In the period of 2017-2018, IOTA was once one of the blockchain projects that made waves in the market. However, as the golden era passed, the project began to stagnate and lost its initial position. Therefore, IOTA has been continuously striving to regain what it lost.
On November 29, 2023, the blockchain project IOTA (MIOTA) officially became the pioneering platform providing digital asset services according to the regulations of the DLT Foundation of the Abu Dhabi Global Market (ADGM) – the capital of the United Arab Emirates (UAE).
Additionally, IOTA also introduced a new fund called the IOTA DLT Foundation, focusing on the development of Distributed Ledger Technology (DLT), with an initial capital of over 100 million IOTA tokens allocated over the next 4 years.
Furthermore, with its new headquarters in the UAE, IOTA aims to evolve from an enterprise network into a leading Layer 1 blockchain in the crypto and Web3 space while also beginning the tokenization of assets.
According to the announcement, IOTA will enhance its operations in the near future to further develop its ecosystem. Specific plans for Q1 2024 include:
- Becoming fully EVM-compatible, becoming a robust development gateway for the DeFi, Gaming, and dApp ecosystem.
- Collaborating with ADGM and other regulatory authorities in the Middle East to shape the future of crypto, establishing a new infrastructure for institutional investors to facilitate the tokenization and trading of Real World Assets (RWA) on the IOTA blockchain.
This latest achievement has bridged the legal gap between the real world and the digital world in the financial sector in the Middle East and North Africa (MENA) region.
Previously, the IOTA blockchain project also announced changes to its tokenomics, entering a new era in September 2023. These changes are expected to increase the value of the MIOTA token and enhance network security.
It’s worth noting that IOTA is one of the blockchain projects with a unique structure, featuring no miners, mining, blocks, or chains. It serves the Internet of Things (IoT) network based on a distributed ledger.
After this news, the MIOTA token price immediately saw a significant increase, with a growth of over 76%, rising from $0.17 to $0.3. At the time of writing, MIOTA has experienced some adjustments and is trading around $0.25.