IOTA Foundation announced IOTA EVM, a Layer 2 solution that seamlessly integrates smart contract capabilities into the IOTA network, generating a 6% price increase.
IOTA EVM, introduced by the IOTA Foundation, is a Layer 2 solution that incorporates smart contract functionalities into the IOTA network in a seamless manner.
Expanding upon the foundation established with the initial release of the EVM on Shimmer in September 2023, this release signifies the completion of substantial improvements, rigorous testing, and audits.
IOTA‘s New EVM-Compatible Layer 2
With its multitude of cutting-edge functionalities, IOTA EVM enhances the capabilities of the network.
Parallel processing is one such characteristic, made possible by the protocol’s Layer 1 architecture.
By enabling horizontal scalability and dissemination across multiple chains, this approach enhances processing capabilities and eliminates the need for conventional chain anchoring.
Furthermore, the platform prioritizes smooth interoperability, which enables the implementation of Solidity smart contracts with minimal effort.
Facilitating fluid interactions within the ecosystem, this interoperability transcends EVM and non-EVM systems.
Furthermore, IOTA EVM places a high emphasis on security and fairness through the incorporation of native randomness and resistance to Miner Extractable Value (MEV).
The platform’s actions of improving equity and prohibiting front-running are in strict accordance with regulatory requirements that uphold market integrity and ensure equal access.
As a result of the partnership with LayerZero, Stargate Finance, Pyth Network, and Supra, this launch was possible.
Advancing Real-World Adoption
Concurrently, IOTA’s recent alliances and initiatives to connect crypto-native applications with conventional sectors demonstrated its dedication to practical implementation.
Significantly, the partnership between the IOTA Foundation and prominent international organizations such as Trademark Africa, the World Economic Forum, and the Tony Blair Institute for Global Change indicates a deliberate and focused initiative to transform global trade via the Trade Logistics Information Pipeline (TLIP).
By replacing physical markings on trade certificates with immutable digital counterparts, TLIP ushers in a digital age that signifies a paradigm shift in international trade.
TLIP uses the distributed ledger technology (DLT) of IOTA to guarantee the integrity of authenticated documents, thereby creating a transparent and unbroken chain of responsibility for international trade transactions.
IOTA’s Price Rallies
Following this announcement, the IOTA market responded favorably by experiencing a 6% increase, climbing from a low of $0.2135 to $0.2294 at the time of writing.
The 24-hour trading volume and market capitalization both increased by 46.32% and 6.25%, respectively, to $753,418,010 and $22,004,458, in conjunction with this uptrend.
This rally has managed to hit a 5-day high following a bearish week that began with a bearish turnover after failing to break the weekly high of $0.2333.
Furthermore, IOTA’s open interest and derivatives volume increased by 12% and 62%, respectively, to $20.05M and $29.90M, as a result of this recovery.
The surge in trading activity and investor interest is a direct result of the IOTA EVM’s launch.