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- According to founder Dominik Schiener, IOTA has transitioned from a purely IoT chain to encompass every other blockchain application.
- Dom promised to update the community soon on the network’s progress and the new use cases with EVM and Move.
Once known as a network built only for the Internet of Things industry, IOTA has certainly evolved massively over the years. Today, it hosts dApps across most major sectors and is working with several local and international authorities to integrate blockchain into their operations. Founder Dominik Schiener has always insisted that this was the ultimate plan, and he now says he will release an update on the network’s progress.
While IoT was the first low-hanging fruit for IOTA, Dom envisioned a general-purpose blockchain network that would host applications targeting logistics, supply, health, governance, identity, and more.
In a June interview with CNF, he noted that tokenization is one of the biggest areas of focus for him and the entire IOTA Foundation.
“We believe it’s the silver bullet of cryptocurrencies. The ability to tokenize assets and make use of them in an immutable, self-determined fashion that does not require any middlemen is what’s missing in our current, highly digitized life. It also is the biggest untapped market,” he told CNF.
In a recent exchange on X, he doubled down on IOTA’s evolution beyond IoT, stating:
Brother, IOTA is much bigger than just IoT in 2024. Should get an update on all the progress and new use cases being built on IOTA, with both EVM and (soon) Move. Just reached $100m in TVL and growing.
Brother, IOTA is much bigger than just IoT in 2024. Should get an update on all the progress and new use cases being built on IOTA, with both EVM and (soon) Move.
Just reached $100m in TVL and growing.
— Dominik Schiener (@DomSchiener) December 4, 2024
Non-Stop Building: IOTA’s Eight-Year Journey
In another interaction, Dom marveled at IOTA’s journey since its launch in 2015. He was responding to a community member who had observed that six of the top ten cryptos by market value in the 2017-18 cycle were among the best performers in the past few weeks. They include XRP, Cardano’s ADA, TRON, and Stellar’s XLM.
Dom noted that IOTA’s token launch was fair at a time when most projects were giving away most of their tokens to the founding team or greedy VCs at the community’s expense. The token has been trading publicly since, and despite the volatility, it still stands. He added:
Nonstop building and working on actual real-world adoption cases. With a thriving EVM ecosystem ($100m+ TVL) and soon Move. It’s probably a winning formula and differentiates us from the memes and VC coins.
According to DeFiLlama, the IOTA EVM network holds $95 million in total value locked, led by Deepr Finance and IOLEND. The former has recorded a 460% growth in TVL in the past 30 days, while the latter is up 490%.
IOTA trades at $0.5121, gaining 4% in the last day and an impressive 129% in the past week for a $1.81 billion market cap, the 76th highest in the sector.