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Shimmer Implements $90M Super Important Governance Proposals: All You Need to Know

• IOTA Foundation unveiled its Layer-1 staging network Shimmer last year in September 2022.
• The Shimmer Community Treasury Grant Committee is looking to form a DAO as a non-profit LLC in the Marshall Islands.
• The community developed a highly flexible and secure system for casting votes directly on the Shimmer Tangle and through the Firefly wallet.

IOTA Unveils Layer-1 Staging Network

The IOTA Foundation unveiled its Layer-1 staging network Shimmer last year in September 2022. It serves as a testbed to host new innovative projects before moving them to the IOTA mainnet, and has registered fast growth in terms of the new projects launched on the platform.

Shimmer Community Governance Proposals

Over the last two weeks, the Shimmer ($SMR) token holders voted on four different governance proposals while finally agreeing to set up a Shimmer Growth Committee and Shimmer Community Treasury Grant Committee. With support from the IOTA Foundation, the community developed a highly flexible and secure system for casting votes directly on the Shimmer Tangle and through the Firefly wallet.

Shimmer Growth Committee

In order to unlock opportunities in increasing adoption of the Shimmer network, an annual budget of 90,681,025.5 SMR tokens will be allocated by forming a Growth Committee which includes Program Lead, two Grant Reviewers (Linus Nauman & Garrett Jin), along with members from IOTA Foundation – Christian Sauer & Holger Webel.

Shimmer Community Treasury Grant Committee

With this setup, it has been proposed that Tangle Ecosystem Association would start setting up another committee – The Shimmer Community Treasury Grant Committee. This committee shall have an annual budget of 27,204,307 SMR tokens with which it can help fund several community initiatives seeking to further accelerate growth within the ecosystem of Shimming network.

Conclusion

The current votes are seen as major steps towards decentralizing governance within the ecosystem by driving ahead several community driven initiatives which will aid in unlocking opportunities for faster adoption of layer 1 staging networks such as that of Shimmeres‘.