- IOTA EVM is edging closer to its debut, launching a new economy based on IOTA and bringing over $660 million in liquidity on-chain.
- The new EVM will heavily focus on tokenizing real-world assets, offering a regulated and cost-efficient environment for bringing trillions of dollars of assets on-chain.
IOTA EVM is edging ever closer to launching, and the anticipation in the IOTA community is rising. The new EVM will awaken the sleeping $660 million beast and open up a world of possibilities in tokenization, DeFi, decentralized identity and more.
As Crypto Key News reported, the IOTA EVM soft launched on the Shimmer test network in March. Susanne Krone, the head of the ecosystem at the IOTA Foundation, described the soft launch as the beginning of a “carefully phased roll-out, during which we will work hand in hand with our builders’ community to lay the foundation and assemble the necessary infrastructure for what’s to come.”
Two months later, the official launch on the mainnet is getting closer, as one expert opines.
GM 🌅 #IOTA Fam 🤖, #iotaEVM is coming closer and closer every day and i think there is good reason to get excited about the latest developments.
But why would anyone chose to use or deploy on a new EVM network, if there are multiple low cost high througput EVMs out there?… pic.twitter.com/5a01SG7XBe
— ID.iota (@id_iota) May 12, 2024
As the IOTA ecosystem education expert noted, EVMs aren’t new. Essentially, they are a Turing-complete environment allowing developers to execute transactions on the Ethereum network. Developers on other networks, including IOTA, develop EVM compatibility to connect their networks to the vast Ethereum ecosystem, opening up new possibilities, such as direct connection to the Ethereum DeFi network.
With several other networks having EVM connections, why should anyone be excited by the IOTA EVM?
First, it will build on all the exciting features available on IOTA. The network’s tamper-proof data, feeless transactions, and low resource requirements will be available on Ethereum, enabling new business models. It will also usher in a new era for the IOTA token, unlocking new liquidity for a $660 million ecosystem.
The IOTA EVM will be a new economy and present incredible opportunities, as all new ventures in crypto do. Imagine jumping into Uniswap when it was launching its DEX or Sushi right after launching its platform. The new EVM on IOTA will present this kind of opportunity.
IOTA EVM to Anchor Tokenization
One of the most significant impacts of IOTA EVM will be tokenization. As Crypto Key News has reported several times, tokenization presents a $16 trillion opportunity over the next six years, and so far, no network has taken over. IOTA has a unique set of features that make it the ideal network for tokenization, and the EVM integration on the mainnet will be the network’s most significant move towards actualizing this potential.
Crypto Key News has reported on several initiatives in the IOTA ecosystem geared towards tokenization. Perhaps the most significant will be the upcoming upgrade, IOTA 2.0. While the upgrade date hasn’t been officially set, insiders believe it’s edging closer.
Its focus on compliance will also be critical to IOTA’s success in tokenization. While some blockchains are still stuck on the anti-establishment wave, the IOTA Foundation has worked with regulators for years to ensure its ecosystem complies with all requirements.
The expert stated:
RWA issuers will thus be able to put all of their assets on-chain without fearing regulatory scrutiny. The [Foundation], however, also made sure that on-chain KYC was fully implemented through IDnow.
“At the end, it will be all about new yield opportunities and new investment opportunities. RWAs, together with regulatory safety, could absolutely be the differentiating factor,” he concluded.
