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The Ethereum Virtual Machine (EVM) is expected to be activated on IOTA in March or April, according to Dominik Schiener, the head of the foundation. However, this announcement did not prevent the decline in IOTA’s price. The activation of the EVM is seen as a potential opportunity for IOTA to expand its applications, but investors and experts remain skeptical.
Hopes are high for the activation of the Ethereum Virtual Machine (EVM) on IOTA, as it is seen as a standard module for decentralized finance (DeFi) and is expected to bring new possibilities for IOTA. However, despite the optimism surrounding the announcement, IOTA’s price has been on a downward trend, struggling to stay above the $0.2 mark. The once successful altcoin has dropped in market capitalization and faces challenges in gaining relevance in the market.
- Dominik Schiener announced the activation of the EVM on IOTA in Q1 2024, but the timeline remains uncertain, with Schiener mentioning both March and early Q2 (April).
- IOTA’s price has continued to decline, and it has fallen by almost 13% in the past year, while Bitcoin has experienced a significant increase.
- IOTA’s late entry into the market, with over 100 crypto projects already operating with high turnovers, raises questions about the necessity of an IOTA EVM.
- The activation of the EVM on IOTA’s side project, Shimmer, has not led to significant success, with low investments and a decline in value.
The skepticism towards the EVM in the IOTA ecosystem is fueled by Schiener’s unreliable timelines and doubts about the need for an IOTA EVM. The lack of decentralization in IOTA, along with unfulfilled promises of a decentralized IOTA 2.0, further diminishes prospects for IOTA’s recovery. The future of IOTA remains uncertain, and the EVM is unlikely to be the savior it is hoped to be.
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