IOTA is celebrating a significant achievement as it surpasses $5 million in Total Value Locked (TVL) on the IOTA EVM platform, according to DefiLlama. This is a great achievement for the IOTA ecosystem, demonstrating continuous network improvement thanks to the community's efforts.
IOTA Layer 1 Enhances Scalability
IOTA’s Layer 1 is built with parallel structures to handle transactions in parallel, making the system horizontally scalable and capable of running on multiple chains. This enhances processing capabilities while demarcating the conventional chain anchoring architecture.
IOTA EVM Compatibility
Another interesting aspect of IOTA EVM is its full compatibility with one another. It allows for seamless Solidity smart contract deployment that can work on different EVM and non-EVM chains. This makes its usage popular, especially with the increasing use of the internet and portable devices.
IOTA TVL $5 Million: A New DeFi Choice
IOTA EVM stresses fairness and security. By introducing native randomness and MEV resistance, IOTA guarantees that the ordering of its transactions is random. This approach minimizes front-running and value extraction while promoting market integrity and fair access to markets. Lastly, IOTA is on the path to becoming a go-to network among blockchain developers for executing decentralized applications, and it has already achieved a TVL of $5 million, according to DefiLlama data. As IOTA development advances, the platform will increasingly be associated with decentralized finance or DeFi.
Having achieved $5 million in TVL, IOTA EVM continues to solidify its position as a promising platform for DeFi development. The platform showcases its potential for scalability, compatibility, and security, opening new opportunities for developers.
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