ShimmerSea evolves to MagicSea

Hidden in the deep, colourful ocean of ShimmerEVM lies ShimmerSea. A vibrant decentralised exchange and NFT marketplace dedicated to enable the power of DeFi built on IOTA technology. In 2021, the BlueLabs team was founded and has since been fully dedicated to supporting and growing the IOTA ecosystem. ShimmerSea was the first released protocol from the BlueLabs team and was launched on ShimmerEVM. Together with our partners, ShimmerSea grew to the leading DEX and NFT marketplace by TVL, Volume and Users on ShimmerEVM. This was only possible due to the trust and support which the community and partner projects placed in us from the beginning. Having this level of backing from the community and the ecosystem is a humbling honour for our team and pushes us to continue delivering.

With IOTA EVM on the horizon the ecosystem is ready to unleash its full potential. Now is the time for ShimmerSea to take the next big step towards its vision:

ShimmerSea evolves to MagicSea!

Keyfacts / TLDR

  • Rename ShimmerSea to MagicSea
  • Major Protocol Upgrade: Univ2 (AMM) + Liquidity Book (CLMM)
  • MagicSea expands to IOTA EVM
  • Booster will be on IOTA EVM
  • Protocol Earnings $MLUM Staking on IOTA EVM
  • Tokenomics stay the same
  • Max supply of 1.000.000 $MLUM only
  • 1 $MLUM = 1 $MLUM on all chains
  • 1 $LUM = 1 $LUM on all chains
  • 1 Lumi NFT = 1 Lumi NFT on all chains
  • Full support for the community & projects on ShimmerEVM

Evolution to MagicSea

MagicSea captures the essence of the ShimmerSea brand in its purest form while also highlighting one of the protocols biggest features: Magic LUM and the Booster. MagicSea will be a premier multi-chain DEX and NFT marketplace fully dedicated to enable and grow DeFi built on IOTA technology. This includes ShimmerEVM and IOTA EVM as well as further expansions to other chains.

Real Yield in USDT for Magic LUM holders

Expansion to IOTA EVM

The start of the Booster marked the birth of a unique tokenomic model which DeFi has never seen before. The Booster allows you to burn LUM ($LUM) which is the reward token of MagicSea for Magic LUM ($MLUM) which is the governance token of MagicSea. The Booster is the only smart contract through which $MLUM gets distributed. With IOTA EVM two larger tokenomic events for MagicSea will happen at the same time: First, the special Magic LUM staking pool will go live! This staking pool allows Magic LUM owners to earn all revenue the DEX is generating across all chains by staking their MLUM for USDT rewards. Only through owning and staking Magic LUM you will be able to participate in the DEXes revenue stream. Second, the Booster will transit over from ShimmerEVM to IOTA EVM. No matter on which chain you earn $LUM in the future, you will only be able to boost it to $MLUM through the Booster on IOTA EVM. A design decision that creates gravity towards IOTA EVM, as we expand the DEX together with our community and our partners beyond the current IOTA sphere.

Major Protocol Upgrade

The evolution to MagicSea represents more than just the transition from a single-chain to a multi-chain protocol. The evolution to MagicSea also marks a fundamental upgrade of the core protocol itself. Introducing Concentrated Liquidity in the form of Liquidity Book on MagicSea! MagicSea will offer everything you love about the DEX today, including Uni V2 liquidity positions with farms, but will offer Liquidity Book functionality with a market making incentive program on top of it! Liquidity Book allows you to earn significantly higher real yield from trading fees, by concentrating your liquidity into bins. With this major protocol upgrade, MagicSea will be able to compete with the most advanced, state of the art DEXes in DeFi also on a technical level.

Liquidity Book on MagicSea

The transition to MagicSea marks the starting point for our expansion! The unique token economics behind MagicSea with LUM and Magic LUM is designed to support growth over multiple chains without changing its key pillars:

1 $LUM = 1 $LUM on all chains.
1 $MLUM = 1 $MLUM on all chains.
1 Lumi NFT = 1 Lumi NFT on all chains.

Magic LUM holders can rest assured that the maximum token supply stays at 1 million Magic LUM tokens only. Beside governance and emission voting, staking Magic LUM on IOTA EVM will allow the holders to earn DEX revenue from all chains MagicSea expands to!

Over the past years we built a strong foundation. Now it is time to double down on our vision for MagicSea and expand! We do not go on this journey alone. We walk alongside our amazing community and partners! It is time to make magic happen on IOTA technology!

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