IOTA EVM Thrives with Innovative Projects Pushing the Boundaries of DeFi

• IOTA (IOTA) EVM redefines the Decentralized Finance industry with exciting integration with projects that provide cutting-edge solutions. 

• The team has recently highlighted the contribution of its partner, Tide Protocol, to the DeFi ecosystem. 

Recently, Crypto News Flash announced the official mainnet launch of the IOTA EVM, a fully EVM-compatible layer 2 solution that integrates smart contract capabilities into the IOTA network.

In our publication, we mentioned the initial EVM launch on Shimmer in September 2023, coupled with its extensive journey marked by significant improvement, testing, and audits. After hitting the ground running, several Web3 projects that provide cutting-edge solutions launched on the IOTA EVM, with Supra Oracles announcing its integration on July 16. 

Today, IOTA has lauded the contributions of its partner, Tide Protocol, to facilitating the ecosystem’s overall growth and its support for the IOTA EVM.  

1/ #IOTA is thrilled to be home to such a variety of exceptional projects that promote the growth of IOTA EVM and even more amazing solutions for the community and crypto space! Catch up on these projects highlighted in this thread
https://t.co/OFpOelGmJs— IOTA (@iota) August 8, 2024

IOTA also mentioned some projects launched on its EVM, including the first Decentralized Exchange deployed MagicSea, on-chain Over-The-Counter (OTC) Marketplace ApeBond, and the first meme coin on the network FOMOFox.

Incredible Features of the IOTA EVM

According to the official website, the IOTA EVM features Parallel Processing, a layer 1 architecture that supports parallel transaction processing. This ensures that horizontal scalability and deployment across other chains are effectively executed. It is designed to be seamlessly interoperable. This implies that it supports the effortless deployment of solidity smart contracts, enabling frictionless interaction between EVM and non-EVM chains. 

The EVM is also known for its fairness and security. According to their blog post, native randomness and resistance to Maximal Extractable Value (MEV) have been implemented, mitigating front running and value extraction via unpredictable transaction ordering. 

IOTA is committed to leading real-world adoption and continuously pushes industry boundaries by bridging traditional sectors with crypto-native applications. Being the first officially registered DLT foundation in the Abu Dhabi Global Market (ADGM) and our longstanding relationship with the German regulatory framework set the course for a regulatory-friendly environment, allowing us to build the next generation of RWA-centric DeFi ecosystems.

Recent Developments

A little over two months after the mainnet launch, the IOTA foundation recently announced that its governance proposal meant to push the growth of IOTA EVM via the allocation of tokens has been approved. As stated in our publication, the IOTA EVM Growth Program would consist of two main members from the Ecosystem Department and two others from the community members. The idea is to create a multi-signature wallet on IOTA EVM to receive funds from the unclaimed token pool. 

A few days before this groundbreaking approval, a GameFi and NFT solutions company, Nakama Labs, announced its decision to build on the EVM. Drawing insight from our earlier review of this report, Nakama’s collaboration was to ensure the success of the EVM and attract new members by offering the DeFi ecosystem with lucrative yield opportunities. 

A robust and functional infrastructure is essential for a flourishing ecosystem, providing the necessary groundwork for growth and innovation. To attract new teams building on IOTA EVM and encourage new users to join, ensuring core infrastructure is in place is a critical requirement. Currently, all the vital components are converging to create a strong foundation for future expansion.

At press time, MIOTA was trading at $0.1356, having surged by 4% in the last 24 hours.