The IOTA EVM is a Layer 2 solution that enhances the IOTA network by integrating smart contract capabilities.
The IOTA EVM is a Layer 2 solution that integrates smart contract capabilities into the IOTA network in a seamless manner. The IOTA Foundation launched it. The initial EVM release on Shimmer in September 2023 laid the groundwork for this deployment, which is the result of significant improvements, testing, and audits.
The IOTA EVM provides a plethora of technologically advanced features that are intended to enhance the possibilities of the network. The unique architecture of the Layer 1 protocol enables parallel processing, one of these features. This makes it possible to accomplish horizontal scaling and deployment over several chains, which in turn increases processing capacity and decouples the traditional chain anchoring procedure.
In addition to this, the platform places an emphasis on smooth interoperability, which makes it possible to deploy Solidity smart contracts with ease. This interoperability, spanning both EVM chains and non-EVM chains, fosters fluid interactions within the ecosystem.
In addition, they places a high priority on fairness and security by incorporating natural randomness and resistance to miner extractable value (MEV). By boosting fairness and avoiding front-running, the platform is in good alignment with the needs that regulatory agencies have for maintaining market integrity and providing equal access. LayerZero, Stargate Finance, Pyth Network, and Supra were all partners in this launch, which was a result of the relationship between these four companies.
Concurrently, IOTA’s recent agreements and endeavors to integrate traditional sectors with crypto-native applications mirrored its commitment to real-world adoption. They did this to bridge the gap between their respective industries.
In particular, the collaboration between the IOTA Foundation and prominent global organizations, including the World Economic Forum, Trademark Africa, and the Tony Blair Institute for Global Change, is indicative of a deliberate effort to change international trade by means of the Trade Logistics Information Pipeline (TLIP).
The Trade Labeling and Identification Program (TLIP) represents a paradigm shift in international trade, ushering in a digital era that replaces physical stamps on trade certificates with unalterable digital counterparts. The TLIP system guarantees the inviolability of verified documents by utilizing the immutable characteristics of IOTA’s distributed ledger technology (DLT), thereby establishing an unbroken chain of accountability in the context of international commerce transactions.
IOTA’s Price Rallies
Following this revelation, the IOTA market responded favorably by exhibiting a spike of 6%, which resulted in a rise from a low of $0.2135 to a current price of $0.2294 as of the time of this publication. The market capitalization and 24-hour trading volume both increased by 6.25 percent and 46.32%, respectively, to reach $753,418,010 and $22,004,458. Each of these metrics jumped in tandem with this rally.
Following a negative week marked by a bearish turnover after the market failed to surpass the weekly high of $0.2333, this rally has successfully reached a five-day high. This follows the bad week and bearish turnover. Additionally, as a result of this rebound, the open interest and derivatives volume of IOTA shot up by 12% and 62%, respectively, to a total of $20.05 million and $29.90 million, respectively. This surge is a reflection of the increased trading activity and investor interest that have occurred as a result of the IOTA EVM launch.