- IOTA completed the final phase of the European Blockchain PCP as one of the three finalists, setting the network up for a defining fourth quarter of 2024.
- The network has been pushing to make a mark in DeFi, where TVL hit $5 million this month, with a prospective integration with Uniswap’s DeFi network a potentiaal gamechanger.
It’s been a great year for IOTA. In the recent months, it has completed its final phase of the European Blockchain Pre-Commercial Procurement pilot while its DeFi TVL hit a new record this month, setting it up for a bullish fourth quarter of the year.
Here is a thread to help everyone understand why #IOTA is a #Bullish project to be watching, don’t let this fly under the radar. DYOR follow the tech and works being completed. Q4 will be very interesting indeed.https://t.co/Dh9q0yyoDP#IOTAevm @iota
— E2NWO | Mythic Guilds & Guilds United 🌍2️⃣ (@E2NWO) September 10, 2024
As we reported, IOTA was one of three companies selected from an initial pool of over 30 applicants to showcase its blockchain capabilities in the European Union. The European Blockchain PCP project was funded by the European Commission, with the other two finalists being Chromaway and Billon, a relational blockchain and asset tokenisation platform respectively.
IOTA deployed three products under the trial; the first targeted intellectual property rights management, giving ownership to content creators through smart contracts. The other two focused on digital product passports, catering to the electronics and plastics industries respectively.
The European Commission intends to integrate the successful applications from the PCP into the European Blockchain Services Infrastructure, a public sector blockchain infrastructure for the EU that the Commission launched six years ago. This level of exposure will certainly bear dividends for IOTA—the EU has over 400 million people, with three of its members among the ten largest economies globally.
DeFi, RWA Tokenisation, Uniswap—A Great Quarter for IOTA Ahead
Beyond the European Commission trial, the IOTA ecosystem continues to grow internally. As we reported, the total value locked (TVL) on the IOTA EVM hit $5 million earlier this month, and it now stands at $5.41 million, according to data from DeFiLlama.
Lending protocol Deepr Finance leads the pack with $2.3 million in TVL, which has shot up 16% in the past week. MagicSea, a native decentralised exchange, is second with $1.24 million. This is still way below its record high of $5.71 million in February this year, proving that the IOTA DeFi ecosystem still has levels to go.
This explosion in IOTA DeFi could come from an integration into Uniswap’s ecosystem. As we reported, senior figures of the IOTA team have expressed interest in joining this ecosystem, which they believe could help to build “a more inclusive and efficient DeFi ecosystem.” The Uniswap ecosystem currently serves uses on Avalanche, Polygon, Arbitrum, Binance Smart Chain and Base among a few other chains.
Meanwhile, IOTA trades at $0.1258, dipping 2% in the past day, although it has gained nearly 5% on the weekly chart. Its market cap stands at $430 million.
