IOTA launches EVM mainnet to take on Ethereum and Solana

IOTA (IOTA) tokn price drifted upwards on Tuesday as the developers launched its fully Ethereum Virtual Machine (EVM).  The token soared to a high of $0.2200, a few points above last month’s low of $0.1916. Still, the price of IOTA remains deeply lower than the year-to-date high of $0.420, a 47% crash. 

In a statement, the developers noted that the EVM will introduce more features, enabling developers to build decentralised applications (dApps) for the network.

This launch introduces important features in the network like smart contracts, cross-chain functionality, parallel processing, and enhanced securities in the network. For exajple, it wil implement native randomness and resistance to Miner Extractable Value (MEV).

IOTA has partnered with some of the top players in the blockchain industry. Pyth Network will provide oracle solutions while Blast API will provide node infrastructure. Also, the network has partnered with Stargate Finance and LayerZero.

IOTA price action

IOTA launched the mainnet launch a few months after the developers unveiled Shimmer EVM, its canary network. Shimmer lets users build, test, and audit dApps before moving them to the IOTA network.

Shimmer Network has attracted some developers over the years. Data compiled by DeFi Llama shows that the network has a total value locked (TVL) of over $4.4 million. The biggest networks in the platform are MagicSea, Deepr Finance, and TangleSwap. 

Competition will be the biggest challenge the network will face as the EVM industry industry gets saturated. Ethereum still dominates industries like Decentralised Finance (DeFi), Non-Fungible Tokens (NFT) and gaming. 

The other most notable competitors are blockchains like Solana, Arbitrum, BNB Chain, Base, and Blast. Therefore, IOTA will likely need to invest more money on the network, through its grants program. 

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