The IOTA Foundation has been making significant strides in recent months, achieving notable milestones in both the European Union and the decentralized finance (DeFi) space.
European Blockchain Pre-Commercial Procurement (PCP) Success
IOTA was one of three companies selected to participate in the European Blockchain PCP pilot project, funded by the European Commission. The project aimed to showcase blockchain’s potential in various industries.
IOTA successfully deployed three products:
- Intellectual Property Rights Management: Utilizing smart contracts to grant content creators ownership rights.
- Digital Product Passports: Targeting the electronics and plastics industries.
The European Commission intends to integrate successful applications from the PCP into the European Blockchain Services Infrastructure, a public sector blockchain infrastructure. This exposure could significantly benefit IOTA, given the EU’s vast market and economic influence.
DeFi Ecosystem Flourishes
In addition to the European Commission trial, IOTA’s DeFi ecosystem has been experiencing substantial growth. The total value locked (TVL) on the IOTA EVM has reached a new high of $5.62 million, according to DeFiLlama.
Lending protocol Deepr Finance and decentralized exchange MagicSea are leading the way in terms of TVL. While MagicSea’s TVL has declined from its February peak, the overall trend indicates a promising future for IOTA DeFi.
Uniswap Integration on the Horizon
IOTA’s team has expressed interest in joining the Uniswap ecosystem, which could provide a significant boost to its DeFi development. Uniswap’s vast user base and interoperability with multiple blockchains could contribute to a more inclusive and efficient DeFi ecosystem.
Also Read: IOTA (IOTA) Shines As Top 3 Finalist In European Blockchain PCP With Feeless Web3 Identity Solution
Price Performance
IOTA’s price has been relatively stable, trading at $0.1276 with a market capitalization of $430 million. While there has been a slight dip in the past day, the token has shown overall growth in the past week.
IOTA’s achievements in the European Union and its thriving DeFi ecosystem position it for a strong fourth quarter of 2024. The combination of increased visibility and growing DeFi adoption could drive further growth and value for the IOTA token.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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