IOTA Founder Dominik Schiener Promises an Update on the Network’s Progress Beyond IoT

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

Once known primarily for its role in the Internet of Things (IoT) industry, IOTA has undergone a significant evolution over the years. Today, the network hosts decentralized applications (dApps) across various sectors and collaborates with local and international authorities to integrate blockchain into their operations.

According to its founder, Dominik Schiener, this broader vision was always part of the plan for IOTA. In a recent update, Schiener announced that he will be releasing an update on the network’s progress.

While IoT applications were initially a key focus for IOTA, Schiener ultimately envisioned a general-purpose blockchain network that would host applications targeting logistics, supply chain management, healthcare, governance, identity, and more.

In a June interview with CryptoNewsFinland, Schiener highlighted tokenization as a major area of interest for himself and the 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, Schiener 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.”

Non-Stop Building: IOTA’s Eight-Year Journey

In another interaction, Schiener highlighted IOTA’s journey since its launch in 2015. He was responding to a community member who 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. These include XRP, Cardano’s ADA, TRON, and Stellar’s XLM.

Highlighting IOTA's fair token launch and sustained presence in the market, Schiener pointed out the project's continuous efforts in building real-world adoption cases.

“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,” he noted.

According to DeFiLlama, the IOTA EVM network currently boasts over $95 million in total value locked, spearheaded by Deepr Finance and IOLEND. Notably, Deepr Finance recorded a 460% growth in TVL over the past 30 days, while IOLEND saw a 490% increase during the same period.

At the time of writing, IOTA trades at $0.5121, up by 4% over the last day and an impressive 129% in the past week. The token now boasts a market capitalization of $1.81 billion, ranking 76th among all cryptocurrencies.