IOTA has rolled out a layer-2 solution compatible with Ethereum Virtual Machine in an effort to bring smart contract capabilities to the network.
The IOTA Foundation has announced the launch of IOTA EVM, a layer-2 solution for the network designed to enable smart contracts functionality to expand the ecosystem’s capabilities in the decentralized finance (defi) space.
In a blog announcement, the IOTA Foundation revealed that blockchain developers can now deploy Solidity-based smart contracts on the IOTA network, a move aimed at bridging the gap between the IOTA and Ethereum ecosystems, enhancing IOTA’s capabilities.
“The launch of IOTA EVM with a fully functional and industry-competitive infrastructure marks a major step towards our goals to innovate and drive adoption in both the crypto space and the real world.”
The IOTA Foundation
Key features of IOTA EVM include parallel transaction processing for horizontal scalability interoperability for deploying Solidity smart contracts. The IOTA Foundation says the solution also enhances “fairness and security” through native randomness and resistance to Maximal Extractable Value (MEV), aligning with regulatory demands for market integrity.
To access or develop IOTA-based decentralized applications, users would need to bridge tokens between the mainnet and layer-2 using the latest versions of the Firefly or Bloom wallets. With this latest development, IOTA says it has become the first officially registered distributed ledger technology (DLT) foundation in the Abu Dhabi Global Market (ADGM), positioning it to create more products that integrate real-world assets with decentralized finance.
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