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crypto.news 2025-04-17 08:01:10

Shardeum layer 1 confirms its token will launch on May 5 after multiple delays

Shardeum layer 1 confirms its token will launch on May 5 after multiple delays

Shardeum, a layer 1 blockchain co-founded by WazirX founder Nischal Shetty, has scheduled its token generation event for May 5, 2025. The project confirmed the launch date on an Apr. 17 post on X, noting that more details on its airdrop, token sale, and SHM listings will be shared soon. This marks a major step forward for the project, which has seen its mainnet launch delayed several times since its original timeline. This Just In ➡️ Shardeum TGE ➡️ 05.05.2025 More details regarding airdrop, token sale $SHM allocation & listing will be announced soon 🎊 Stay tuned! pic.twitter.com/mpLjbnJSaM — Shardeum (@shardeum) April 16, 2025 Earlier this month, Shardeum had announced that it would launch on Apr. 15. Citing unfavorable market conditions, Shardeum delayed its planned launch to May in an update released on Apr. 10. The team clarified that the technology is ready, but a strategic delay would ensure a stronger debut as market conditions were still unfavorable. You might also like: VanEck to launch ‘NODE’ ETF targetting crypto-related stocks on May 14 Shardeum’s upcoming launch follows a lengthy development cycle that included multiple testnets, “Liberty,” “Sphinx,” and the incentivized “Atomium,” which helped the platform test scalability and community engagement. According to the team, Shardeum’s testnet broke records with over 171,000 validators and more than 81 million transactions. The project has faced internal turmoil despite its technical milestones. More than a dozen employees, including key members of the community and business teams, have left in the last year, as previously reported by The Economic Times. However, the company claims that its leadership is stronger than ever, citing the recent hiring of Srinivasan Parthasarathy as chief technology officer. To reward early supporters, Shardeum has also detailed a three-phase airdrop campaign. More than 3.6 million SHM tokens will be distributed to contributors in the development, community, and validator roles during the first phase. Participants from the incentivized testnet and mainnet launch campaigns will receive rewards in later stages. The SHM token will be used for a number of network functions, including governance, staking, and gas payments. To support its deflationary model, Shardeum will burn all transaction fees. The total supply is capped at 508 million SHM, with over half allocated to the community. Read more: Synthetix’s sUSD stablecoin falls below $0.8 despite peg recovery measures

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