- The IOTA Foundation is expanding its product line with the full rollout of the Eviden Digital Passport and the integration of the Move programming language.
- IOTA’s expanding use cases, including tokenizing treasury bills and real-world assets, could lead to reduced token supply and increased demand.
IOTA is gaining significant momentum as it positions itself for major growth in Q4 2024 and 2025. The platform is making strides in global supply chain adoption with the recent onboarding of the Kenyan government and several other nations under the Trade Logistics Information Pipeline (TWIN). Moreover, this development brings the IOTA Foundation closer to tokenizing international trade documents.
IOTA Foundation’s Product Line
In addition, the implementation of these solutions will roll out soon with the organization strengthening its position in the global trade market. IOTA’s Eviden Digital Passport is also moving past its proof of concept phase.
Now a fully operational product, it is gaining attention across various industries in the European Union (EU). After the success of the European Blockchain Services Infrastructure (EBSI), Eviden adoption in several sectors has surged. The roll-out of Ethereum Virtual Machine (EVM) is also underway, expanding the blockchain’s use case in real-world applications, reported CNF.
Meanwhile, one of IOTA’s most distinctive developments is its integration of the Move programming language, making it one of only three Layer 1 networks to do so. This feature sets IOTA apart from competitors as it combines both Move Virtual Machine (MVM) and EVM functionalities.
The move has become increasingly popular in the developer community and offers IOTA an edge in harnessing both MVM and EVM ecosystems. The introduction of Move could mirror the success of Solana with Rust as developers seek alternatives to Ethereum.
For context, Ethereum has faced challenges, such as its ETF failure, its complex Layer 2 system, and the increasing competition from Solana. IOTA, along with other blockchains like Sui, may be well-positioned to capture the market share left void by Ether, per the CNF report.
Exploring Potential Price Impact
Another major development is Realize, IOTA’s initiative to tokenize treasury bills on the EVM and potentially its Layer 1 (L1). Industry adoption for projects like TLIP, Eviden, and Real World Assets (RWA) is expected to drive increased usage of IOTA’s Layer 1.
The locked supply of IOTA tokens due to these projects could decrease circulating supply, thus, potentially driving up demand. In addition, it could also impact the IOTA price significantly due to the supply shrink. Also, in terms of price, IOTA is entering a critical phase.
Despite the network’s increased utility, the token price remains historically low. This discrepancy creates potential opportunities for investors. With the anticipated demand from various industry sectors, there is potential for significant upside. However, there is always a risk as the market has not fully priced in IOTA’s recent developments.
This has created inefficiencies that could result in high rewards or losses, depending on market conditions. Currently, the IOTA price is relatively stable at $0.125, gaining 1.72% in the last 24 hours. Moreover, it has significantly rebounded from the recent low of $0.1135 as it surpassed the critical $0.124 mark.
