Stargate V2 has successfully integrated with IOTA EVM, resulting in enhanced blockchain interoperability and improved access to DeFi services. This integration has significantly expanded the user base of IOTA EVM and reduced transaction fees through the Stargate V2 platform.
By incorporating the liquidity transit protocol of Stargate V2, a bridge has been established connecting IOTA EVM and the broader Web3 ecosystem. Acting as a crucial link, Stargate facilitates the seamless transfer of funds and assets between previously isolated blockchains. Leveraging the advanced features of LayerZero V2, an innovative omnichain interoperability framework, Stargate ensures efficient communication between different blockchain networks.
The LayerZero architecture empowers applications developed on its platform to offer users a smooth and seamless experience across various blockchain networks and environments. This development marks an exciting milestone for the future of DeFi, as announced by @StargateFinance’s V2 integration with #IOTAEVM. Users can expect reduced bridging fees, improved trading efficiency, and expanded cross-chain capabilities.
In a significant move towards bringing Omnichain DeFi to life, decentralized apps and users can now seamlessly move native assets across different chains and access unified liquidity pools with the help of Stargate’s liquidity transport protocol. One of the key features of Stargate V2 is the multi-transaction Transaction Model, allowing users to choose between a full-cost, instant transaction execution or a more cost-effective option by batching transactions with others. Compared to Stargate V1, batch transactions can result in savings of up to 95% in expenses.
The advanced features of Stargate V2 include an AI Planning Module that dynamically adjusts rewards and fees to maintain balance across Stargate Pools without holding any assets. Additionally, the new Hydra Extension enables seamless transfer of WETH, USDC, and USDT between all Hydra-enabled chains.
As part of the launch preparation for IOTA’s EVM, collaboration with the Stargate Foundation was crucial in establishing this connection. IOTA EVM became the first chain to expand the protocol following its initial launch on May 29, 2024, with Stargate V2. This integration promises lower bridging costs and eliminates the need for liquidity pools, setting a new standard for cross-chain execution and multichain user experience with LayerZero’s OFT technology.
At the time of writing, CoinMarketCap data indicates that the price of the IOTA token is approximately $0.1844, representing an 8.68% increase over the last 24 hours. However, IOTA has seen a bearish trend over the past seven days, with a 7.51% decline. Recently, the IOTA Foundation strengthened its leadership team by adding additional directors and members to its Supervisory Board.
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