IOTA Lauds Tide Protocol for Its Contributions to the Growth of the IOTA EVM Ecosystem

Recently, Crypto News Flash announced the official mainnet launch of the IOTA EVM, a fully EVM-compatible layer 2 solution that integrates smart contract

Recently, several interesting developments have occurred in the IOTA ecosystem, particularly regarding the IOTA EVM. Here's a summary of the latest news and updates.

Crypto News Flash announced the official mainnet launch of the IOTA EVM, a fully EVM-compatible layer 2 solution that integrates smart contract capabilities into the IOTA network.

In a previous publication, we covered the initial EVM launch on Shimmer in September 2023 and its extensive journey, marked by significant improvement, testing, and audits. After hitting the ground running, several Web3 projects that provide cutting-edge solutions have launched on the IOTA EVM. For instance, Supra Oracles announced its integration on July 16.

Now, IOTA has lauded the contributions of its partner, Tide Protocol, in facilitating the ecosystem's overall growth and its support for the IOTA EVM.

IOTA also mentioned some projects launched on its EVM, including the first Decentralized Exchange deployed MagicSea, an on-chain Over-The-Counter (OTC) Marketplace ApeBond, and the first meme coin on the network FOMOFox.

Incredible Features of the IOTA EVM

The official website describes the IOTA EVM as featuring Parallel Processing, a layer 1 architecture that supports parallel transaction processing. This ensures horizontal scalability and deployment across other chains. It is designed to be seamlessly interoperable, which means it supports the effortless deployment of Solidity smart contracts, enabling frictionless interaction between EVM and non-EVM chains.

The EVM is also known for its fairness and security. According to their blog post, native randomness and resistance to Maximal Extractable Value (MEV) have been implemented, mitigating front running and value extraction via unpredictable transaction ordering.

Recent Developments

A little over two months after the mainnet launch, the IOTA foundation announced that its governance proposal for pushing the growth of IOTA EVM via the allocation of tokens has been approved. As mentioned in our previous publication, the IOTA EVM Growth Program would consist of two main members from the Ecosystem Department and another two from the community members. The idea is to create a multi-signature wallet on IOTA EVM to receive funds from the unclaimed token pool.

A few days before this groundbreaking approval, a GameFi and NFT solutions company, Nakama Labs, announced its decision to build on the EVM. Drawing insight from our earlier review of this report, Nakama's collaboration was to ensure the success of the EVM and attract new members by offering the DeFi ecosystem with lucrative yield opportunities.

A robust and functional infrastructure is essential for a flourishing ecosystem, providing the necessary groundwork for growth and innovation. To attract new teams building on IOTA EVM and encourage new users to join, ensuring core infrastructure is in place is a critical requirement. Currently, all the vital components are converging to create a strong foundation for future expansion.

At press time, MIOTA was trading at $0.1356, having surged by 4% in the last 24 hours.