The Intersection of DeFi and Real-World Assets

TL;DR:
Today, we launch IOTA EVM, a fully EVM-compatible Layer 2 solution for the IOTA network. This release follows extensive improvements, testing, and audits since the initial EVM launch on Shimmer in September 2023. IOTA EVM introduces features like smart contracts, cross-chain functionality, parallel processing, and enhanced security against Maximal Extractable Value (MEV). The launch marks a significant step towards integrating DeFi with real-world assets. To get started, connect via MetaMask, use the provided JSON-RPC endpoint, and explore the network through the Firefly wallet. Join our launch party tomorrow, Wednesday, June 5, to celebrate and learn more.

Today marks a significant milestone: We are thrilled to announce the launch of IOTA EVM, a robust and cutting-edge Layer 2 solution that brings smart contract capabilities to the IOTA network.

Since the official release of IOTA Smart Contracts on IOTA’s staging network, in September 2023, the IOTA EVM protocol has undergone extensive improvements, rigorous testing, and comprehensive audits. We are delighted to introduce this fully audited, battle-tested solution to IOTA today. IOTA EVM not only offers full EVM compatibility but also introduces innovative functionality by leveraging our unique Layer 1 Native Asset Framework.

Join us for the Launch Party

Join us on Discord or X tomorrow, Wednesday, June 5, to help us celebrate this exciting release. There’ll be ample opportunities to take part in the celebration and win prizes, plus a speed-dating session showcasing the incredible projects building on IOTA EVM. You’ll also get the chance to fire off questions to be answered in a roundtable featuring our Co-Founder Dominik Schiener and other members of the team. Watch out for updates on our socials!

IOTA EVM’s Features at a Glance

Parallel Processing: The unique Layer 1 protocol architecture supports parallel transaction processing, enabling horizontal scalability and deployment across various chains. This decouples traditional chain anchoring and boosts processing capabilities.

Seamless Interoperability: Effortless deployment of Solidity smart contracts facilitates fluid interactions across both EVM and non-EVM chains.

Fairness and security: Implementing native randomness and resistance to Maximal Extractable Value (MEV), IOTA EVM enhances fairness by mitigating front-running and value extraction through unpredictable transaction ordering, aligning closely with regulatory demands for market integrity and equal access.

These features enhance the fully EVM-compatible smart contract environment, empowering the next generation of entrepreneurs and innovators to build a better, fairer, and more accessible ecosystem. They also facilitate the exploration of new frontiers where DeFi intersects with tangible real-world assets.

Commitment to Real-World Adoption

IOTA is committed to leading real-world adoption and continuously pushes industry boundaries by bridging traditional sectors with crypto-native applications. Being the first officially registered DLT foundation in the Abu Dhabi Global Market (ADGM) and our longstanding relationship with the German regulatory framework set the course for a regulatory-friendly environment, allowing us to build the next generation of RWA-centric DeFi ecosystems.

Getting Started with IOTA EVM

Whether you want to experiment with IOTA EVM or deploy your existing dApps, here’s how to connect to the network:

To begin, install MetaMask or any other Web3 wallet, visit the Explorer Website, and click the “Add IOTA EVM” button at the bottom left of the page. Once connected, use the latest version of the Firefly or Bloom wallet to send IOTA tokens from Layer 1 to the Layer 2 IOTA EVM chain and start participating in the action.

Making IOTA EVM Possible

The launch of IOTA EVM with a fully functional and industry-competitive infrastructure marks a major step towards our goals to innovate and drive adoption in both the crypto space and the real world. With great pride, we present our top-tier infrastructure providers who have been indispensable in realizing this release:

Stargate Finance: As a fully composable liquidity transport protocol, revolutionizing DeFi with its omnichain architecture, Stargate Finance has been the dominating bridge protocol in the Web3 space for the past 12 months, exceeding all other protocols in bridged volume and user activity. Stargate connects 20 different DLTs through their unified User Application, making it extremely safe and easy to move assets between these chains. IOTA EVM is one of the first chains ever to receive the highly anticipated Stargate V2 protocol. This will be another game changer for speed, security, and cost-effectiveness of interchain asset transfer by leveraging the advantages of the Layer Zero V2 Endpoints and OFT Token standards to its full extent. Users will now be able to access the canonical USDC, USDT, and wrapped ETH from any Stargate-enabled network.

LayerZero: Our long-term trusted interoperability provider whose immutable, permissionless, and censorship-resistant protocol connects previously siloed blockchains. LayerZero protocol is the technology on which the Stargate Bridge is built. As an omnichain messaging protocol, LayerZero enables developers to build applications that not only reside on a single DLT but can interact and execute seamlessly with other networks.

Blast API:  Built by Bware Labs, Blast API offers high-end Web3 node infrastructure and serves the IOTA builder community with reliable and performant endpoints. With Blast, applications built on IOTA can have undisturbed, customized access to the EVM chain. Moreover, Blast API also delivers publicly accessible endpoints to which users can easily connect their wallets and applications. This service ultimately helps distribute and decentralize access to IOTA EVM

Pyth Network: As a leading oracle service provider, Pyth assures data availability and trustworthiness through its decentralized price and data feeds. DeFi applications need reliable, constantly available, and exact price data for the assets they use in their applications. Oracles are one of the most important parts of a DeFi ecosystem, and so the Pyth data streams are of great importance to our ecosystem.

Supra: Offering high-quality, fast, and reliable off-chain data, Supra is the second oracle service serving our IOTA EVM builders and users. As oracle data is crucial and dApps are highly dependent on the correctness of the delivered data, we are more than happy to have Supra serve our IOTA EVM with its decentralized oracle streams.

Goldsky: Powering hundreds of crypto businesses, Goldsky builds rich, instant, data-driven experiences. Goldsky offers IOTA EVM data indexing with high-performance subgraphs and real-time data streaming pipelines. Goldsky gives builders a flexible and powerful indexing platform trusted and battle-tested by industry-leading projects to power core functionality. Goldsky ensures reliable and fast data access on IOTA EVM, allowing developers to focus on building applications - not wrangling with data infrastructure.

Calling all Builders

If you’re a builder looking for funding, the IOTA Grants Program is actively supporting projects and innovators. To apply for funding for your Web3 project, complete the form on the IOTA Grants website and reach out to us on Discord with any questions. If you're interested in building on IOTA EVM, you can get started by visiting the IOTA EVM Quick Start Guide, which provides all the necessary information to help you kickstart your project on IOTA EVM.

Innovate with IOTA EVM

In the upcoming weeks and months, we’ll provide detailed introductions to all our integration partners and the array of applications set to launch on IOTA EVM. These posts will offer insights into how each partner and application utilizes IOTA EVM to innovate and enhance their operations. Stay tuned to learn more about the valuable contributions and advancements within our ecosystem.

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