- IOTA co-founder hints that the team is actively working to achieve its ultimate goal of building a digital world-on-chain amidst its market struggles.
- The co-founder highlighted that the IOTA ecosystem could soon witness incredible infrastructures ranging from banking to digital identity.
The 84th largest crypto in the world, IOTA (IOTA), is undergoing a serious downtrend, losing 17% of its weekly gains and 16.7% of its monthly gains. At press time, the asset was trading at $0.31 with a market cap of $1.14 billion. IOTA’s 24-hour trading volume currently remains down to $86.7 million. However, the project’s co-founder, Dominik Schiener, believes that these short-term market movements will soon be forgotten.
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Dominik Schiener Speaks on Ongoing Development
Speaking to the IOTA community on X, Scheiner issued a reminder that the ultimate goal of the project is to build a digital world on-chain. According to him, the ecosystem could soon boast of diverse infrastructures cutting across different areas, including markets, banking, tokenization, AI, trade finance, digital identity, etc.
Just recently, Binance announced the tokenomics overhaul of IOTA to shape the behavior of the token in the market. According to our research, this will mark a groundbreaking shift to a more sustainable and economic model through the introduction of rewards and transaction fee burn. Fascinatingly, this comes after the community approval of the IOTA Rebased Protocol and its much-anticipated transition to the mainnet.
The Rebased Protocol, as earlier highlighted by CNF in a news piece, would introduce scores of features and upgrades, including redefining the Trade and Logistics Information Pipeline (TLIP), which is taking the world by storm. Meanwhile, the TLIP is currently digitizing the transport of goods, including flowers and coffee, in Kenya, per a CNF report. With the introduction of the Rebased Protocol, IOTA would be able to tokenize value chains, including physical assets and financial ones like invoices.
Delving deep into the IOTA’s recent effort in this area, we observed that it is collaborating with Realize to tokenize yield-bearing assets for easy accessibility across the globe. According to reports, Realize currently wants to build a decentralized on-chain order book DEX, which may demand that the IOTA Layer 1 performs thousands of transactions per second while becoming fully programmable.
Major features of #IOTA Rebased include:
🌐 Move-based L1 #SmartContracts
🔗 Full L1 decentralization via Delegated Proof of Stake
🎖️ Staking rewards (10-15% APY)…
1/2 🧵 pic.twitter.com/bbwjdgx1u9— IOTA (@iota) January 8, 2025
IOTA Rebased Protocol and the Digital Product Passport
The full implementation of the Rebased Protocol would also effectuate the tokenization of Digital Product Passport (DPP) with Non-Fungible Tokens (NFTs). As part of the ongoing development, IOTA discloses that it is ensuring that the DPP is used as a certificate, proof of origin, and collateral in a collateral-backed lending platform. On top of this, the team highlighted the plans to onboard stablecoins to be natively minted on the IOTA network. Meanwhile, it has made an advanced step towards this goal as it plans to launch a $vUSD Stablecoin this January, per CNF report.
The Rebased Protocol would also unlock staking opportunities, which would enable the creation of Liquid Staking Tokens (LSTs) to enhance the growth of the ecosystem. Fascinatingly, this major upgrade is reported to have been inspired by Sui.
When assessing the options of IOTA Rebased we took great inspiration from Sui. Thanks to significant investment by Facebook (now Meta) into the technology (where it originated), they have delivered one of the most promising new smart contract paradigms with Move. We want IOTA to be part of the Move ecosystem and advance the adoption of Move in Web3 and across industries.
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