Thursday, June 1, 2023

Tokens Locked At $1 Billion Before IOTA 2.0


IOTA Co-founder Dominik Schiener announced on April 21st that the platform was ready to enter a new phase.

Chrysalis 2.0, which will completely restructure this network, will release next week. New native wallet Firefly is a key component in bridging IOTA 1.0 and 1.5.

IOTA (MIOTA, Mi) holders can start migrating their tokens in preparation for Chrysalis. It’s the first step toward realizing IOTA’s promise of peer-to-peer digital payments, says Charlie Varley of the IOTA Foundation.

Schiener marked a turning point in the process on Twitter. $220 million in IOTA Tokens locks and ready to migrate into the new network 12 hours after enabling.

Schiener clarified that the migration process is voluntary in a special episode of IOTA Talks. It can start at any moment before or after Chrysalis releases. Coordicide will be the network’s next major event, and it expects to herald the start of the platform’s full decentralization.

IOTA would be enterprise-ready with a new launch.

A new launch would also make IOTA an enterprise-ready technology, available for adoption by external organizations and businesses. Chrysalis increases the IOTA protocol’s efficiency, security, scalability, and stability.

MIOTA is currently trading at $1.72, down 4.8 percent on the daily chart as of this writing. And the token has a 32.1 percent loss on the weekly chart and a 20.6 percent gain on the monthly chart. MIOTA holds support in its BTC pair for the 30-day chart, according to analyst Lukas Tassanyi, and establishing higher highs after unfavorable market action.

When the IF launched Firefly on the 21st, Tassanyi says the tokens formed a symmetrical triangle. MIOTA poises to break or surge, maybe in response to recent events. The price has been moving downwards since then.

If MIOTA continues to fall from its present levels, $1.63 could be important support, as Tassanyi illustrates in the chart above. The expert anticipates a period of consolidation in the near future. MIOTA might hit a new all-time high of $2.57 if it reverses the trend.

MIOTA and its platform, according to the expert, would benefit from “two independent fields” in the long run: it’s potential as a cryptocurrency with cheap transaction fees and strong scalability, and the Internet of Things (IoT) sector.

Tassanyi noted that even if IOTA just succeeds in one of these, it will have already become a $1 trillion endeavor. IOTA is the most popular blockchain alternative as well as the most popular IoT ledger. Indeed, there are no direct competitors.

Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

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