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IoTeX 2.0 leads a new era of DePIN, creating a trillion-dollar market for Web3.
DePIN: The Emerging Field in the Crypto Assets Industry
DePIN is an emerging vertical in the Crypto Assets industry and one of the most important narratives in the current bull market. This field incentivizes participants through the issuance and distribution of tokens, allowing users to earn token rewards and generate direct economic benefits by providing resources, maintaining the network, and participating in governance, thereby redistributing wealth and bringing wealth effects to more ordinary people. Predictions suggest that the DePIN market size could reach $30 trillion in the next 5 years.
Although DePIN is a new concept that emerged in the crypto market in 2023, IoTeX, established in 2017, was originally intended to connect the Internet of Things with blockchain, helping users to own and control their smart devices as well as the data and value generated by these devices. This is essentially the current DePIN concept. It can be said that IoTeX is a pioneer in the DePIN field and an indispensable important public chain in this domain.
On July 18, 2023, the IoTeX 2.0 white paper was officially released, proposing the slogan "DePIN For Everyone" and showcasing the vision of IoTeX. The goal of IoTeX 2.0 is to adopt a new modular platform design and update the energy structure to meet the rapidly growing demands of DePIN projects and users. At the same time, it demonstrates the achievements of years of deep cultivation in the DePIN field to the entire industry and establishes a future vision of continuing to improve DePIN infrastructure, developing the DePIN ecosystem, and helping billions of users worldwide acquire wealth through DePIN.
In April 2024, IoTeX completed a $50 million financing, which will be used for the long-term staking of the $IOTX( DePIN token, to govern and empower investments in the DePIN ecosystem on the IoTeX chain ), as well as to collaborate with the IoTeX Foundation and the DePINsurf accelerator to support DePIN projects built on the IoTeX chain.
IoTeX 2.0: A Modular Public Chain Built for DePIN
After 6 years of development, IoTeX has upgraded from a Layer 1 public chain to a modular DePIN open platform, becoming the only ecosystem that supports DePIN with openness, modularity, and large-scale adoption.
The Infrastructure module DIM is the core of the technical architecture in the IoTeX 2.0 upgrade. These modules cover the entire DePIN technology stack, including identity verification, off-chain computing, L2 SDK, and public products. Together, they constitute the essential foundational products for building DePIN projects, which can choose the most suitable technology stack from a range of products based on their own needs.
With these infrastructure modules, any team can build DePIN projects faster, simpler, and at a lower cost through IoTeX 2.0, as long as they have good ideas and creativity. This will help bring more ideas to reality, forming a mutually dependent and composable ecosystem, while attracting more users to Web3 and allowing them to benefit from it.
IoTeX 2.0 has also made achievements in public facilities:
W3bstream: The world's first zero-knowledge decentralized off-chain computing infrastructure designed for smart devices and real-world data, solving the verification issues of DEPIN projects and devices.
DePINscan: A comprehensive DePIN data dashboard that helps users, miners, and investors discover early projects, monitor their growth, and serves as a real-time price, trading volume, and market capitalization monitor for DEPIN assets.
IoPay: A multi-chain AA wallet for managing IoTeX accounts, providing a window for Web2 users to seamlessly enter Web3.
IoTube: A cross-chain bridge for transferring tokens between IoTeX and major L1/L2, providing an important channel for the convenient entry and exit of funds in IoTeX.
In addition, there will soon be DeviceConnect(, an SDK) designed to abstract the complexities of hardware for those looking to connect W3bstream and various L1/L2, as well as IoID(, which offers on-chain and off-chain autonomous digital identities, helping people and machines establish rich digital relationships).
The Economic System Upgrade of IoTeX 2.0
In IoTeX 2.0, the new economic system expands the utility of IOXT, balancing inflationary staking rewards and the destruction of gas fees, as well as the deflationary mechanism in scenarios such as creating device identities and obtaining verifiable credentials.
The foundation of modularization is a unified and trusted layer, and IoTeX 2.0 has built a Modular Security Pool (MSP) for this purpose. It allows IoTeX L1 to lease its Proof of Stake security to DIM for safety and trust. Together, IoTeX L1 and MSP serve as the trust anchor and immutable ledger for all activities within the DIM layer, dApp, and L2 layer.
Validators can obtain incentives by re-staking their Proof of Stake ( PoS ) security to DIMs and DePIN projects, providing security for the projects. Additionally, DIMs that obtain security and trust from MSP will regularly anchor their state to IoTeX L1, supporting dApp builders in developing based on trusted innovations.
MSP is actually similar to Eigenlayer's Restaking mechanism. IoTeX has node Stake and the upcoming MarshalIDAO staking, and MSP is also a part of it, allowing IOXT to gain more returns through Stake and Restaking, while introducing market-oriented mechanisms like LSD in this architecture, enabling the practicality and yield attributes of IOXT to superimpose and create a positive feedback loop.
In terms of ecological incentives, IoTeX 2.0 has also launched several measures:
DePIN Surf Accelerator Program: Launched in collaboration with FutureMoney, Foresight X, and the IoTeX Foundation, it provides funding support, professional team guidance, communication, and other resources for new entrepreneurs in the crypto market.
DePIN Liquidity Center Program: Injecting vitality into young DePIN projects, including providing liquidity pool matching of up to $10,000, as well as integration into various tools and platforms within the IoTeX ecosystem.
Marshall DAO: A decentralized autonomous organization that adopts an on-chain voting escrow management model, aimed at allowing IoTeX project stakeholders to propose how to allocate IOTX to promote the growth of the IoTeX ecosystem.
Development of the IoTeX Ecosystem
The open modular technology of IoTeX 2.0, its mature infrastructure, as well as its multi-faceted ecological support plans and economic flywheel effects, make it easy for any DePIN project to be built and operated on IoTeX. Currently, more than 200 projects have integrated into its ecosystem.
With the launch of IoTeX 2.0 accelerating deployment and development, it is expected that more native innovative projects will be deployed on IoTeX with the help of these infrastructures and incentive programs, making IoTeX poised to become the largest development platform in the DePIN era.
The initial form of the IoTeX ecosystem has taken shape, with numerous high-quality projects ready to emerge. Projects worth paying attention to include:
Network3: AI Layer2 project, helps global AI developers conduct large-scale model training or verification.
Wayru: A shared WIFI infrastructure project in collaboration with the United Nations, with mobile downloads exceeding 100,000.
Inferix: A decentralized GPU network for visual computing and AI inference.
PowerPod: Shared charging pile energy network, building a decentralized energy internet.
WatchX: An AI wearable device ecosystem equipped with multi-chain dApps.
In addition, a comprehensive DeFi ecosystem has been established on IoTeX, including DEX(PinSwap, Loxodrome), derivative trading platform(Quenta), decentralized stablecoin(Magma), and Restaking platform(Bedrock), among others.
Conclusion
The launch of IoTeX 2.0 is an important milestone in the development of DePIN. Through the modular infrastructure DIMs, matching modular security pool (MSP), and innovative economic flywheel mechanism, IoTeX 2.0 lays a solid foundation for the trillion-dollar DePIN space. These technological innovations not only enhance the security and flexibility of the system but also significantly reduce the complexity of development and deployment. It is expected that in the next 3-5 years, IoTeX will connect 100 million devices and release trillions of dollars of real-world value on the blockchain, which represents a vast space that is waiting to be explored.