IOTA launches layer 2 EVM network, integrating real-world assets and boosting DeFi.
The newly launched EVM network features smart contracts, cross-chain capabilities, and MEV protection.
IOTA token has seen a 3.23% increase to $0.2352 following the EVM network launch.
IOTA has launched its layer 2 Ethereum Virtual Machine (EVM) network focused on the integration and tokenization of real-world assets (RWAs).
Besides revolutionizing the IOTA ecosystem, the L2 EVM network offers robust functionalities tailored to meet the needs of both individual users and institutional investors.
Features of IOTA’s L2 EVM network
The new L2 EVM network introduces advanced features such as smart contracts, cross-chain capabilities, and parallel processing. These enhancements are designed to facilitate the seamless operation of decentralized financial (DeFi) applications and enable the efficient tokenization of physical assets.
A notable aspect of this network is its built-in protections against Maximal Extractable Value (MEV), a predatory practice where network validators manipulate transaction order to extract higher fees.
By preventing such activities, IOTA aims to create a more secure and equitable environment for all participants.
Dominik Schiener, co-founder of IOTA, in a Telegram message emphasized the network’s potential to bring vast amounts of real-world assets on-chain. Dominik said:
“We are positioning IOTA to bring the real world to Web3 and help to bring trillions of assets and institutional investors on-chain.”
Dominik’s ambition is supported by the establishment of the IOTA Ecosystem DLT Foundation, the first distributed ledger technology foundation registered under Abu Dhabi Global Market (ADGM) regulations.
This regulatory compliance ensures that IOTA is well-equipped to cater to the requirements of institutional investors, including features like on-chain KYC to identify investors and facilitate institutional DeFi trading pools.
Parallel processing is another key feature of the new L2 EVM network, enabling multiple transactions to be processed simultaneously. This approach significantly enhances the network’s scalability, reduces gas costs, and increases transaction speeds, addressing some of the most pressing challenges faced by blockchain networks today.
IOTA price reaction
Following the launch of the layer 2 EVM network, the IOTA token has experienced a notable uptick.
At press time, the IOTA token price was $0.2352, marking a 3.23% increase in the last 24 hours. The market capitalization stood at $773,040,069, reflecting a 3.27% rise. In addition, over the past 24 hours, the trading volume has surged by 25.71%, reaching $20,353,145.
However, the current price of is a far cry from its all-time high of $5.69, achieved in December 2017.
Despite the fluctuations, the recent developments and strategic focus on real-world asset usage points to a promising future for the token.
The post IOTA has launched its L2 EVM network focusing on real-world asset usage appeared first on CoinJournal.
