Layer-1 Blockchain Shardeum Allocates 3.3 Million SHM Tokens For Airdrop

Shardeum, an autoscaling layer-1 blockchain, has announced the launch of Stage 1 of its incentivized testnet, Atomium. It will commence on June 26, 2024.

This initiative is strategically designed to boost community engagement by allowing them to identify bugs, vulnerabilities, and performance issues. The plan is to enhance the network’s robustness in preparation for its mainnet launch.

Shardeum Allocates 0.65% of SHM Supply For Community Members

In this initial stage, Shardeum invites community members to execute numerous peer-to-peer (P2P) transactions. Consequently, this step enables the Shardeum team to conduct thorough stress tests on the network. Identifying and correcting vulnerabilities during these tests is crucial for ensuring the security of the network under significant operational stress.

Shardium will reward the participants in the Atomium testnet for their contributions. The company has allocated 0.65% of the total SHM token supply, approximately 3.3 million tokens, for community incentives.

Read more: Best Upcoming Airdrops in 2024

This distribution represents the second phase of the Shardeum native token Shard (SHM) airdrop, following the successful completion of Phase 1, which targeted early contributors.

“We believe in community-led development and thanks to our amazing community we’ve been able to reach this stage. We’re now ready to launch Stage 1 of the incentivized testnet. Shardeum enters a crucial phase where we stress test the network to challenge its limits and strengthen it for the future with the help of our community,”  Nischal Shetty, the co-founder of Shardeum, told BeInCrypto.

However, the community’s allocation of 0.65% appears modest compared to other projects. Hence, BeInCrypto has contacted Shardeum for comments on its airdrop strategy; however, a response is still pending.

According to Crunchbase, Shardeum has raised $23.6 million in funding to date. Its notable investors include Amber Group, Blockchain Founders Fund, and Alpha Capital.

Shardeum Financials. Source: Crunchbase

The campaign is meticulously planned to unfold in multiple stages, with each one aimed at progressively enhancing the network’s stability and performance. After completing Stage 1, Shardeum will assess the findings and further refine the network’s capabilities, preparing for more intensive system tests in subsequent stages.

In a related development, Greg Hemmer, former Head of Ecosystem at Shardeum, announced his resignation days before the incentivized testnet launch. While he did not specify the reasons for his departure, Hemmer assured that he would continue to support the project as a community member.

Read more: What is a Layer-1 Blockchain?

BeInCrypto also awaits a response from Shardeum regarding Hemmer’s resignation.

The post Layer-1 Blockchain Shardeum Allocates 3.3 Million SHM Tokens For Airdrop appeared first on BeInCrypto.