- Dominik Schiener, chairman and co-founder of IOTA, has recently commented on the noticeable absence of updates regarding their projects.
- He assured that progress was being made toward their objectives, and the temporary silence from his team highlighted their dedication to delivering substantial results before any public disclosures.
Recently, IOTA has appeared to be quiet concerning its projects, which is unusual given that updates and announcements from the team were frequent nearly every month since last year.
The IOTA Foundation’s blog has also refrained from posting any notable advancements in its ecosystem for a month. In light of this, chairman and co-founder Dominik Schiener stepped forward to clarify the situation.
A Thoughtful Approach by IOTA
As reported by Chain Affairs, Schiener affirmed that all operations were proceeding smoothly, despite the seeming lack of communication. He stated that their deliberate pause on updates is part of a strategic move to avoid sharing critical information too soon, which could lead to misunderstandings and undue speculation. He emphasized that their focus remains on achieving tangible results.
He further reassured that they are progressing toward essential goals, including the decentralization of the network through IOTA 2.0, the integration of Layer 1 (L1) smart contracts via IOTA EVM (Ethereum Virtual Machine), and promoting real-world applications of their technology along with tokenization initiatives.
Performance of the IOTA Token
IOTA has faced a decline following its brief surge to $0.1517 during Bitcoin’s (BTC) rally to $66K last weekend. As of Friday afternoon, the token was trading under $12, affected by a drastic drop in transaction volume to just $11 million.
At that moment, the market capitalization of the token’s 3.459 billion circulating supply hovered around $415 million. So far, it has experienced a 20% drop in value over the past year, which is understandably concerning for many asset holders. More alarmingly, it has decreased by approximately 98% from its all-time high of $5.69 set seven years ago.
Meanwhile, TradingView’s overall technical assessment for both short-term and long-term IOTA charts indicated a “Sell” signal. The widely utilized moving average indicators have notably aligned with a “Strong Sell,” casting a shadow over the digital asset’s future.
Recent Projects by IOTA
At this moment, it’s unclear what new projects IOTA may have in development. However, the organization seems to be quite active in assisting developers in gaining visibility through its Buildsphere Project platform.
Partnering with AuditOne, IOTA has been promoting awareness of its bug bounty and audit initiatives. Additionally, MagicSea, the decentralized exchange for both IOTA and Shimmer, has achieved a total value locked (TVL) exceeding $60 million, although its current TVL has significantly fallen to $3.07 million according to DeFiLlama.
Among the various significant IOTA projects attracting attention in the global community for their potential applications are the Trade Logistics Information Pipeline (TLIP) initiative in the Middle East and North Africa (MENA) region and the Digital Product Passport (DPP) designed for diverse businesses.
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