IOTA Foundation EVM Mainnet In Partnership With LayerZero

by

As a researcher with experience in blockchain technology and smart contracts, I am excited about the launch of IOTA EVM. The partnership between IOTA, LayerZero, Pyth Network, Stargate Finance, and Supra to create this Layer 2 solution marks a significant milestone for the IOTA network.

As an analyst, I’m excited to share that the IOTA Foundation has unveiled IOTA EVM, a Layer 2 innovation. This new feature allows for the smooth incorporation of smart contracts within the IOTA Network.

The revelation that a new launch is imminent follows closely on the heels of the previous rollout of the Shimmer Ethereum Virtual Machine. This declaration indicates the successful completion of intensive trials, examinations, and notable advancements.

The IOTA EVM 

As an analyst, I’d describe it this way: IOTA’s EVM (Ethereum Virtual Machine) launch represents a collaborative effort between IOTA, LayerZero, Pyth Network, Stargate Finance, and Supra. This partnership has led to the introduction of several groundbreaking features that significantly expand IOTA’s functionalities. One such feature is parallel processing, which is made possible by our unique architecture. Parallel processing allows for horizontal scalability, enabling deployment across numerous interconnected chains. By doing so, we increase processing capabilities and eliminate traditional chain anchoring dependency.

Today is an exciting day: We’re proud to unveil IOTA EVM, a powerful and advanced Layer 2 solution that brings smart contract functionality to the IOTA network. Following its debut on IOTA’s staging network in September 2023, the IOTA EVM protocol has undergone rigorous enhancements, thorough testing, and exhaustive audits. We’re pleased to present this fully audited and battle-tested solution to IOTA users today. With full EVM compatibility, IOTA EVM also introduces groundbreaking features by utilizing our distinctive Layer 1 Native Asset Framework.

Iota’s EVM compatibility allows for effortless integration and enables the use of Solidity smart contracts. This interoperability extends beyond EVM networks, fostering smooth communication throughout the Iota system.

“Today marks a noteworthy achievement for IOTA’s RWA (Recent Widespread Adoption) and practical applications with the debut of IOTAEVM, a fully compatible EVM (Ethereum Virtual Machine) solution on IOTA’s mainnet.”

The team at IOTA Foundation announced that in addition to parallel processing, the Ethereum Virtual Machine (EVM) they’re developing will offer various other capabilities for building decentralized apps. These features consist of smart contracts, interoperability across different blockchains, heightened security, and inherent randomness, safeguarded against Miner Extractable Value (MEV). By thwarting front-running activities, IOTA EVM can adhere to regulatory requirements for market fairness and equal opportunities. Yet, it confronts challenges from other competitors like Solana, BNB Chain, Arbitrum, Base, Blast, and Ethereum.

Building On The Capabilities Of The Shimmer EVM 

As a crypto investor, I’m excited about the upcoming launch of the IOTA EVM mainnet, which is happening just a few months after the introduction of its canary network, Shimmer EVM. For me, this means that I can now test, build, and audit decentralized applications (dApps) on Shimmer before transitioning them to the IOTA Network. The Shimmer EVM has already gained traction among developers, with a total value locked (TVL) of approximately $4.4 million. Some of the projects currently being developed on the Shimmer Network include Deepr Finance, MagicSea, and TangleSwap. This early access to the network allows me to get a head start in understanding and potentially investing in these projects before they become more widely adopted on the IOTA Network.

Focus On Real-World Adoption 

As a crypto investor in IOTA, I’m excited about the project’s dedication to real-world application. Recently, IOTA has been forming partnerships and alliances to connect traditional industries with crypto and blockchain technology. For instance, the IOTA Foundation has teamed up with esteemed organizations like the World Economic Forum, Tony Blair Institute for Global Change, and Trademark Africa. These collaborations aim to transform international trade using the Trade Logistics Information Pipeline (TLIP). Together, we’re working towards a future where crypto and traditional systems seamlessly coexist, driving innovation and progress.

As a trade analyst, I believe that the implementation of TLIP (The Ledger Interoperability Protocol) could mark a significant turning point in international commerce. Instead of relying on physical stamps for trade certificates, digital counterparts with unchangeable attributes could take their place, thanks to TLIP. This shift would not only streamline processes but also ensure an uninterrupted line of responsibility throughout global transactions. The distributed ledger technology underpinning IOTA plays a crucial role here, as it guarantees the immutability required for such a system to function effectively.

IOTA Rallies 

After the recent announcement, the price of IOTA’s token experienced a substantial increase of approximately 8%. This growth was reflected in both the token’s trading volume and market capitalization, which saw notable surges. The rally not only reversed the downward trend for the week but also led to a 12% rise in open interest and a remarkable 62% increase in derivatives volume.

Read More

2024-06-05 13:09