The IOTA side project Shimmer (SMR) had announced an airdrop with a volume of 1 million US dollars and the registration process at the end of January. Now the rules have been changed, 48 hours before the actual launch.
The mood at Shimmer (SMR) is in the basement; only yesterday we reported on a new all-time low for the IOTA side project. Now Shimmer is further infuriating investors with a last-minute rule change to the SMR airdrop. This was announced via X and the comments range from “unfair” to a turd meme.
Specifically, Shimmer had launched an airdrop at the end of January with the aim of distributing SMRs worth 1 million US dollars to participants in March and April. To qualify for the promotion, investors must contribute at least USD 1,000 in crypto to Decentralized Finance for Shimmer and leave it there for at least 30 days. The last day to sign up for the Shimmer Airdrop is tomorrow, Wednesday (February 14), and 48 hours earlier the rule change burst in.
Now Shimmer suddenly wants to reward those investors in the airdrop twice who buy SMR with the stablecoins USDC or Tether (USDT). At the same time, the option to fulfill the participation requirements for the Shimmer airdrop with USDT/USDC trading pairs is being blocked. One thing is clear: with this measure, Shimmer wants to stop the SMR price curve from plummeting. But on the other hand, according to the new information, around 900 investors have already registered for the SMR Airdrop and a good 650 have also qualified. They will now have to see how they will be disadvantaged if they did not enter the campaign with stablecoins at SMR.
Meanwhile, the interim results of the highly anticipated Shimmer airdrop remain revealing. The data from DeFiLlama shows an inflow of just under USD 2 million in capital for DeFi with SMR since the start of the campaign at the end of January. If 1 million US dollars are given away in Shimmer from the project reserves, there is a huge gap between the target and the result. Even fewer than 1,000 participants so far demonstrate this: Shimmer has no real appeal for DeFi experts, who otherwise like to take promising airdrops on a regular basis.
Conclusion: Shimmer embarrasses itself – IOTA also under pressure
Changing the rules during an ongoing promotion such as the Shimmer airdrop is highly questionable in itself. Hiding them in a post on X and then making a further correction there – that can be classified as simply embarrassing for Shimmer. But nerves are also on edge at IOTA itself. The price curve is bobbing along more than 90 percent away from previous all-time highs. Dominik Schiener, head of the foundation, seems like a dreamer with his goal of returning IOTA to the top ten cryptocurrencies in terms of capitalization. He classified Shimmer as a failure at the weekend and is making IOTA the main thing again. However, the communities have long since formed camps that see Schiener and his communication policy as a burden and are calling for him to be replaced. However, the core problem of IOTA and Shimmer would not be solved even with new leadership. Shimmer and IOTA have no support in the crypto scene because the networks are still not decentralized and a decentralized IOTA 2.0 (“Coordicide”) has been more than seven years in the making.
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