- MagicSea, the evolution of ShimmerSea, enhances the DeFi capabilities of the IOTA EVM by integrating sophisticated features like Liquidity Book and UniV2.
- introduces an innovative Booster feature that changes LUM into MLUM, enhancing its standout position with alluring USDT yields in the DeFi rooms.
The recognized decentralized exchange and NFT hub on ShimmerEVM, formerly known as ShimmerSea, has rebranded to MagicSea.
In 2021, the BlueLabs team founded ShimmerSea, which quickly gained notoriety and became a leading platform in terms of total value locked, transaction volumes, and community engagement. This was largely because of the community’s and partners’ unwavering support, underscoring ShimmerSea’s crucial role in the IOTA ecosystem.
The dApps are getting ready for #IOTA EVM 🚀
Love this evolution of ShimmerSea to MagicSea 🐙 https://t.co/eXUCg2LjFQ
— Dominik Schiener (@DomSchiener) March 21, 2024
MagicSea’s Advanced DeFi Features
With the impending IOTA EVM, MagicSea is well-positioned to expand. Significant improvements, such as the adoption of UniV2 (AMM) and Liquidity Book (CLMM), signifying its extension to the IOTA EVM, coincide with the rebranding of MagicSea.
Recently, as ETHNews previously reported, the soft launch of IOTA EVM on the Shimmer network represented a significant milestone in realizing the multi-chain vision.
By guaranteeing that 1 MLUM retains a constant value across all chains, this change upholds the platform’s tokenomics and maintains the platform’s economic integrity. To explore this development in more depth, you can watch the YouTube video below.
Enhanced Tokenomics and Yields
MagicSea aims to transform DeFi on the IOTA platform by offering Magic LUM holders real yields in USDT and revealing novel tokenomics through the launch of the Booster feature.
This creative feature highlights MagicSea’s unique position in the DeFi space by enabling the conversion of LUM (LUM), the reward token, into Magic LUM (MLUM), the governance token.
The incorporation of Concentrated Liquidity via the Liquidity Book, a substantial protocol upgrade intended to place MagicSea alongside the most advanced DEXes, is a crucial component of MagicSea’s development.
After that, MagicSea should become a more appealing choice for individuals looking for efficient and lucrative DeFi chances by providing higher “real yields” from trading fees.
At press time, the IOTA price had risen 11.59% in the last 24 hours, lifting to $0.2319. However, this represents a decline of 20.48% in the last 7 days.