IoTeX, a layer 1 blockchain optimized for Decentralized Physical Infrastructure Networks (DePIN), is becoming a pivotal narrative in the current cycle, boasting a market cap exceeding $20 billion.
According to intotheblock, IoTeX provides a robust and open modular infrastructure for DePIN projects, equipped with a comprehensive suite of tools to develop fully decentralized and interoperable projects.
IoTeX has shown substantial growth, now supporting around 564,000 addresses with balances, reflecting a steady increase in recent months. This is a significant rise from the previous bull cycle, where addresses surged from approximately 10,000 to over 250,000.
DePIN is emerging as a key narrative of this cycle, with a market cap of over $20 billion!
Today, we’re focusing on @iotex_io , a layer 1 blockchain optimized for DePIN projects. pic.twitter.com/Nm1lqcKBkV
— IntoTheBlock (@intotheblock) July 29, 2024
IoTex User Base Grows Significantly
Recently, IoTeX has witnessed a significant uptick in adoption rates, indicating a growing user base. This trend is evident from the spike in new addresses, which peaked at 1,500 daily this month—a 494% increase compared to the average at the start of July. Additionally, many of these addresses are involved in high-value transactions, as seen from the sharp increase in on-chain transaction volume towards the end of July.
The surge in activity coincides with the announcement of IoTeX 2.0 on July 17th. This upgrade transitions IoTeX from a simple layer 1 blockchain to an open modular DePIN network, aiming to expedite market entry for DePIN projects and onboard the next 100 million devices.
Newly launched projects such as PowerPod People and Network3 AI underscore this strategy’s progress, driving increased on-chain activity and signaling IoTeX’s pivotal role in the DePIN landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.