- IOTA has rolled out a new layer 2 Ethereum Virtual Machine (EVM) network designed to bridge the gap between the digital and physical worlds through the integration of real-world assets.
- This network provides smart contract functionalities, cross-chain interoperability, and protection against Miner Extractable Value (MEV) problems.
- As a result of the EVM network’s launch, the price of the IOTA token has increased by 3.23%, reaching a trading value of $0.2352.
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The launch of IOTA’s layer 2 Ethereum Virtual Machine (EVM) network is indeed an exciting development, as it promises to integrate and tokenize real-world assets. This addition not only enriches the IOTA ecosystem but also delivers sophisticated functionalities that cater to both individual users and institutional investors.
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It remains to be seen how this advancement will enable the tokenization of real-world assets within the IOTA network.
IOTA’s L2 EVM network features
Advanced features like smart contracts, cross-chain functionality, and parallel processing are introduced by the new L2 EVM network. These improvements aim to make it easier for decentralized finance (DeFi) apps to run smoothly and for physical assets to be tokenized effectively.
The network’s inherent defenses against Maximal Extractable Value (MEV), a predatory tactic wherein network validators tamper with transaction order to demand higher fees, are a noteworthy feature.
IOTA seeks to make the environment more secure and fair for all users by prohibiting such actions.
IOTA co-founder Dominik Schiener highlighted in a Telegram message the network’s potential to bring enormous amounts of real-world assets on-chain. Dominik stated:
“We are positioning IOTA to bring the real world to Web3 and help to bring trillions of assets and institutional investors on-chain.”
The creation of the IOTA Ecosystem DLT Foundation, the first foundation dedicated to distributed ledger technology registered in accordance with Abu Dhabi Global Market (ADGM) regulations, bolsters Dominik’s ambition.
With features like on-chain KYC to identify investors and enable institutional DeFi trading pools, this regulatory compliance guarantees that IOTA is well-equipped to meet the needs of institutional investors.
Another important component of the new L2 EVM network is parallel processing, which allows for the simultaneous processing of multiple transactions. Reducing gas costs, increasing transaction speeds, and improving network scalability significantly are some of the major issues that this approach resolves for blockchain networks.
IOTA price response
Since the layer 2 EVM network went live, there has been a noticeable increase in the value of IOTA tokens.
The price of an IOTA token at the time of publication was $0.2352, up 3.23% over the previous day. At $773,040,069, the market capitalization increased by 3.27%. Furthermore, the trading volume increased by 25.71% to $20,353,145 in the last day.
But compared to its all-time high of $5.69, reached in December 2017, the price of is much lower now.
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