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Say Hello to Smoother DeFi: IOTA EVM Integrates Stargate V2

source-logo  crypto-news-flash.com 20 June 2024 10:58, UTC

Stargate V2 integrates with IOTA EVM, boosting blockchain interoperability and DeFi access.

  • IOTA EVM gains massive user base and reduced fees through Stargate V2 integration.

Through the integration of the liquidity transit protocol Stargate V2, IOTA EVM and the larger Web3 area are now connected via a bridge.

Acting as a link, Stargate allows money and assets to move between blockchains that were before cut off. Utilizing the features of LayerZero V2, a sophisticated omnichain interoperability framework, Stargate guarantees effective chain communication.

The LayerZero architecture enables applications created with it to offer users seamless interaction across different blockchain networks and settings.

🌐 Exciting news for the future of #DeFi! We’re thrilled to announce @StargateFinance 's V2 integration of #IOTAEVM. Get ready for reduced bridging fees, enhanced trading efficiency, and expanded cross-chain capabilities! 🔀
Read all about it 🧵⤵️
🔗https://t.co/RDyW6nkw1a pic.twitter.com/HiNlxkAtvX

— IOTA (@iota) June 20, 2024

Bringing Omnichain DeFi to Life

Decentralized apps (dApps) and users can move native assets cross-chain and access unified liquidity pools with the help of the completely composable Stargate liquidity transport protocol.

Among the several improvements and features of Stargate’s V2 is a multi-transaction Transaction Model that lets customers select between a full-cost, instantaneous transaction execution or a less expensive option by batching their transaction with others. Comparing batch transactions to Stargate V1, they can save up to 95% of expenses.

Advanced Features of Stargate V2

Stargate V2’s AI Planning Module dynamically modifies rewards and fees to balance Stargate Pools throughout all links without retaining ownership of any assets or money. Furthermore, the new Hydra Extension allows WETH, USDC, and USDT to be easily transferred between all Hydra-enabled chains.

Part of IOTA’s EVM launch preparation was working with the Stargate Foundation to realize this connection. IOTA EVM became the first chain to which the protocol expanded following its initial introduction on May 29, 2024, when Stargate V2 debuted.

With no liquidity pools needed and far lower bridging costs promised by this integration, LayerZero’s OFT technology will set a new benchmark for cross-chain execution and multichain user experience.

Meanwhile, CoinMarketCap data shows that the price of the IOTA token at the moment of writing is about $0,1844, up 8.68% over the last 24 hours. But throughout the last seven days, IOTA has been trending bearish, down 7.51%.

Previously, as CNF reported, the IOTA Foundation just added additional directors and members to its Supervisory Board, strengthening its leadership team.