Native Asset for Internet of Things Project Soars by 31% This Week with Launch of $100 Million Ecosystem Foundation
The native asset of a crypto project focused on the Internet of Things (IoT) has experienced a 31% surge in value this week following the introduction of a new $100 million ecosystem foundation.
IOTA is a distributed ledger technology (DLT) designed to serve as the underlying infrastructure for IoT. Currently ranked 78th by market capitalization, the project’s native token is trading at around $0.236, up from $0.180 one week ago. Over the past month, it has also seen a 45% increase in value.
New IOTA Ecosystem DLT Foundation Boosts Token Price
The price of the IOTA token rose significantly on Wednesday after the project unveiled its latest initiative – the IOTA Ecosystem DLT Foundation. This new foundation is registered in the United Arab Emirates and will be funded with over $100 million worth of IOTA tokens that will vest over a period of four years.
The primary goal of the foundation is to nurture the growth and development of the IOTA ecosystem while promoting partnerships with institutional investors, governments, and academic institutions. It aims to tokenize real-world assets and bring them onto the IOTA network, thereby injecting billions of dollars into the virtual assets space in the UAE.
IOTA Plans Ethereum Compatibility in Q1 2024
IOTA has also announced its plans to become fully compatible with Ethereum’s Virtual Machine (EVM) by the first quarter of next year. This move will position IOTA as a competitive layer-1 blockchain in web3 and crypto, allowing for the establishment of a thriving decentralized finance (DeFi), gaming, and decentralized application (DApp) ecosystem.
Hot Take: IOTA’s Ecosystem Foundation Spurs Token Growth
The launch of the IOTA Ecosystem DLT Foundation has had a significant impact on the price of IOTA’s native token, driving it up by 31% this week. With the foundation’s $100 million funding and its focus on fostering partnerships and real-world asset tokenization, IOTA aims to accelerate the adoption of its protocol. Additionally, IOTA’s plan to become fully compatible with Ethereum’s EVM in Q1 2024 opens up opportunities for further growth and expansion in the decentralized finance, gaming, and DApp sectors. This recent surge in value reflects the market’s positive response to IOTA’s strategic initiatives.
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