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IOTA's MIOTA token saw a mild price increase on Feb. 24 as most cryptocurrencies traded in the red at press time.
MIOTA rose from lows of $0.253 to highs of $0.266 before a mild retreat. At the time of writing, IOTA was up 3.69% in the last 24 hours at $0.261. The token was likewise up 10.49% in the past seven days.
The IOTA ecosystem is set to receive major updates in 2023, hence the recent optimistic outlook by traders.
Updates for 2023
First in a series of updates planned for 2023 is the launch of ShimmerEVM, which is expected to improve the network utility for DeFi, and NFTs and would also allow value to be exchanged from Layer 1 to Layer 2.
Exciting times are ahead for the IOTA ecosystem.
— The Scope De-Fi (@ScopeDefi) February 23, 2023
Developers are working on major updates scheduled for 2023.
Let's take a look at some upcoming projects & updates👇🏼🧵 pic.twitter.com/Ig5CnqJuMM
The Shimmer network has hosted more than 100 projects since its launch in September last year.
The second is the IOTA Stardust upgrade, which hopes to transform the blockchain into a multi-ledger asset, allowing anyone to mint tokens or NFTs on Layer 1 and interact with Layer 2 smart contract chains.
Third, the Firefly wallet will strengthen its capabilities with new features such as minting, sending NFTs and tokens to L1 and L2 networks, and voting and governance in the works.
The recently launched Firefly Shimmer (v2.1.0) wallet beta 1 boasts new features such as a governance voting system as well as an NFT gallery. It also allows the creation of new native tokens.
The eagerly anticipated IOTA 2.0, which boasts a feeless architecture and the capacity to handle thousands of transactions in a matter of seconds, is anticipated to launch in 2023. This will make new business models that use microtransactions possible.