IOTA’s DeFi Reach Grows as Rabby Wallet Integrates IOTA EVM 

• Web3 wallet Rabby has integrated IOTA EVM soon after LayerZero announced the integration of IOTA EVM into its cross-chain protocol. 

• Reports on the official site disclose that Rabby was designed to enable a simplified and easy DeFi transaction. 

A Web3 wallet by DeBank, Rabby, has announced the integration of IOTA EVM to enhance the multi-chain Decentralized Finance (DeFi) experience. According to the report, the integration would enable users to have optimized benefits by switching between chains while using the DeFi applications simultaneously on multi-chain. 

Announcing @Rabby_io Wallet by @DeBankDeFi has integrated #IOTAEVM! Safely navigate the world of #DeFi with built-in features like detailed transaction insights & pre-transaction risk scanning, adding a new experience to #IOTA’s growing dApp ecosystem https://t.co/du4p5t6sEX pic.twitter.com/kzn4zM3ybj— IOTA (@iota) June 14, 2024

More on the Rabby Wallet

As observed by Crypto News Flash, the wallet automatically selects the appropriate blockchain network for each DeFi dApp based on its database. In this case, the need for users to manually switch networks during interaction with different chains is eliminated. On top of this, Rabby has been designed to simplify DeFi transactions through the confirmation of a pop-up window that provides a detailed explanation of each transfer. Compared to other Web3 wallets, this is a huge improvement as it helps users navigate through the complexities of smart contract executions. 

One interesting feature integrated into the wallet is pre-transaction risk scanning. According to the firm, the security engine is meant to scan transactions for potential risks before users encounter them. Specifically, it notifies users of vulnerabilities such as interaction with a previously attacked contract or a non-existing recipient. 

Lastly, Rabby provides a seamless integration with several hardware wallets which include Ledger, Trezor, and Keystore. It also offers integration with institutional and custodians such as Fireblocks and Gnosis Safe, and mobile wallets like Phantom, Metamask, Trust Wallet, and Wallet Connect. 

According to IOTA, the Rabby wallet’s integration is just the tip of the iceberg as many other developments remain in the pipeline.  

With Rabby Wallet’s integration into the IOTA EVM, users can now enjoy a streamlined and secure DeFi experience across multiple chains. This is just one of many exciting integrations we’re rolling out, further enhancing the IOTA EVM ecosystem. Stay tuned for more updates as we continue to expand and improve your DeFi journey with IOTA EVM.

LayerZero’s Integration with IOTA

IOTA is also making a grand shift towards the area of interoperability marked by a recent partnership with LayerZero. The integration of IOTA EVM into its cross-chain protocol for seamless interoperability and communication with many ecosystems positioned the blockchain at the forefront of this movement.

To kickstart a new era of interoperability for IOTA, we are excited to announce the integration of the LayerZero cross-chain messaging protocol with IOTA EVM. LayerZero is the leading player in enabling seamless communication across various blockchain networks. After integrating with the Shimmer network at the end of 2023, their messaging infrastructure has now been extended to IOTA EVM.

The development of LayerZero’s immutable V2 Endpoint on IOTA EVM unlocked the ability of developers to create omnichain applications, utilize cross-chain and asset transfer, and interact seamlessly and permissionless with all blockchains on the IOTA EVM. 

This integration highlights IOTA’s dedication to providing a developer-centric environment for builders and users and connecting pioneers and innovators from the IOTA ecosystem to the outside world and vice versa.

At press time, the native token of IOTA, MIOTA, was trading at $0.188 after declining by 0.21% in the last 24 hours.