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- IOTA joins LayerZero and is signaling an EVM release soon.
- DeFi projects like MagicSeaDEX and DeeprFinance are preparing for integration with IOTA,
The IOTA blockchain network has successfully integrated with LayerZero’s mainnet, marking a significant advancement in blockchain interoperability. This development allows IOTA to be recognized as a chain on the LayerZero website, bypassing the EVM testnet and directly launching on the mainnet. This integration indicates that the release of the IOTA EVM (Ethereum Virtual Machine) is imminent, with expectations for its launch as early as June.
GM🌅 #IOTA Fam 🤖,
it seems like the Team around @LayerZero_Labs has finalized their integration into IOTAEVM.
IOTA is now a chain on the LayerZero Website. Not the EVM testnet, no. Mainnet baby 👇 https://t.co/TATIp97VGM
❓What does this mean ❓
Well the release of IOTA EVM… pic.twitter.com/DIi9mi0rLp
— ID.iota (@id_iota) May 26, 2024
LayerZero’s integration offers substantial benefits for IOTA, particularly in enhancing its cross-chain capabilities. With this integration, IOTA tokens can now be bridged to other networks, broadening their accessibility and utility. This means that users will soon have the ability to transfer IOTA tokens across various blockchain platforms, significantly increasing their liquidity and presence in the decentralized finance (DeFi) ecosystem.
Implications for DeFi and DEXs
The integration is set to have a profound impact on decentralized exchanges (DEXs). IOTA’s presence on major EVM-compatible DEXs like Uniswap and Trader Joe’s is anticipated. This expansion will grant global access to IOTA tokens, enabling users worldwide to trade and interact with IOTA within the broader DeFi landscape.
In anticipation of the IOTA EVM release, teams working on the Shimmer network, such as MagicSeaDEX and DeeprFinance, are preparing their omnichain tokens. These preparations are crucial to ensure that their tokens are compatible with the new EVM environment, enabling seamless integration and functionality within the IOTA ecosystem. The readiness of these tokens will likely coincide with the EVM release, kicking off an exciting phase of development and activity in the IOTA community.
Potential for Unseen Developments
While the integration and impending EVM release are significant milestones, there is speculation about additional features and developments that the IOTA Foundation may introduce. The organization is known for its innovative approach, and it is expected that they have more advancements in store that have yet to be revealed on EVM explorers. These potential developments could further enhance the functionality and appeal of the IOTA network.
The ability to bridge IOTA tokens to other networks enhances their utility and aligns with the broader goals of decentralization and global accessibility. By integrating with LayerZero, IOTA ensures its tokens are not confined to a single network, promoting a more decentralized and inclusive approach to blockchain technology. This integration facilitates broader participation in the IOTA ecosystem, allowing users from various regions to engage with and benefit from IOTA’s offerings.
Soft Launch and Collaboration
As previously reported by Crypto News Flash, the IOTA EVM began its journey with a soft launch on the Shimmer test network in March. Spearheaded by Susanne Krone, head of the ecosystem at the IOTA Foundation, this initial phase focused on establishing a robust foundation through close collaboration with the builder’s community.
The concerted efforts during this phase aimed to lay the groundwork for future endeavors. This strategic rollout aims to unlock the potential of the $660 million ecosystem, enabling a wide array of applications, including tokenization, DeFi, and decentralized identity.
The IOTA 2.0 public testnet was recently launched, signaling the platform’s evolution towards enhanced infrastructure. Reports from the community indicate that the IOTA 2.0 mainnet is tentatively scheduled for release around August this year.
