IOTA has introduced a layer-2 solution that integrates with the Ethereum Virtual Machine, aiming to introduce smart contract capabilities to its network.
The IOTA Foundation recently unveiled IOTA EVM, a layer-2 solution crafted to facilitate smart contract functionality and broaden the ecosystem’s offerings in decentralized finance (DeFi).
According to a blog post from the IOTA Foundation, developers are now able to deploy smart contracts written in Solidity on the IOTA network. This development seeks to bridge the gap between IOTA and Ethereum ecosystems, enhancing IOTA’s functionalities significantly.
The introduction of IOTA EVM, featuring a fully operational and competitive infrastructure, represents a significant milestone in our mission to innovate and promote adoption in both the cryptocurrency sector and real-world applications.
IOTA EVM boasts key features such as parallel transaction processing for horizontal scalability and interoperability for deploying Solidity smart contracts. The IOTA Foundation highlights that the solution also bolsters “fairness and security” by incorporating native randomness and resistance to Maximal Extractable Value (MEV), aligning with regulatory requirements for market integrity.
Users looking to access or develop IOTA-based decentralized applications must bridge tokens between the mainnet and layer-2 using the latest versions of Firefly or Bloom wallets. With this significant advancement, IOTA claims the distinction of being the first officially registered Distributed Ledger Technology (DLT) foundation in the Abu Dhabi Global Market (ADGM). This positioning enables IOTA to develop more products that seamlessly integrate real-world assets with decentralized finance solutions.
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