HomeNewsIOTA EVM Soft Launch Marks Milestone: Multi-Chain Vision Realized on Shimmer Network

IOTA EVM Soft Launch Marks Milestone: Multi-Chain Vision Realized on Shimmer Network

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  • The soft launch of IOTA EVM highlights unique features like feeless base layer transactions and good scalability.
  • Staking benefits and ecosystem expansion make IOTA a blockchain contender despite real-world impact concerns.

With the latest soft launch, IOTA is progressing with its Ethereum Virtual Machine (EVM) integration. IOTAPoet, a fervent supporter of IOTA, confirmed this milestone, marking the beginning of a new phase of enhanced IOTA functionality.

Soft Launch of the IOTA EVM 

This platform is innovative because of its feeless token transactions, wide support for tokens and NFTs in its Directed Acyclic Graph (DAG) design, and scalability up to 700 transactions per second.

Also, SPYCE_5 seamlessly integrates appchains, creating a seamless multi-chain ecosystem without bridging fees or complexity. This forward-thinking development has demonstrated its value on the Shimmer testnet and is now prepared to be implemented on IOTA.

And then, IOTA will release its EVM on March 31, 2024. This introduction is expected to alter the Shimmer network and give users and developers new opportunities by enabling smart contracts and dApp compatibility, as ETHNews had earlier detailed. You can watch the YouTube video below for a deeper look at this development.

Involvement and Benefits for the Community

In fields such as supply chain logistics, non-fungible tokens, and decentralized finance, developers will have the ability to create cutting-edge decentralized applications (dApps) thanks to the unique feeless data transfers and cutting-edge security features offered by IOTA.

It’s known, the IOTA community is excited about the late Q1 or early Q2 2024 debut of staking on the IOTA EVM. IOTA token holders can stake their assets and gain incentives, boosting the ecosystem and participation.

On the other hand, these advancements entail drawbacks. Skeptics are curious about whether or not these advancements will translate theoretical benefits into applications and solutions that can be used in the real world.

At the time of writing, the IOTA price has dropped in the last 24 hours and 7 days, by 10.91% and 27.51%, bringing it to the $0,2824.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628