crypto-news-flash.com
- IOTA has announced its availability on the Blast API to connect and leverage available blockchain Infrastructures while readjusting its position on a global scale.
- IOTA is also working on a Rebased Protocol to bypass its previously explored IOTA 2.0 protocol while pushing for programmability on Layer 1 (L1) through smart contracts.
IOTA (IOTA) has announced that it is officially live on Web3 infrastructure Blast API. According to the news shared by a crypto influencer identified as Salimas, this groundbreaking development is a massive “frog leap” for the IOTA ecosystem as it commences aggressive infrastructure upgrades to rub shoulders with leading competitors.
Analyzing the potential impact on the technical growth of the network, CNF discovered that it could connect and leverage the several blockchains available on the platform while validating more than $300M in Total Value Locked (TVL). Adding to this, IOTA could unlock cross-chain interoperability and ensure that it capitalizes on the reliable infrastructure of the Web3 platform.
Starting today, IOTA EVM is officially available on Blast API! 🎉 This is another big frogleap for IOTA and just the beginning of a series of achievements we’ll see in the coming days. With Blast, IOTA connects to over 100 blockchains, validates $300M+ in TVL, and unlocks… pic.twitter.com/kudFAHiTyU— Salima (@Salimasbegum) November 21, 2024
Operations of Blast
Blast prides itself on a permissionless node infrastructure that enables anyone to sign up as a node provider. Whenever developers sign up, their requests are routed automatically to the best node on the network, based on factors including its geographic location and performance.
The company disclosed that Blast API is designed to ensure a seamless multi-chain API experience. Currently, it supports 22 blockchain networks including Ethereum, Binance Smart Chain, Sui, Arbitrum, etc.
According to Blast, its API is user-friendly and enables the creation of Decentralization Applications (DApps) on multi-chains.
One of the main advantages of Blast API is its user-friendly approach to multi-chain support. While other awesome projects are offering similar functionality, we have built Blast to bridge a familiar developer experience onto other networks. This allows developers to focus on building their dApps on multiple chains without the need to worry about complex API calls.
IOTA Approaching Rebased Protocol’s Transition to the Mainnet
Amid the backdrop of this, IOTA is also working on the testnet of its Rebased Protocol pending the upcoming governance voting exercise to sanction the transition to the mainnet. As we reported on November 21, this protocol is designed to support both EVM and MoveVM with staking and validation playing central roles. Per our research, active validators and stakers would be rewarded for securing the network.
According to IOTA, it is aggressively mitigating inflation by burning transaction fees and permanently removing them from circulation. In the long term, this would sustain the network and drastically reduce the circulating supply.
In a blog post, the team admitted that taking this technical decision was very challenging as the upgrade was partly against some of its core principles. However, Rebasing its architecture with the most permanent and sustainable technologies would enable the re-integration of some of the principles of IOTA 2.0.
This approach allows us to unlock IOTA’s full potential immediately without disrupting any development in the IOTA ecosystem with the breaking changes that integrating L1 smart contracts into the original IOTA 2.0 protocol would entail.
At press time, IOTA is trading at $0.18 after surging by 6% in the last 24 hours.