IOTA is preparing for an exciting development in the blockchain world as it plans to launch its Ethereum Virtual Machine (EVM) integration in March. This integration will connect the IOTA network with the largest ecosystem of decentralized applications, marking a significant milestone for the platform.
The announcement, made by IOTA Foundation chairman Dominik Schiener, has generated a lot of excitement within the IOTA community and beyond. While the EVM integration will impact the entire ecosystem, it will have the most significant impact on the Shimmer network.
By integrating with the Ethereum network, IOTA will enhance its Layer 1 capabilities, opening up access to thousands of decentralized applications that are compatible with the EVM. Ethereum is widely recognized as the leader in the dApp space, with 18 of the top 20 dApps running on its network and processing $2.4 billion in the past 30 days. This integration will enable IOTA to tap into this thriving ecosystem, enhancing liquidity and interoperability.
Schiener has encouraged users to stake their IOTA tokens to be eligible for airdrops. Staking not only benefits token holders by providing rewards but also strengthens the overall security of the ecosystem.
Looking ahead, the focus in the second quarter will be on the release of IOTA 2.0. This protocol upgrade will introduce new features, including increased decentralization, democratic consensus, robust security, and feeless transactions for token holders. The testnet for IOTA 2.0 is planned to be launched in Q2, followed by testing on the Shimmer network before its final launch on the main IOTA network.
These developments are aimed at driving the adoption of IOTA in real-world applications. Tokenization of real-world assets is a key area of focus for IOTA, with the market value of tokenized assets projected to exceed $10 trillion by 2030. To facilitate this, IOTA has partnered with companies like Fireblocks to offer a comprehensive token custody solution.
In terms of price, the IOTA token has experienced a significant increase in the past week, rising by 25% from $0.203 to $0.25 at the time of writing. However, its momentum has slowed down recently, with trading volume decreasing by 38% and the price remaining within a 1% range.
Overall, these developments highlight the progress and potential of IOTA as it strives to become a leading player in the blockchain industry.