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Since it launched Rebased, IOTA has been attracting massive interest, with market experts stating that the new network architecture will make it the hotspot for tokenization of real-world assets.
- The upgrade allows IOTA to get the best of MoveVM and EVM into its Layer 1 network, making it the first “dual smart contract ecosystem.”
When IOTA announced Rebased two weeks ago as the advancement of its groundbreaking technology, the blockchain industry took notice. However, according to one community member, the impact that this upgrade will have on IOTA and the entire sector is unprecedented.
The current bull market has revived many of the older blockchain networks that have been doing it for a decade. XRP has shaken off the SEC hangover and is surging; Cardano is on its best run of form since 2021; Stellar Lumens has been setting the pace on the price charts, gaining 470% in the past 30 days.
IOTA is yet another sleeping giant that has awoken, one market commentator notes.
This Transition of this L1 IoT Giant into Into RWAs Could Be Massive !
While the market is hyping up L1s and reviving dino coins, how can we forget one of the OG L1 @iota which has been quietly shipping tech since 2015?
Now, it’s gearing up for one of its biggest updates: IOTA… pic.twitter.com/Q9MQzdLEmX
— Axel Bitblaze 🪓 (@Axel_bitblaze69) December 1, 2024
But for IOTA, the biggest progress hasn’t been on the price charts; rather, it has been with its technology. As we reported, the team behind the project announced Rebased on November 20 as an acceleration of the network’s push to power real-world applications.
According to the commentator, with Rebased, IOTA becomes the first Layer 1 network to become a “dual smart contract ecosystem, combining Parallelized Move VM and EVM.” He adds:
With the Rebased Update, IOTA sets itself apart by combining the best of both EVM and MoveVM, adding serious firepower to its stack. For me, this upgrade is a game-changer for RWAs and DeFi, with IOTA already laying the groundwork for real-world utility.
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IOTA Rebased Changes the Game
One of the most significant benefits of the Rebased upgrade is that it allows IOTA to more aggressively target the tokenization of real-world assets. The upgrade allows the network to integrate MoveVM into its L1, which allows developers to deploy programmable smart contracts for tokenizing RWAs.
This upgrade allows IOTA to tokenize everything from goods to financial instruments, enabling applications like trade finance and supply chain tokenization.
Rebased has already started attracting significant players to the ecosystem. The latest is Gen Sol, a Web3 gaming and animation platform that has intricate ties to the country’s government.
“IOTA and Gen Sol are gearing up to take over Web3 in 2025,” the two partners announced recently.
Meanwhile, IOTA gained 18% in the past day to start the week on a high as the fifth-highest gainer among the top 100 coins, an incredible achievement for a token whose price has failed to match its peers over the past three years. At press time, it changes hands at $0.3533 for a $1.25 billion market cap, up from $750 million just a week ago. Trading volume is up by a staggering 220% to start the week at $392 million.