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- Nakama Labs, a Web3 builder and venture fund, has announced that it’s building a robust ecosystem on the IOTA EVM ecosystem.
- The first phase involves building the core infrastructure before branching out to deploy DeFi apps and engage investors.
Nakama Labs, a Web3 builder building DeFi, GameFi and NFT solutions, has announced that it’s building decentralized solutions atop the IOTA EVM.
Nakama announced Tuesday that it’s betting on IOTA to unlock new potential in DLT applications.
@iota is unlocking its true potential with the groundbreaking #IOTAEVM, transforming the #DeFi landscape.
Discover how we at Nakama are leveraging this tech to build a robust ecosystem in our latest blog post.
Don’t miss out, read more:
🔗 https://t.co/jTQTSSZ05C#IOTA… pic.twitter.com/10rdu5MkK0— Nakama Labs (@Nakama_Labs) July 30, 2024
Nakama has been building on IOTA and Shimmer, the staging network, and is now expanding to the IOTA EVM, which launched this year to connect IOTA to the vast Ethereum network, opening up new opportunities in DeFi and beyond.
According to Nakama, the integration of Stargate V2 on IOTA EVM was monumental for the network. As we reported, Stargate presents interoperability to blockchain networks, allowing seamless movement of assets and messages cross-chain.
“The integration of Stargate V2 promises to revolutionize cross-chain transactions, liquidity management, and operational efficiency, paving the way for unprecedented advancements,” Nakama says.
Building on IOTA EVM: Nakama’s Two-Phase Plan
While IOTA EVM is revolutionary, it’s still a work in progress and is in its early stages. This makes it critical to focus on building the core infrastructure in the first phase to “attract new teams building on IOTA EVM and encourage new users to join.”
Despite being in its infancy, IOTA EVM is proving to be ahead of most incumbents in the space with some industry-leading features. This includes horizontal scaling through parallel transaction processing to boost its processing ability.
MEV resistance and native randomness ensure that the network prevents transaction front-running, promoting fairness, security and regulatory comopliance.
After the first phase of core infrastructure development, Nakama says the next phase will involve the deployment of dApps and investor engagement.
It noted:
This phase will also focus on integrating real-world assets (RWAs) into the IOTA EVM ecosystem, allowing these assets to be used as collateral within various dApps to generate additional yield opportunities.
The venture builder has already deployed some of its dApps on Shimmer and recently deployed its first dApp on the IOTA EVM. This, it says, gives it an invaluable experience, which it will leverage moving forward to roll out its next applications.
DeFi is at the heart of the development of the IOTA EVM ecosystem. Through DeFi, which offers lucrative yield opportunities, the ecosystem can attract new users.
MIOTA trades at $0.1575, losing 1.4% in the past day as most coins slid slightly. Polkadot, Chainlink, Bitcoin Cash, Litecoin and Uniswap all lost at least 2%. MIOTA hit an intra-day high of $0.1603 before a drastic dip to hit a low of $0.1549. It has since then recovered slightly for a $528 million market cap. Trading volume slid 20%, aligning with a broader market trend where the overall volume dropped 16%.