- IOTA plans to phase out its old testnet with a new EVM-compatible alternative.
- IOTA has continued to innovate with defined staking products to give token holders additional value.
IOTA has launched a new EVM testnet that connects with the Move-based IOTA L1 Rebased testnet. The integration marks a big step for the new architecture. It will allow the EVM layer to interact seamlessly with the Move-based core of the IOTA network.
IOTA Prepares for Upcoming Rebased Protocol
Bringing MoveVM to IOTA’s EVM testnet promises a unique and compelling environment for building decentralized applications. Move’s core testnet centres around resource safety and flexibility, aiming to prevent common issues like reentrancy vulnerabilities and double-spending.
Thus, Move-based smart contracts will introduce the IOTA ecosystem to a new application paradigm. Likewise, the IOTA EVM will make it seamless for applications to deploy successfully on IOTA.
IOTA disclosed that developers can now migrate their applications and data to the new testnet. The old testnet will continue to run for another two months before shutting down. The new testnet requires no EVM changes, so old applications will continue to work as before.
Developers are advised to report any unusual behavior. This would ensure any issues are corrected before they get out of control.
Notably, the new EVM testnet launch comes ahead of the new protocol, IOTA Rebased. As reviewed in our recent publication, the launch of the IOTA Rebased protocol is scheduled for May 5. This upgrade promises to reshape the network’s operation, strongly pushing for actual adoption and the usability of its IOTA token.
Additionally, the upgrade will transition the current IOTA Stardust network to the IOTA network, removing the need for token migration. However, users must still securely access their wallets via private keys, mnemonic phrases, or stronghold files from Firefly or Bloom.
Overall, the launch of Rebase will see IOTA finally become a decentralized Layer 1 blockchain, based on a Delegated Proof-of-Stake (DPoS) consensus mechanism.
IOTA Excel in Other Areas
The upcoming Rebased protocol is just one of IOTA’s recent initiatives. In a previous update, we noted that IOTA has introduced a liquid staking platform called Swirl. This feature allows IOTA holders to stake and use their tokens simultaneously, solving the challenge of asset lock-up.
Swirl introduces flexibility without compromise, unlike standard staking methods that restrict token movement. In return, users who stake their IOTA tokens on Swirl receive a liquid token called stIOTA. They can use stlOTA across the decentralized financial ecosystem as it holds the same value as the staked IOTA.
While IOTA continues to improve its network, it also expands across several jurisdictions worldwide. As we covered in our latest report, IOTA announced it is hosting an “IOTA East Africa Web3 Innovation Summit” in Nairobi on May 30. IOTA said it aims to bring blockchain innovation to the region.
