Shardeum: Revolutionizing Blockchain with EVM Mainnet Launch
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
A New Chapter: Shardeum’s EVM Mainnet Launch
On Thursday, Shardeum made waves in the blockchain community with the launch of its Ethereum Virtual Machine (EVM) mainnet. This upgrade is paired with a significant change: a SHM token redenomination at a 1:240 ratio. The bold move, approved by a whopping 85% of community voters, transitions the total supply of SHM from 249 million to an impressive 60 billion tokens. Such decisions underscore Shardeum’s commitment to community-driven governance.
India’s Fastest-Growing Web3 Community
With 171,000 public validators and 1.4 million community members, Shardeum proudly claims the title of India’s fastest-growing Web3 community. This growth reflects the increasing interest in blockchain technology within India, presenting vast opportunities for developers and users alike. The latest mainnet upgrade isn’t just a technical milestone; it represents a significant step towards creating an inclusive decentralized network.
Empowering Innovation and Inclusion
According to Shardeum co-founder Nischal Shetty, the launch marks a pivotal moment for the company. "The EVM mainnet reflects our vision of a blockchain that is equitable, efficient, and affordable for everyone," he stated. This sentiment resonates with the larger push in the blockchain sector: making technology accessible to all, particularly in emerging markets like India.
The Voting Mechanism: A Testament to Community Engagement
Over 500,000 SHM tokens were utilized in the voting process regarding the redenomination. The fact that this voting mechanism was established in just three days showcases Shardeum’s agile development capabilities and emphasizes the importance of community participation in governance. Shetty elaborated, stating, “By making SHM more granular and accessible, we’re enabling wider retail participation.”
Unleashing Broader Retail Participation
With the per-token price now lower, Shardeum aims for broader retail participation. This strategic move allows everyday investors to engage more easily, particularly in markets where high token prices can be a significant barrier. By democratizing access, Shardeum is paving the way for a more inclusive blockchain future.
EVM Compatibility: A Game-Changer for Developers
The introduction of full EVM compatibility within the Shardeum network is a significant leap for developers. They can now build and deploy decentralized applications using familiar Ethereum-based tools, while benefiting from lower and more predictable gas fees. This facilitates a smoother transition for developers looking to create real-world applications without the hassle of learning new programming languages.
Autoscaling and Affordability
Shardeum’s design incorporates autoscaling as user activity grows, resulting in low transaction fees and permissionless participation. The ultimate aim is to make decentralized applications not just viable but affordable and accessible for both developers and users across global markets. This approach promises to elevate the user experience while expanding the blockchain ecosystem.
Transparency in Transactions
Shardeum processes transactions strictly in the order they are received, preventing issues like front-running and manipulation of transaction ordering. This commitment to transparency is essential in building trust within the community and enhancing the overall integrity of the platform.
India: At the Center of a Blockchain Revolution
As Shetty noted, "India will play a central role in this journey as we bring a new generation of developers, creators, and users into Web3." Shardeum envisions equipping this demographic with the tools they need to succeed in an ever-evolving digital landscape. With the right infrastructure in place, the potential for innovation is boundless.
Ecosystem Expansion: A Diverse Range of Projects
Shardeum’s network currently supports around 150 ecosystem projects spanning decentralized finance (DeFi), gaming, file storage, and non-fungible token (NFT) marketplaces. This diverse portfolio demonstrates the platform’s versatility and commitment to enhancing the blockchain experience.
Transitioning to the EVM Mainnet
Ahead of the EVM mainnet launch, Shardeum announced a pause on its token-only network on October 28. The new network, which went live on October 30, saw wallet balances automatically updated to reflect the new SHM redenomination. Major cryptocurrency exchanges have confirmed their support for this migration, ensuring a seamless transition for users.
This strategic array of upgrades and community-focused governance positions Shardeum as a serious player in the blockchain sector, particularly as interest in decentralized finance and related technologies continues to grow.