- The upcoming IOTA EVM launch, supported by Shimmer’s infrastructure, represents a significant leap forward in blockchain technology.
- Recent infrastructure upgrades and new tools promise to enhance the functionality and adoption of the IOTA EVM.
The IOTA technical team has been making substantial strides in their infrastructure, crucial for fostering growth and innovation within the ecosystem. Shimmer, as a standalone Layer 1 network, has been instrumental in driving IOTA’s technological evolution by being the first to test, release, and validate major protocol upgrades.
Following the success of ShimmerEVM, the impending release of the IOTA EVM is set to revolutionize the network. This phase will introduce IOTA 2.0, featuring sustainable tokenomics and enhanced programmability, further solidifying its position in the evolving Web3 environment.
Current Progress and Future Outlook
As highlighted in a recent CNF YouTube video, the IOTA team has established new price pusher services for Oracle providers, enhancing the regularity and accuracy of blockchain updates.
Additionally, global RPC nodes are being deployed to support essential Subgraph Services within the ecosystem. These developments are vital for the ongoing growth and functionality of the IOTA EVM, ensuring it is poised for broader adoption and deployment.
These developments are vital for the ongoing growth and functionality of the IOTA EVM, ensuring it is poised for broader adoption and deployment. Further details on these infrastructure enhancements were shared in a recent tweet by the IOTA team. Detailed IOTA EVM Status Update:
- Price Pusher Services: Newly established services for Oracle providers ensure that price updates are consistently transmitted to the chain, maintaining up-to-date and accurate pricing data.
- Deployment of Global Distributed Nodes: The ongoing deployment of global distributed nodes by the RPC provider is pivotal for expanding the network’s global reach and reliability.
- Readiness of Subgraph Services: The full functionality of Subgraph Services depends on the operational status of these PC nodes, which are ready and will be fully functional once the nodes are operational.
- Launch of an Independent IOTA EVM Testnet: Aimed at simplifying the integration process for new teams, this independent testnet provides a focused development environment, distinct from the existing Shimmer-related testnet.
- Integration with Gnosis Safe MultiSignature Wallet: With the integration complete, a forthcoming frontend release will enable builders to deploy their contracts and applications on the IOTA EVM securely and effectively, paving the way for the official launch.
— IOTA Vrom
soon (@Vrom14286662) April 16, 2024
Strategic Impact and Market Context
These advancements underscore the significant progress in infrastructure and tools essential for the IOTA EVM’s readiness for deployment. The forthcoming developments invite stakeholders to prepare for the new opportunities that these innovations will bring to the blockchain community.
Contrary to earlier market conditions reported by CNF, where ShimmerEVM reached a Total Value Locked (TVL) of $13,000,000 and attracted millions of users and companies, recent developments have seen IOTA’s market value decline significantly—suffering a 40.63% decrease overall and 26.43% over the past week, with prices currently at $0.2221. This juxtaposition highlights the volatile nature of the crypto market and the need for ongoing innovation and adaptation.
