IOTA Partners With LayerZero for New EVM-Compatible Layer 2

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As a seasoned crypto investor with a keen interest in the blockchain space, I am thrilled to witness the latest development from the IOTA Foundation. The launch of IOTA EVM, a Layer 2 solution that seamlessly integrates smart contract capabilities into the IOTA network, is an exciting milestone for this project.

The IOTA Foundation has introduced IOTA EVM (Evolutionary Milestone Version), which is a Layer 2 development that effortlessly adds smart contract functionalities to the IOTA network.

Based on the solid foundation established by the first Ethereum Virtual Machine (EVM) deployment on Shimmer in September 2023, this release signifies the completion of numerous improvements, trials, and inspections.

IOTA‘s New EVM-Compatible Layer 2

As an IOTA EVM analyst, I’m excited to share that one of the game-changing features of our network is parallel processing. This capability arises from our distinct Layer 1 protocol architecture. Parallel processing empowers us to scale horizontally and distribute deployments across multiple chains. The result? An enhanced processing power that breaks free from traditional chain anchoring.

I’d like to add that this platform prioritizes smooth compatibility, enabling hassle-free implementation of Solidity smart contracts. This compatibility spans both EVM and non-EVM chains, fostering uninterrupted communications within the ecosystem.

As a researcher exploring the latest developments in the blockchain realm, I’m thrilled to announce that today marks a pivotal moment for the Internet of Things Application (RWA) and practical use cases with the introduction of IOTAEVM on IOTA’s EVM Mainnet. This game-changing Layer 2 solution renders IOTA as a fully compatible platform for Ethereum Virtual Machine (EVM). Delve deeper into its implications here, or explore further through this link.

— IOTA (@iota) June 4, 2024

As an analyst, I would express it this way: IOTA EVM places a strong emphasis on ensuring fairness and security in its operations. To achieve this, we’ve integrated native randomness and shielded the platform against Miner Extractable Value (MEV). By doing so, we not only prevent unfair practices like front-running but also uphold regulatory requirements for market integrity and equal access. Our recent collaboration with LayerZero, Stargate Finance, Pyth Network, and Supra has been instrumental in bringing this launch to fruition.

Advancing Real-World Adoption

As previously mentioned by Coingape, I have observed IOTA’s dedication to practical application through its recent collaborations and projects aimed at connecting the traditional world with cryptocurrency innovations.

Significantly, the IOTA Foundation is teaming up with prominent global organizations such as the World Economic Forum, Trademark Africa, and the Tony Blair Institute for Global Change, aiming to transform international trade via the Trade Logistics Information Pipeline (TLIP) initiative.

As a seasoned analyst, I can tell you that TLIP signifies a groundbreaking transformation in international commerce, marking the advent of a digital age where traditional paper-based trade certificates are superseded by their secure and indelible digital counterparts. Leveraging the inherent immutability of IOTA’s distributed ledger technology (DLT), TLIP guarantees the unassailable authenticity of documented transactions, forging an unbroken chain of responsibility in global trade exchanges.

IOTA’s Price Rallies

After the announcement was posted, IOTA’s market responded favorably with a 6% increase in price, rising from a low of $0.2135 to trade at $0.2294 as reported currently. This uptick brought about a boost of 6.25% in market capitalization, reaching a total value of $753,418,010, and an escalation of 46.32% in 24-hour trading volume, amounting to $22,004,458.

IOTA Partners With LayerZero for New EVM-Compatible Layer 2

After a week filled with bears that pushed the rally down, it has bounced back in the past five days to reach its highest point yet. This upturn came following an unsuccessful attempt to surpass the previous weekly peak of $0.2333.

Additionally, as a result of this revival, IOTA’s open interest and derivatives volume experienced significant growth. Open interest reached $20.05M, marking a 12% increase, while derivatives volume soared by 62% to reach $29.90M. This substantial rise signifies the heightened investor attention and active trading triggered by the unveiling of IOTA’s EVM (Ethereum Virtual Machine) solution.

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2024-06-04 18:56