully automated, decentralized, and immutable.
Our First Smart Contract
Our first smart contract that we developed is to be integrated with the Iotabee (https://iotabee.com/) on the ShimmerEVM and enables our liquidity mining program to begin. This program will reward those who provide liquidity for the $SOON token on the ShimmerEVM with 24,000,000 $SOON (~$7,000,000) over the next 3 years.
How exactly do users get a share of these $SOON token rewards? Let’s dive deeper:
There will be three $SOON token trading pairs on the ShimmerEVM. One will be a $SOON/$MIOTA pair and the other two are very strong base pairs that will be announced shortly. Each pair will be the recipient of 8,000,000 $SOON tokens to give out as rewards.
Users who provide liquidity for one of the $SOON token pairs on Iotabee will be able to stake their LP tokens into our newly developed smart contract that emulates the current staking program on the Soonaverse. That means those who stake their LP tokens on the ShimmerEVM to get rewards are following the same rules as those who staked their $SOON tokens on the Shimmer L1.
If you want to learn more about how the current staking system works, check out this article: https://soonlabs.medium.com/staking-on-the-soonaverse-1404f24a978f
The number of $SOON tokens given out as rewards each week per pair is fixed, but the amount of liquidity provided to each pair is variable. This means that if one of the pairs doesn’t have a lot of liquidity compared to the other two pairs then there’s an incentive to provide liquidity for that pair since the amount of rewards received each week will be higher. This means that some strategy may be necessary.
This staking contract is the first of many and we can’t wait to continue showing you what’s possible now that we’ll have the power of smart contracts.
Service Modules
Now that the ShimmerEVM will be live, the Soonaverse will finally be able to start showcasing active service modules. This will extend the functionality of the entire platform. The first two service modules that will be launching are Iotabee and SnowMan Finance (https://www.snowman.one/). We’ll be working with them on the ShimmerEVM testnet to collaborate in a campaign that uses both dApps and the $SOON token. More information on that will be coming out shortly.
We look forward to users having new ways to engage with web3 by utilizing the ShimmerEVM. We have been working a lot behind the scenes and are excited to show you all that’s been going on very SOON!
