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IoTeX DEFI Ecosystem Booming: 900+ Developers Building Projects

UTC by Andy Watson · 5 min read
IoTeX DEFI Ecosystem Booming: 900+ Developers Building Projects
Photo: Depositphotos

The IoTeX platform is not built on Ethereum but is completely compatible with the Ethereum Virtual Machine. That means that both ioTube and IoTeX work seamlessly with other chains.

The legacy finance dam is about to break. When it does, the flood of retail investors and institutional money will rush into DeFi platforms like ioTube that is powered by IoTeX. These DeFi applications are poised to submerge legacy financial institutions in a sea of more attractive alternatives and ioTube is leading the way.

The IoTeX Blockchain – Reaching Critical Mass

IoTeX is a platform whose mission is to enable a borderless ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy. The team and their partners are building a future where users, not institutions, are in complete control of their devices and data. In addition to working on IoT (Internet of Things), IoTeX is also building a robust ecosystem of DeFi (Decentralized Finance) applications that allow for transactions across different blockchains, for swapping cryptocurrency tokens, minting NFTs, Supply Chain tracking, Decentralized Identity, and much more. This ecosystem is rapidly growing as can be seen by the steady increase in transactions on their blockchain.

According to LunarCrush, a leading source of information and analysis of crypto investors, funds, and exchanges, over the past 12 months:

  • The price of $IOTX (the native token of IoTeX) increased by roughly 1,000%
  • Social Engagement has grown over 1,015,873%. Yes, 1,000,000% percent growth in social awareness and engagement year over year.
https://twitter.com/LunarCRUSH/status/1445900292524969984

Photo: LunarCRUSH 🚀 Social Listening for Crypto / Twitter

How Will ioTube Be a Powerful Disruptor?

ioTube is a decentralized cross-chain bridge that enables the bidirectional exchange of cryptocurrencies (fungible/non-fungible tokens) and data between IoTeX and other blockchain networks. With over $60 million in Total Value Locked, this is a record-breaking moment for IoTeX.  ioTube the creation of liquidity across multiple chains which stabilizes and powers these economies. This is incredibly useful for increasing the interoperability of more cryptocurrencies. But the potential is so much greater.

As a connector among data generated by IoT devices, crypto assets, and the unique assets generated by the IoTeX blockchain, the potential to trigger logic in smart contracts on BSC and other blockchains is just around the corner. In other words, IoTeX’s blockchain could serve as an oracle for non-IoTeX contracts, or vice-versa. That opens up a huge set of valuable uses never possible before.

EVM Cross-chain Compatible

The IoTeX platform is not built on Ethereum but is completely compatible with the Ethereum Virtual Machine. That means that both ioTube and IoTeX work seamlessly with other chains in what is the most reliable, widely used set of protocols for smart contracts in use today.

What’s behind this accelerating trend in finance or rather DeFi? There’s no single answer. You can point to the DeFi movement expanding from the early adopters, who were willing to put up with difficult new language, a painful User Interface, going through multi-step processes to make things work, and yes, a willingness to put money at risk on new investment opportunities.

But a lesser-known reason why DeFi is surging now is this. Software developers are convinced that this has staying power. They see that DeFi is not a fad, a flash-in-the-pan, but as something real that will revolutionize an industry.

900 + Developers Are Building Dapps in the IoTeX Ecosystem

Where’s the evidence of this sea change for IoTeX? IoTeX is hosting a hacking event to encourage building on the IoTeX platform, and there are more than 900 teams signed up to work on various projects in DeFi and IoT (the Internet of Things). Since IoTeX is EVM (Ethereum Virtual Machine) compatible, the skills that developers hone working on the IoTeX platform can be used in many other popular platforms. They aren’t locked into a narrow working environment with little broader value.

At another recent hackathon, co-sponsored by IoTeX, the showing was equally exciting. You can read about it more on the IoTeX blog.

IoTeX at GR11 Hackathon: Project Highlights and Winner Announcements

The excitement generated at the recent GR11 hackathon was fantastic. Winning teams produced solutions for minting NFT art based on your location and the environmental conditions at the time of NFT creation. You can plot the NFTs on a map to produce a unique, verifiable record of your travels. Each location is represented by a piece of art you create.

Another winning project created a useful dashboard of the data produced by IoTeX’s Pebble tracking device. One application might be, “… fitness health space. Imagine a hiker making his/her ascent up a mountain. Pebble analytics can track temperature and pressure from beginning to reaching the summit.”

IoT and blockchain combined is a potent source of trusted data that will have uses beyond what any of us might imagine today. It’s hard to see around a corner, isn’t it? But perhaps one of the most revolutionary aspects of this new trend is that it will allow individuals and not mega-corporations to determine if, when, and how their data is used. IoTeX is likely to have a big role in this future.

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Andy Watson
Author Andy Watson

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