IOTA Partners With LayerZero for New EVM-Compatible Layer 2

The IOTA Foundation has launched IOTA EVM, a Layer 2 solution that seamlessly integrates smart contract capabilities into the IOTA network.

Building upon the groundwork laid by the initial EVM release on Shimmer in September 2023, this launch represents a culmination of extensive enhancements, testing, and audits.

IOTA‘s New EVM-Compatible Layer 2

IOTA EVM offers a host of innovative features designed to elevate the network’s capabilities. One such feature is parallel processing, enabled by the unique Layer 1 protocol architecture. This allows for horizontal scalability and deployment across multiple chains, boosting processing capabilities and decoupling traditional chain anchoring.

The platform, in addition, emphasizes seamless interoperability, facilitating the effortless deployment of Solidity smart contracts. This interoperability extends across EVM and non-EVM chains, promoting fluid interactions within the ecosystem.

IOTA’s #EVM Mainnet Unleashed Today marks a significant milestone for #RWA and real utility: the launch of #IOTAEVM, a fully EVM-compatible Layer 2 solution for the #IOTA network. Dive into it here, or check the https://t.co/w7yghhSI8F pic.twitter.com/JvMEFVtlPw

— IOTA (@iota) June 4, 2024

Moreover, IOTA EVM prioritizes fairness and security by implementing native randomness and resistance to Miner Extractable Value (MEV). By enhancing fairness and preventing front-running, the platform aligns closely with regulatory demands for market integrity and equal access. This launch, as a result, was attributed to the partnership with LayerZero, Stargate Finance, Pyth Network, and Supra. 

Advancing Real-World Adoption

Concurrently, as earlier reported by Coingape, IOTA’s commitment to real-world adoption was reflected by its recent alliances and initiatives to bridge traditional sectors with crypto-native applications.

Notably, the IOTA Foundation’s collaboration with leading global entities, including the World Economic Forum, Trademark Africa, and the Tony Blair Institute for Global Change, signals a concerted effort to revolutionize international trade through the Trade Logistics Information Pipeline (TLIP).

TLIP represents a paradigm shift in international trade, ushering in a digital era where physical stamps on trade certificates are replaced by immutable digital counterparts. By harnessing the immutable nature of IOTA’s distributed ledger technology (DLT), TLIP ensures the inviolability of authenticated documents, establishing an unbroken chain of accountability in global trade transactions.

IOTA’s Price Rallies

Post this announcement, the IOTA  market reacted positively with a surge of 6% soaring from a low of $0.2135 to trade at $0.2294 as of press time. This rally was accompanied by a surge in both market capitalization and 24-hour trading volume by 6.25% and 46.32% respectively to $753,418,010 and $22,004,458.

This rally has managed to record a 5-day high after a bearish week which was preceded by a bearish turnover after failing to breach the weekly high of $0.2333.

Moreover, due to this recovery, IOTA’s open interest and derivatives volume surged by 12% and 62% respectively to $20.05M and $29.90M, respectively. This surge reflects the increased investor interest and trading activity brought about by the launch of the IOTA EVM.

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