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IOTA introduces staking - how do you get the SMR tokens?



IOTA is going through two transformative processes. On the one hand, you want to get rid of the coordinator, which you can safely call a long-term project. On the other hand, they want to take the step towards a multi-asset platform, which is also a lot of development work.

One piece of the puzzle in this grand scheme is staking, which will initially be introduced on the Shimmer Network. Unlike conventional networks, which form their consensus on the basis of Proof of Stake, the participants are not rewarded with IOTA. Because IOTA's supply is fixed and there is no inflation due to a process similar to mining.

Instead, investors should receive their reward in the form of airdrops of various tokens, which in the future will be based on IOTA's technology.

Shimmer is the beginning

The Shimmer Network serves IOTA as a test site, which makes it possible to try out every innovation in field tests before it finds its way into the actual mainnet. Shimmer will have a token of the same name with the ticker SMR and will run as an independent, functional network.

Those who want to take part in staking must have IOTA and a Firefly wallet and will be rewarded with the Shimmer Token. According to the announcement , the SMR tokens will be distributed to the stakers within 90 days of launch. When IOTA has completed the transformation to a multi-asset platform, the rewards should be paid out in the tokens of new networks, DApps and protocols, according to the future vision. When the starting shot for the staking is to be given will be announced in the coming days. If you want to be on time, you should keep an eye on the relevant social media channels .

In fact, with its free transactions, IOTA could play a role when it comes to DeFi, NFTs, and smart contracts. The industry leader Ethereum is struggling with high fees and competitors like Solana are fast and cheap, but they don't work for free either.

IOTA course remains in a range

While Bitcoin is still wrestling with the $ 60,000 mark, IOTA remains in a range. The price has been hovering there since September 21 and has found resistance at around $ 1.44 and the low of the range is around $ 1.13.

This is good insofar as the IOTA rate remains relatively stable despite a roller coaster ride for the key currency. However, it can be expected that IOTA will not be able to escape the negative development if the Bitcoin price should collapse further. However, it remains to be seen whether the starting shot for staking can increase demand and affect the IOTA course.

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