Why we build.
The full article was originally published by ShimmerSea on Medium. Read the full article here.
The crypto market is shaking from the enormous failures of centralized solutions such as Celsius, Three Arrows Capital, Alameda and last but not least FTX. Each of these organizations miss-managed user funds and wiped out billions worth of evaluation in the process. The weakness of centralized solutions is layed out bleakly in front of everyone’s eyes. Builders that might start out with good intentions, become lured by greed and overconfidence, making them believe they are entitled to break rules which are long established in traditional finance to protect customers.
Regulation and oversight has been the counter pill to excesses like these in the past, but the crypto space has invented something new, something better, and it is already around — DeFi. Rules are hard coded on public smart contracts, services are provided non-custodian and decision making is decentralized. DeFi embodies a revolutionary vision for the future of financial markets!
With IOTA technology as the base layer, the ShimmerEVM has the potential to make DeFi accessible to the masses. Simple transactions such as sending small amounts of data or sending money from one wallet to another are feeless on layer 1, enabling it to be used even for small everyday transactions. Sophisticated services provided by DeFi protocols are easily accessible at layer 2, where the code is written in public smart contracts and no team can miss manage your funds.
This is what drives the ShimmerSea Core Team.
This is why we continue to build.
This is why we will wait for ShimmerEVM.
This is why we don’t push semi-centralized solutions.
And this is why we will not compromise.
Your ShimmerSea Core Team.