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Accumulate steadily and make breakthroughs, in-depth explanation of how IoTeX 2.0 promotes the DePIN track to a new level.

Background

DePIN is an emerging vertical field in the cryptocurrency industry and one of the most important narratives of this bull market. DePIN typically incentivizes participants through token issuance and distribution, allowing users to earn token rewards and generate direct economic benefits by providing resources, maintaining networks, and participating in governance, thereby reshuffling the distribution of wealth and bringing wealth effects to more ordinary people. It is expected that the DePIN market will reach a scale of $30 trillion in the next five years.

For the cryptocurrency market, DePIN is a new concept that emerged in 2023. However, in reality, when IoTeX was established in 2017, its original intention was to connect the Internet of Things with blockchain, helping users to own and control their own smart devices, as well as the data and value generated by the devices. This is actually DePIN as it is known today, but the concept of DePIN did not exist at that time.

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IoTeX can be said to be the pioneer of DePIN and an indispensable public chain in the field of DePIN. On July 18th, IoTeX 2.0 whitepaper was officially released, proposing the slogan "DePIN For Everyone," which is IoTeX's vision.

The goal of IoTeX 2.0 is to adopt a new modular platform design and update the energy structure to meet the growing needs of DePIN projects and users. It also showcases its achievements in the field of DePIN after years of deep cultivation and determines to continue improving DePIN infrastructure, developing the DePIN ecosystem, and helping billions of users worldwide to obtain wealth through DePIN in the future.

In April 2024, IoTeX completed a $50 million financing round led by SNZ Capital, Foresight Ventures, FutureMoney, etc. This $50 million financing includes investments in long-term staking of $IOTX (DePIN token, governing and empowering IoTeX's on-chain DePIN ecosystem) and collaboration with the IoTeX Foundation and DePINsurf accelerator to support DePIN projects built on the IoTeX blockchain.

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Infrastructure Upgrade - 6 Years of Persistence, Building the Most Suitable Modular Public Chain for DePIN

No ecosystem or field can operate independently; it requires more infrastructure and mutual support from applications to ensure that each module has the corresponding application support. This is especially true for DePIN, which has higher requirements for infrastructure and public goods.

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IoTeX 2.0 has upgraded from a Layer 1 public chain to a modular DePIN open platform, which is the only open, modular, and widely adopted ecosystem that supports DePIN.

The infrastructure module DIM is the core of the technical architecture upgrade in IoTeX 2.0. These modules cover the entire DePIN technology stack, including identity recognition, off-chain computation, L2 SDK, and public goods, etc. Together, they form the essential foundation products for building DePIN projects. DePIN projects can choose the most suitable technology stack from a series of products according to their own needs.

With the infrastructure modules, any team with good ideas and creativity can easily build DePIN projects on IoTeX 2.0 and turn their ideas into reality. This process is faster, simpler, and more cost-effective compared to before.

Lowering the barrier to entry will help turn more ideas into reality, form an interdependent and composable ecosystem, and attract more users to enter Web3 and benefit from Web3.

Of course, public resources are also indispensable in this process. IoTeX 2.0 has already made achievements in public infrastructure:

W3bstream

W3bstream is the world's first decentralized off-chain computing infrastructure designed for smart devices and real-world data in the context of DePIN (proposed by a16z), which utilizes internally developed optimized zero-knowledge proofs (ZKPs). Essentially, it triggers smart contracts by generating "real-world activity proofs" using crowdsourced data from DePIN devices. Currently, the development network of w3bstream has been deployed on IoTeX L1, Solana, ETH, and Arbitrum.

DePINscan

DePINscan is a comprehensive DePIN data dashboard that helps DEPIN users, miners, and investors discover early-stage projects, monitor their growth, and serve as a real-time price, trading volume, and market capitalization monitor for DEPIN assets. DePINscan, as a visual data dashboard, has integrated over 200 projects, with a total market capitalization of over $26 billion, connecting more than 1.2 million Web3 devices.

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Multi-chain AA Wallet IoPay

IoPay is a multi-chain AA wallet for managing IoTeX accounts. The low threshold and user-friendliness of the AA wallet provide a window for more Web2 users to seamlessly enter Web3.

Cross-chain Bridge IoTube

IoTube is a cross-chain bridge for transferring tokens between IoTeX and major L1/L2 networks, providing an important channel for convenient fund inflow and outflow to IoTeX.

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In addition, DeviceConnect is also about to be launched. It is an SDK that abstracts the complexity of connecting various hardware to W3bstream and various L1/L2 networks, and IoID, which is a digital identity for on-chain and off-chain autonomy, helps humans and machines establish rich digital relationships without relying on centralized identity providers.

Economic System Upgrade - Comprehensive Architecture of the Economic Flywheel

In IoTeX 2.0, the new economic system expands the utility of IOXT, balances inflationary staking rewards and gas fee burning (similar to Ethereum's EIP-1559), and creates a deflationary mechanism in the case of device identity (ioID) creation and verifiable credentials acquisition.

The modular foundation is a unified and trusted layer, and IoTeX 2.0 has built the modular security pool (MSP) for this purpose. It allows IoTeX L1 to lease its proof-of-stake security to DIMs to obtain security and trust. IoTeX L1 and MSP together serve as the trust anchor and immutable ledger for all activities within the DIM layer, dApps, and L2 layers.

Validators can stake their proof-of-stake (PoS) security to DIMs and DePIN projects to obtain incentives and provide security guarantees for the projects. In addition, DIMs that obtain security and trust from MSP regularly anchor their states to IoTeX L1 to support innovative development based on trust for dApp builders.

