IOTA’s progress report for Q2 2024 highlights the successful launch of the IOTA 2.0 Testnet, which includes the implementation of PoS consensus and Mana to create a more eco-friendly and efficient network.
During this quarter, the IOTA Foundation’s development efforts focused on various aspects. They introduced the IOTA EVM chain, made advancements in decentralization through the IOTA 2.0 Testnet, and improved developer resources and digital identity solutions.
A notable achievement was the allocation of $2.9 million in grants for DeFi and NFT projects through the IOTAGrants initiative. This initiative has supported 25 projects, contributing to the growth of the DeFi ecosystem and promoting global trade and regulatory collaborations.
The IOTA Foundation shared these accomplishments on Twitter, describing Q2 2024 as an eventful quarter for IOTA. They also provided a blog post with detailed information on the progress made.
Some key highlights from the report include the successful launches of the IOTA 2.0 Testnet features, such as PoS consensus and Mana. These features aim to create a more sustainable and efficient network.
The IOTAGrants initiative played a significant role in fostering innovation by allocating $2.74 million to 25 projects. This support has helped develop over 30 dApps, strengthen the DeFi ecosystem, and establish partnerships with major infrastructure partners.
In the B2B and corporate environments, the New Technology Adoption team has made efforts to ensure positive integration of IOTA technology with partners. They are working closely with the European Commission to further develop blockchain technology in Europe.
The Trade and Logistics Information Pipeline has made progress in streamlining cross-border processes, including ongoing EU-UK poultry shipment pilots and collaboration with the Kenya Revenue Authority to enhance border agency interactions.
Regarding legal and regulatory affairs, IOTA’s Web3 Identification solution was chosen for the European Blockchain Sandbox. Additionally, they participated in the European Commission’s workshop on asset tokenization.
With these milestones achieved and internal structural adjustments made, the IOTA Foundation is now shifting its focus from research and development groundwork to consolidating the technology’s state and expanding its practical applications.
However, the current market conditions for IOTA show a different trend compared to when the IOTA Foundation launched the EVM Mainnet, which led to a positive surge in trading. According to CoinMarketCap, IOTA is currently trading at $0.1686, with a 0.58% decrease in the past day and a 5.40% decrease in the past week.
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