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- Notable projects like Dexynth and Chainport are set to leverage IOTA’s EVM integration, showcasing its dynamic potential.
- Dexynth aims to establish a decentralized finance (DeFi) marketplace, with its smart contracts already deployed on the IOTA EVM testnet.
IOTA is poised for a significant transformation with the imminent integration of the Ethereum Virtual Machine (EVM). This development will allow builders to utilize the IOTA network in new and innovative ways. Recent investigations into the IOTAEVM testnet and mainnet explorer have revealed several intriguing projects set to leverage this integration.
https://x.com/id_iota/status/1792606527284813977
Dexynth: A Promising DeFi Marketplace
One of the noteworthy projects is Dexynth, which aims to establish a decentralized finance (DeFi) marketplace for a wide range of assets. Although not widely recognized within the IOTA community, Dexynth boasts an impressive pitch deck and vision.
The project has openly expressed its enthusiasm for IOTA, regularly tweeting about its developments and aspirations. Importantly, Dexynth’s smart contracts are already deployed on the IOTA EVM testnet, indicating significant progress.
The recent integration of the Ethereum Virtual Machine (EVM) into the IOTA ecosystem is a pivotal milestone, ushering in a new era of innovation with profound implications. EVM integration enables seamless collaboration between IOTA and Ethereum-based applications, promoting robust cross-chain communication and interoperability.
Additionally, developers gain access to a comprehensive suite of tools and libraries from the Ethereum ecosystem, significantly accelerating the development of decentralized applications (dApps) on the IOTA network, as reported by Crypto News Flash.
Chainport Integration
Another exciting development involves Chainport, which is set to integrate with IOTA. Analysis of the Chainport staging net reveals the ability to bridge assets to and from the IOTA testnet. The presence of the Chainport token on the EVM test network, minted through a contract named TransparentUpgradeableProxy, further underscores this integration. Additionally, assets such as BNTSTG (Binance Native Token for STG) have been transferred via the Chainport bridge.
Speculation is rife about the involvement of Stargate Finance, a protocol associated with LayerZero Labs. Both Chainport and Stargate Finance have over $320 million in total value locked (TVL) on their respective bridges, suggesting substantial liquidity ready to enter the Real-World Asset (RWA) market through IOTAEVM.
These developments highlight the dynamic potential of IOTA’s EVM integration, promising to bring new functionalities and opportunities to the network and its users.
On the other hand, IOTA is making a good amount of progress with the upcoming infrastructure development of IOTA 2.0. Last week, the IOTA Foundation announced the launch of the IOTA 2.0 testnet, a significant milestone in its ongoing development efforts. This initiative is part of IOTA’s multi-year strategy to enhance network infrastructure by transitioning from the traditional Proof of Work (PoW) consensus mechanism to a decentralized Proof of Stake (PoS) model. The primary focus of IOTA 2.0 is to improve network security and scalability.