MSP is actually a Restaking mechanism similar to Eigenlayer. IoTeX has node staking and the upcoming MarshalIDAO staking, and MSP is also part of it, allowing IOXT to earn more rewards through staking and Restaking. This architecture also introduces market-based mechanisms such as LSD, which superimposes the utility and revenue attributes of IOXT to create a positive flywheel.

In terms of ecosystem incentives, IoTeX 2.0 has also launched several measures:

DePIN Surf Accelerator Program

The DePIN Surf Accelerator, launched by FutureMoney, Foresight X, and the IoTeX Foundation, aims to support DePIN and AI startups applied in the real world. Participants in the program will receive guidance, networking opportunities, and resources, and each selected project will receive an initial investment of $50,000.

DePIN Liquidity Center Program

Lack of liquidity is one of the biggest challenges for new projects. IoTeX has launched the DePIN Liquidity Center to inject vitality into young DePIN projects. This program includes six founding members: WiFi Map, GEODNET, DIMO, Drop Wireless, XNET, and WiCrypt. It integrates projects into an ecosystem with over 300,000 community members and provides liquidity pool matching of up to $10,000 on the decentralized exchange mimo, as well as other products.

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New projects' tokens can be integrated into IoTeX through ioPay, ioTube, and mimo, facilitating seamless trading and broader ecosystem compatibility. After integration, the next step is to create a secure 3/4 multi-signature wallet hosted by Safe. New projects only need to contribute $10,000 worth of native tokens to the liquidity pool and then match it with $10,000 worth of IOTX tokens from IoTeX. This matching mechanism greatly enhances the liquidity pool and provides a stable foundation for market growth.

After establishing the liquidity pool, the native token/IOTX trading pair will be listed on the mimo DEX, which not only facilitates user trading but also immediately gains support from the IoTeX cross-chain ioPay wallet. IoPay improves the accessibility of tokens for a large user base and increases awareness and token adoption. To further incentivize trading, a liquidity mining program will be launched, providing participants with rewards such as native tokens and physical hardware gifts.

The "Liquidity Center Program" will ensure continuous user growth and expand the influence of projects through ongoing marketing activities and collaboration among all listed DePIN projects. These measures aim to increase exposure and engagement, fully leveraging the collective power of the ecosystem to create a closed-loop ecosystem.

Marshall DAO

Marshall DAO is a decentralized autonomous organization (DAO) that adopts an on-chain voting custody management model. It aims to allow IoTeX project stakeholders to propose how to allocate IOTX to promote the growth of the IoTeX ecosystem, such as enhancing liquidity, supporting early and growing DePIN projects, granting public goods subsidies, and donating to the ecosystem. It explores how to introduce well-known DePIN projects and fund innovative projects across the entire network.

It will create a transparent preference system and propose and implement plans that are most beneficial to the development of IoTeX through the collective wisdom of the community. This involves not only fund allocation but also building a new DePIN ecosystem led by IOTX holders, jointly pushing the IoTeX network to new heights.

Ecosystem Upgrade - The Initial Shape of the Ecosystem Map, Ready to Explode

With the modular technology of IoTeX 2.0, mature infrastructure, supportive ecosystem programs, and the economic flywheel effect, any DePIN project can easily build and operate on IoTeX. Currently, there are already 200+ projects joining its ecosystem.

As the deployment and development of IoTeX 2.0 accelerate, with the help of these infrastructure and incentive programs, more native innovative projects will be deployed on IoTeX, making IoTeX the largest gold mine in the DePIN era.

The initial shape of the IoTeX ecosystem map has formed, and many high-quality projects are ready to explode. Key projects to pay attention to include:

AI Layer2 project Network3, which helps global AI developers conduct large-scale model training or verification quickly, conveniently, and efficiently. The number of global nodes has exceeded 200,000.

Wayru, a shared WIFI infrastructure in cooperation with the United Nations, has achieved over 100,000 mobile downloads, active WiFi networks of 10,066,027, active users of 79,880, and a total of 707,729 connections. It has been widely used.

Inferix, a decentralized GPU network for visual computing and AI inference, has just concluded its alliance activities. It is worth following for future activities and opportunities to participate.

PowerPod, a shared charging station energy network, is building a decentralized energy internet that connects electric vehicles, charging stations, solar panels, and energy storage systems into a unified network.

WatchX, an AI wearable device ecosystem equipped with multi-chain dApps, covering millions of users. According to official information, it will be available for pre-sale in Q3.

DeFi is an essential liquidity infrastructure for any ecosystem. IoTeX has already established a comprehensive DeFi ecosystem, preparing for the upcoming explosion.

DEX: PinSwap, Loxodrome

Derivatives trading platform: Quenta

Decentralized stablecoin: Magma

Restaking: Bedrock

Comprehensive Upgrade - The Launch of IoTeX 2.0 is a Milestone for DePIN Development

Through the modular infrastructure DIMs, the matching modular security pool (MSP), and innovative economic flywheel mechanisms, IoTeX 2.0 has built a solid underlying foundation for DePIN, laying the groundwork for the trillions of dollars DePIN track. These technological innovations not only improve the security and flexibility of the system but also greatly reduce the complexity of development and deployment. It is expected that within the next 3-5 years, 100 million devices will be connected, and trillions of dollars of real-world value will be unleashed on the blockchain, creating a vast and unexplored space.

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