IOTA EVM is on the verge of its highly anticipated debut, introducing a new economy based on IOTA and bringing over $660 million in liquidity to the blockchain. The upcoming launch of the EVM has generated excitement within the IOTA community, as it promises to unlock a realm of possibilities in tokenization, decentralized finance (DeFi), decentralized identity, and more.
As reported by Crypto News Flash, the IOTA EVM underwent a soft launch on the Shimmer test network in March. Susanne Krone, the head of the ecosystem at the IOTA Foundation, described this soft launch as the beginning of a carefully planned roll-out, during which they will collaborate with their builders’ community to establish the necessary infrastructure.
Now, just two months later, the official launch on the mainnet is drawing closer, leading experts to believe that the IOTA EVM is on the horizon. This development has sparked excitement among the IOTA community, as they eagerly anticipate the latest advancements.
But what sets the IOTA EVM apart from other low-cost, high-throughput EVM networks? As the IOTA ecosystem education expert explains, EVMs are not a new concept. They provide a Turing-complete environment that enables developers to execute transactions on the Ethereum network. However, other networks, including IOTA, are developing EVM compatibility to connect with the expansive Ethereum ecosystem, offering new opportunities such as direct access to the Ethereum DeFi network.
So, why should we be excited about the IOTA EVM amidst the presence of other EVM-connected networks? Firstly, it will leverage the exciting features already available on IOTA, such as tamper-proof data, feeless transactions, and low resource requirements. These features will be accessible on Ethereum, opening doors to new business models. Additionally, the integration of the EVM will unlock new liquidity for the $660 million ecosystem of IOTA tokens, paving the way for a new economy.
The IOTA EVM will bring forth countless opportunities, as is the case with new ventures in the cryptocurrency world. Just imagine being an early adopter of Uniswap or SushiSwap when they launched their platforms. The IOTA EVM will provide a similar chance for growth and success.
One of the most significant impacts of the IOTA EVM will be its role in tokenization. As previously reported, tokenization represents a $16 trillion opportunity over the next six years, and so far, no network has emerged as the dominant player in this space. IOTA, with its unique features, is well-positioned to become the ideal network for tokenization. The integration of the EVM on the mainnet will be a crucial step towards realizing this potential.
Various initiatives within the IOTA ecosystem have already been launched to support tokenization. Notably, the upcoming upgrade to IOTA 2.0 is expected to play a significant role in this regard. While an official date for the upgrade has yet to be announced, insiders believe it is drawing closer.
Compliance will also be a key factor in IOTA’s success in tokenization. While some blockchains still resist regulatory requirements, the IOTA Foundation has been working closely with regulators for years to ensure compliance within its ecosystem. This commitment to compliance will enable real-world asset (RWA) issuers to confidently bring their assets on-chain without the fear of regulatory scrutiny. The implementation of on-chain know your customer (KYC) processes through IDnow further enhances regulatory safety.
Ultimately, the IOTA EVM aims to provide new opportunities for yield and investment, particularly in the realm of RWAs. With its focus on compliance and regulatory safety, IOTA is well-positioned to differentiate itself and tap into the vast potential of tokenization.
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