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- IOTA co-founder has hinted that the implementation of the Rebased Protocol could be a gateway for exchange-traded funds or exchange-traded products.
- IOTA has also released the first batch of validators who will be joining the Rebased test network.
CNF recently reported the start of the Rebased Protocol’s voting process, during which the IOTA (IOTA) community would decide on this significant shift. Today, IOTA co-founder Dominik Schiener has disclosed that a potential approval could pave the way for a massive ecosystem transformation, including potential exchange-traded products (ETP) and exchange-traded funds (ETF).
Additionally, Schiener highlighted that the IOTA staking would accelerate institution adoption. Investors would be offered staking rewards of 10 to 15% APY.
Really exciting to see all these professional validator and staking providers support #IOTA 👏$IOTA staking will make the institutional adoption of IOTA so much easier. Investors will earn staking rewards with 10 – 15% APY. It’s about time we think about IOTA ETFs and ETPs. https://t.co/DJSqQZ0Teh— Dominik Schiener (@DomSchiener) December 3, 2024
Fascinatingly, Schiener’s post was in response to an official announcement from IOTA introducing the first batch of validators who are joining the Rebased test network. As we analyzed, some of the validators include:
- Twinstake: a leading provider of institutional-grade staking services. It will bring extensive experience and proven capabilities to the IOTA ecosystem.
- DLT.GREEN: a market-independent company that moved out of the IOTA community.
- Luganodes: a well-established non-custodial provider of institutional-grade staking services.
- Nansen: an AI-powered multichain analytics platform that ensures that crypto investors and teams are empowered.
- Ankr: a platform that offers a “high-quality option to delegate staked IOTAs.”
- Blockscope: “a trusted provider of high-quality non-custodial staking services.”
- Staketab: a non-custodial staking service provider.
The Voting Process
As earlier stated, the voting exercise started on December 2 and would last for seven days. Users who keep their tokens throughout the counting period would have 100% of their voting power. For those who stop voting early or start voting after the counting phase, their voting power would be proportionally reduced. Also, the IOTA Foundation has been charged with the responsibility of fully upholding the integrity of the voting process.
The IOTA Foundation, which is responsible for organizing, conducting, and overseeing the vote, ensures the integrity of the process. The node software automatically counts all votes, tracking and verifying the accumulation of voting power based on Tokens used per milestone. After the counting phase, community node operators are invited to verify and validate the final results before we publicly announce them.
Upon implementation, the Rebased Protocol would ensure that the marketing time is significantly shortened. Additionally, it will introduce programmability and full decentralization to the ecosystem. With this initiative, the IOTA’s Digital Product Passport (DPP) could be used as collateral on lending platforms. IOTA would also be able to onboard stablecoins to be minted on the network.
IOTA Rebased delivers this promise to IOTA and helps us achieve significantly faster time to market and maturity of our technology stack. It would allow us to scale up our adoption efforts and support our ecosystem to build a new wave of applications that drive significantly more value to IOTA.
At press time, IOTA (IOTA) was trading at $0.52 after surging by 137% in the last seven days and 403% in the last 30 days.