Analysts spoke about the rapid growth of key indicators in the IoTeX network
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Johny Smith
2024/11/17
3 mins read
The IoTeX project team presented a global network update in the 3rd quarter of 2024. Messari researchers spoke about this. IoTeX 2.0 now provides decentralized infrastructure, governance tools, and public goods to support all stages of the DePIN project lifecycle. As a result, the network has become much more attractive to developers, as evidenced by the growth of key indicators: the number of active wallets increased by 13%, and the number of transactions increased by 8% compared to the previous quarter.
The key technology of the update was the ioID protocol, which turns devices such as smart sensors and machines into verifiable on-chain entities. As a result, the number of delegates ensuring the security of the network increased to 112, and the volume of staked digital assets increased to $172 million. The share of users participating in bets reached 41.3%, which reflects increased interest in the network.
IoTeX’s updated tokenomic design aims to balance inflationary rewards with deflationary token burning mechanisms. This helps maintain the value of the IOTX token and encourage its use in the ecosystem. Experts note that such changes can make the crypto asset more resistant to market fluctuations.
An important area of development has been integration with the largest chains, including Solana, TON, Polygon and others. This expands the capabilities of the IoTeX network to interact with various projects and makes it more flexible for developers of decentralized applications. The demand for blockspace from IoTeX has increased significantly with over 100 dApps operating in the DePIN, DeFi and GameFi sectors.
The next major release from IoTeX is expected in the 1st quarter of 2025: the launch of the W3bstream solution on the mainnet. This infrastructure will allow the transfer and processing of data using zero-knowledge proofs and the scaling of DePIN projects. The product will provide real-time data verification, which is important for applications that use physical devices.
The new DePINscan platform already tracks more than 280 projects and will become an important tool for users, investors and developers. Innovation IoTeX make the network attractive to a growing number of projects looking for reliable and flexible solutions for working with data in the real world.
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