IOTA EVM Emerges as a Top Contender in the DeFi Industry with 113% TVL Growth

IOTA EVM has emerged as one of the top contenders in the Decentralized Finance (DeFi) industry with a staggering growth of 113% in Total Value Locked (TVL) to reach $18 million in the last 30 days

IOTA [IOTAL] price has barely moved an inch in the last couple of weeks, despite the project’s Total Value Locked (TVL) on the IOTA EVM chain registering a staggering growth of 113% to hit $18 million in 30 days.

According to data from research and analytics platform CryptoRank, IOTA EVM emerged as one of the top ten performers in terms of DeFi growth. However, the project’s native token, IOTA, has managed to post only a 0.81% surge in the last 30 days, as per our market data.

In the last seven days, IOTAL surged by 1.9%. However, its 24-hour performance was negative with a 3.98% decline. At press time, the asset was trading at $0.1237.

Interestingly, IOTA’s co-founder Dominik Schiener had boasted that the project’s EVM chain attained the $5 million TVL milestone organically, without any marketing or calculated incentive campaign.

However, as we reported on October 14, the IOTA EVM had already reached $15 million in TVL. This now implies that it took just three days to register an additional $3 million to reach the current level of $18 million.

Meanwhile, the project has been actively deploying cutting-edge solutions and developmental initiatives, such as the recently announced new IOTA Labs account. As we reported, this is expected to operate as an independent ecosystem arm to turn impressive ideas into solutions.

To experts, this could, in the long run, fuel growth and adoption and subsequently have a significant effect on its price.

iotalabs🧩 is live! Meet #IOTA‘s new, independent ecosystem arm to accelerate and empower growth & drive adoption. #iotalabs🧩 is where raw potential meets a catalyst to turn bold ideas into solutions that elevate growth & redefine what’s possible. 🔗 https://t.co/6Gyf3sXPe6 pic.twitter.com/lSl9kPSumq

— iotalabs (@iotalabs_) October 15, 2024

For the start, IOTA Labs has put $2 million in incentives to support the initiative over a period of six months for the benefit of users and developers within the entire ecosystem.