Pioneer in the DePIN Field: IoTeX 2.0 Paves the Way for Industry Development

DePIN, as an emerging vertical in the cryptocurrency industry, has become one of the most important narratives of this bull market. By issuing and distributing tokens to incentivize participants, DePIN has reshuffled the way wealth is distributed, bringing wealth effects to more ordinary people. Predictions suggest that the DePIN market size will reach $30 trillion in the next 5 years.

Although DePIN is a new concept that emerged in the crypto market in 2023, IoTeX has aimed for this since its establishment in 2017. IoTeX is dedicated to helping users own and control their smart devices as well as the data and value generated by these devices through the connection of the Internet of Things and blockchain, which is essentially what is now referred to as DePIN.

As a pioneer in the DePIN field, IoTeX plays an indispensable role in this area. In July 2023, the IoTeX 2.0 white paper was officially released, proposing the vision of "DePIN For Everyone." The goal of IoTeX 2.0 is to adopt a new modular platform design and update the energy structure to meet the rapidly growing needs of DePIN projects and users.

In April 2024, IoTeX completed a $50 million financing round, which will be used for long-term staking of $IOTX (DePIN token, used for governance and empowering the IoTeX on-chain DePIN ecosystem), as well as collaborating with the IoTeX Foundation and DePINsurf accelerator to support DePIN projects built on the IoTeX chain.

Infrastructure Upgrade: Building the Most Suitable Modular Public Chain for DePIN

IoTeX 2.0 upgrades from a Layer 1 public chain to a modular DePIN open platform, becoming the only ecosystem that supports DePIN in an open, modular, and large-scale adoption manner. Its core is the infrastructure module DIM, which covers the entire DePIN technology stack, including identity recognition, off-chain computation, L2 SDK, and public goods.

IoTeX 2.0 has made progress in terms of public infrastructure.

1. W3bstream: The world's first zero-knowledge decentralized off-chain computing infrastructure designed for smart devices and real-world data.

2. DePINscan: A comprehensive DePIN data dashboard, integrated with over 200 projects, with a total market value exceeding $26 billion, connecting more than 1.2 million Web3 devices.

3. IoPay: Multi-chain AA wallet, providing a convenient gateway for Web2 users to enter Web3.

4. IoTube: A cross-chain bridge for transferring tokens between IoTeX and major L1/L2.

In addition, the upcoming DeviceConnect and IoID will further enhance the infrastructure ecosystem of IoTeX.

Economic System Upgrade: Building an Economic Flywheel

IoTeX 2.0 introduces a new economic system, expands the utility of IOXT, and balances inflation and deflation mechanisms. The Modular Security Pool (MSP) serves as a unified trusted layer, allowing IoTeX L1 to lease its proof-of-stake security to DIM for security and trust.

Validators can earn incentives by restaking their proof of stake to DIMs and DePIN projects, providing security for the projects. This mechanism is similar to Eigenlayer's Restaking mechanism, allowing IOXT to gain more rewards through Stake and Restaking.

In terms of ecological incentives, IoTeX 2.0 has launched multiple measures:

1. DePIN Surf Accelerator Program: A $5 million initiative to support DePIN and AI startups.

2. DePIN Liquidity Center Plan: Inject vitality into young DePIN projects and provide liquidity support.

3. Marshall DAO: A decentralized autonomous organization that adopts an on-chain voting custody management model, aimed at promoting the growth of the IoTeX ecosystem.

Ecosystem Upgrade: The Ecological Landscape Emerges

The open modular technology and mature infrastructure of IoTeX 2.0, along with multiple ecological support programs, have attracted over 200 projects to its ecosystem. Some noteworthy projects include:

• Network3: AI Layer2 project
• Wayru: Shared WIFI infrastructure in cooperation with the United Nations
• Inferix: A decentralized GPU network for visual computing and AI inference
• PowerPod: Shared Charging Pile Energy Network
• WatchX: Smart Wearable Device Ecosystem

IoTeX has also established a comprehensive DeFi ecosystem, including DEXs (PinSwap, Loxodrome), a derivatives trading platform (Quenta), a decentralized stablecoin (Magma), and a Restaking platform (Bedrock).

The launch of IoTeX 2.0 marks an important milestone in the development of DePIN. Through modular infrastructure, innovative economic mechanisms, and a well-established ecosystem, IoTeX lays a solid foundation for the future development of the DePIN industry. It is expected that in the next 3-5 years, IoTeX will connect 100 million devices and unleash trillions of dollars in real-world value on the blockchain, opening up vast development space for the DePIN industry.