Pioneer in the DePIN Field: IoTeX 2.0 Full Upgrade, Opening a New Era

DePIN, as an emerging vertical in the cryptocurrency industry, is becoming one of the most important narratives of this bull market. Through a token incentive mechanism, DePIN is reshaping the way wealth is distributed, bringing direct economic benefits to ordinary users. Analyses predict that the DePIN market size is expected to reach $3 trillion in the next 5 years.

Although the concept of DePIN officially emerged in 2023, IoTeX has been committed to empowering users with ownership and control over smart devices and the data and value they generate through the combination of the Internet of Things and blockchain since its establishment in 2017. This vision aligns with today's DePIN concept, making IoTeX a pioneer and one of the key public chains in the DePIN field.

In July 2023, IoTeX officially released its 2.0 white paper, proposing the vision of "DePIN For Everyone." IoTeX 2.0 is committed to meeting the rapidly growing demands of DePIN projects and users through a brand-new modular platform design and energy structure upgrade. This not only demonstrates IoTeX's deep cultivation in the DePIN field over the years but also clarifies its future development direction: to improve DePIN infrastructure, develop the ecosystem, and enable billions of users worldwide to acquire wealth through DePIN.

In April 2024, IoTeX completed a $50 million financing. This funding will be used for long-term staking of $IOTX tokens, collaboration with the IoTeX Foundation and DePINsurf accelerator, as well as supporting DePIN projects on the IoTeX chain.

Infrastructure Upgrade: Building the Most Suitable Modular Public Blockchain for DePIN

After 6 years of accumulation, IoTeX 2.0 has upgraded from a Layer 1 public chain to a modular DePIN open platform, becoming the only ecosystem that supports DePIN with openness, modularity, and large-scale adoption.

The core of IoTeX 2.0 is the infrastructure module DIM, which encompasses the entire DePIN technology stack, including identity recognition, off-chain computing, L2 SDK, and public products. These modules provide the necessary foundational products for DePIN projects, enabling them to select the most suitable technology stack based on their needs.

This modular design greatly lowers the barriers to project development, allowing more creativity to be realized, promoting interdependence and composability within the ecosystem, while attracting more users to enter Web3 and benefit from it.

IoTeX 2.0 also provides multiple public facilities:

1. W3bstream: The world's first zero-knowledge decentralized off-chain computing infrastructure designed for smart devices and real-world data.

2. DePINscan: A comprehensive DePIN data dashboard that integrates over 200 projects with a total market value of over $26 billion, connecting more than 1.2 million Web3 devices.

3. IoPay: A multi-chain AA wallet that provides a convenient gateway for Web2 users to enter Web3.

4. IoTube: A cross-chain bridge for transferring tokens between IoTeX and major L1/L2.

In addition, IoTeX also plans to launch tools such as DeviceConnect and IoID to further improve its infrastructure ecosystem.

Economic System Upgrade: Building an Economic Flywheel

IoTeX 2.0 introduces a new economic system that expands the utility of IOXT and balances inflation and deflation mechanisms. Among them, the modular security pool (MSP) serves as a unified trusted layer, allowing IoTeX L1 to lease its proof of stake security to DIM for safety and trust.

Validators can earn incentives by re-staking their equity into DIMs and DePIN projects, providing security for the projects. This mechanism is similar to Eigenlayer's Restaking, allowing IOXT to gain more rewards through Stake and Restaking, creating a positive economic flywheel.

In terms of ecological incentives, IoTeX 2.0 has launched multiple measures:

1. DePIN Surf Accelerator Program: A $5 million accelerator program launched in collaboration with FutureMoney and Foresight X, providing funding and resource support for DePIN and AI startups.

2. DePIN Liquidity Center Plan: Provides liquidity support for new projects, including liquidity pool matching, trading pair launch, and marketing support.

3. Marshall DAO: A decentralized autonomous organization that allows the community to participate in decisions on how to allocate IOXT to promote ecosystem growth.

Ecosystem Upgrade: DePIN Project Poised for Launch

IoTeX 2.0's open modular technology, mature infrastructure, and various ecological support programs enable any DePIN project to easily build and operate on IoTeX. Currently, over 200 projects have accessed its ecosystem.

Some noteworthy projects include:

• Network3: AI Layer2 project, the number of global nodes has exceeded 200,000.
• Wayru: A shared WIFI infrastructure project in collaboration with the United Nations.
• Inferix: A decentralized GPU network for visual computing and AI inference.
• PowerPod: Shared Charging Pile Energy Network.
• WatchX: AI wearable device ecosystem.

In addition, a comprehensive DeFi ecosystem has been established on IoTeX, including DEXs (PinSwap, Loxodrome), a derivatives trading platform (Quenta), a decentralized stablecoin (Magma), and a Restaking platform (Bedrock), among others.

Conclusion

The launch of IoTeX 2.0 marks an important milestone in the development of DePIN. Through modular infrastructure, innovative economic mechanisms, and a well-developed ecosystem, IoTeX lays a solid foundation for the trillion-dollar DePIN track. It is expected that within the next 3-5 years, IoTeX will connect 100 million devices, releasing trillions of dollars of real-world value on the blockchain, opening up a vast exploration space.