• IOTA will soon pivot into an EVM-compliant protocol as the testnet is in view.

  • This upgrade will help drive the growth agenda of the protocol in the long term.

Almost every blockchain protocol is exploring new ways to boost its own functionalities at this time, the IOTA (MIOTA) network is not sitting on the sidelines. Having announced GoShimmer, its experimental smart contract node software for the IOTA 2.0 DevNet, which is incompatible with the current IOTA mainnet, last year, IOTA is now closer to releasing the testnet than ever before.

While the industry has been tested in the most bearish ways with the collapse of trading behemoth, FTX Derivatives Exchange, developmental work on IOTA has never really stopped. Rather than reduce the tempo, the protocol has been making a lot of impacts that cut across its ecosystem, encouraging developers to double down on their innovations to help power a robust community in the long term.

According to a Twitter Web3.0 and IOTA educator, @id_iota, the next start for the IOTA EVM product is slated to go live on or before the MVP release. ID IOTA also highlighted other significant upgrades that the IOTA ecosystem should be aware of.

https://twitter.com/id_iota/status/1628707877505441793

One of these is the new pull request fixing the TIP selection that was opened by IOTA software engineer Jonah Theis. As highlighted the TIP is the latest transaction in the DAG and the new proposal will help in the efficient ordering of this key feature. 

IOTA has maintained steady growth with respect to ecosystem activities over the past year. As reported earlier by Crypto-News Flash, the protocol, through the Soonaverse has recently rolled out key updates while doubling the total number of non-fungible tokens (NFTs) on the entire network with this single move involving a tweak to the Shimmer Network.

IOTA’s growth tracks are multifaceted and all are billed to work synergistically to chart the future growth potentials of the protocol in the long term.

IOTA Growth Records Per Ecosystem Push

IOTA might not be trading as one of the top 20 digital currencies, but that does not negate its efforts to help champion the adoption of the blockchain ecosystem. The protocol is notably playing a significant role as a major hub for smart contract development. 

In recent data showing related protocols, IOTA ranks as the fifth largest protocol for smart contract development after the likes of Cardano, Polkadot/Kusama, Status, and Ethereum.

With the protocol pivoting into a more usable protocol through the forthcoming EVM update, the network is bound to grow as a fully functional Layer-1 protocol. The EVM capabilities will give promising projects such as Soonaverse the opportunity to connect with other Ethereum Virtual Machine compatible decentralized applications to power robust liquidity.

This extension of its capital and utility base will be beneficial to all protocols ranging from DeFi applications to decentralized exchanges and Non-Fungible Tokens (NFTs) to mention a few. 

MIOTA, the protocol’s native token is changing hands at $0.2594, up 2.07 percent at the time of writing. With the scheduled protocol and ecosystem upgrades, we can expect MIOTA to chart a growth push to new highs in the mid to long term.