IOTA has joined forces with LayerZero, indicating that the release of its Ethereum Virtual Machine (EVM) is on the horizon. This integration allows IOTA to be recognized as a chain on LayerZero’s mainnet, bypassing the EVM testnet. The IOTA EVM is expected to launch as early as June.
The integration with LayerZero brings significant advantages to IOTA, particularly in terms of cross-chain capabilities. IOTA tokens can now be bridged to other networks, expanding their accessibility and utility. This means that users will soon have the ability to transfer IOTA tokens across different blockchain platforms, increasing their liquidity and presence in the decentralized finance (DeFi) ecosystem.
The integration is also set to have a profound impact on decentralized exchanges (DEXs), such as Uniswap and Trader Joe’s, as IOTA’s presence on major EVM-compatible DEXs is anticipated. This expansion will enable global access to IOTA tokens, allowing users worldwide to trade and interact with IOTA within the broader DeFi landscape.
In preparation for the IOTA EVM release, projects like MagicSeaDEX and DeeprFinance are readying their omnichain tokens to ensure compatibility with the new EVM environment. This will facilitate seamless integration and functionality within the IOTA ecosystem, ushering in an exciting phase of development and activity in the IOTA community.
While the integration and upcoming EVM release are significant milestones, there is speculation about additional features and developments that the IOTA Foundation may introduce. The organization is known for its innovative approach, and it is expected that they have more advancements in store that have yet to be revealed. These potential developments could further enhance the functionality and appeal of the IOTA network.
By integrating with LayerZero, IOTA ensures that its tokens are not restricted to a single network, promoting a more decentralized and inclusive approach to blockchain technology. This integration allows for broader participation in the IOTA ecosystem, enabling users from various regions to engage with and benefit from IOTA’s offerings.
The IOTA EVM began with a soft launch on the Shimmer test network in March, laying the groundwork for future endeavors. The IOTA 2.0 public testnet has recently been launched, indicating the platform’s evolution towards enhanced infrastructure. The IOTA 2.0 mainnet is tentatively scheduled for release around August this year, unlocking the potential of the $660 million ecosystem and enabling various applications like tokenization, DeFi, and decentralized identity.