IOTA has introduced a layer-2 solution compatible with the Ethereum Virtual Machine (EVM) to incorporate smart contract capabilities into its network.

The IOTA Foundation has launched IOTA EVM, a layer-2 solution designed to enhance the network’s capabilities in the decentralized finance (DeFi) space. This new solution allows blockchain developers to deploy Solidity-based smart contracts on the IOTA network. The aim is to bridge the gap between IOTA and Ethereum ecosystems, thereby expanding IOTA’s functionalities.

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.

Key features of IOTA EVM include:

  • Parallel transaction processing for horizontal scalability
  • Interoperability for deploying Solidity smart contracts
  • Enhanced fairness and security through native randomness
  • Resistance to Maximal Extractable Value (MEV)

These features align with regulatory demands for market integrity. To develop or access IOTA-based decentralized applications, users need to bridge tokens between the mainnet and layer-2 using the latest versions of the Firefly or Bloom wallets.

With this development, IOTA has become the first officially registered distributed ledger technology (DLT) foundation in the Abu Dhabi Global Market (ADGM). This positions IOTA to create more products that integrate real-world assets with decentralized finance.

Stay updated with the latest cryptocurrency news and developments on Global Crypto News.

Post Views: 13