The Pioneer of the DePIN Field: IoTeX 2.0 Comprehensive Upgrade, Creating the Most Suitable Modular Public Chain for DePIN

DePIN, as an emerging vertical in the cryptocurrency industry, is considered one of the most important narratives of this bull market. By issuing and distributing tokens to incentivize participants, DePIN is reshaping the way wealth is distributed, bringing more wealth effects to ordinary people. Industry predictions suggest that the DePIN market size is expected to reach $3 trillion in the next 5 years.

Although the concept of DePIN emerged in the crypto market in 2023, IoTeX has been dedicated to helping users take control of their smart devices and the data and value they generate through the combination of the Internet of Things and blockchain since its founding in 2017. This philosophy aligns perfectly with today’s DePIN, making IoTeX a pioneer in the DePIN field.

In July 2023, the IoTeX 2.0 white paper was officially released, presenting the vision of “DePIN For Everyone.” IoTeX 2.0 adopts a new modular platform design and updates the energy structure to meet the rapidly growing demands of DePIN projects and users. This not only showcases IoTeX’s years of deep cultivation in the DePIN field but also establishes its future direction to continue improving DePIN infrastructure, developing the ecosystem, and helping global users acquire wealth through DePIN.

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

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.

The Infrastructure Module DIM is the core of the technical architecture in the IoTeX 2.0 upgrade, encompassing the entire DePIN technology stack, including identity recognition, off-chain computing, L2 SDK, and public products. These modules form the essential foundational products for building DePIN projects, allowing projects to choose the most suitable technology stack based on their needs.

With these infrastructure modules, any team with a good idea can easily build DePIN projects through IoTeX 2.0, turning their ideals into reality. This not only accelerates development speed and reduces costs but also helps to form an interdependent and composable ecosystem, attracting more users to Web3 and allowing them to benefit from it.

In terms of public facilities, IoTeX 2.0 has achieved multiple results:

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 that integrates over 200 projects, with a total market value exceeding $26 billion, connecting more than 1.2 million Web3 devices.

3. IoPay: A multi-chain AA wallet that provides a convenient way for Web2 users to seamlessly 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 the Economic Flywheel

The new economic system of IoTeX 2.0 expands the utility of IOXT, balances inflation staking rewards and gas fee burns, and introduces a deflationary mechanism in scenarios such as creating device identities and obtaining verifiable credentials.

The Modular Security Pool (MSP) serves as a unified trusted layer, enabling IoTeX L1 to lease its Proof of Stake security to DIM in exchange for security and trust. Validators can earn incentives by re-staking their Proof of Stake security to DIMs and DePIN projects, providing security assurance for the projects.

MSP is actually similar to the Restaking mechanism of Eigenlayer, allowing IOXT to earn more yields through staking and restaking, and introducing market-oriented mechanisms like LSD, creating a positive flywheel effect for the utility and yield attributes of IOXT.

In terms of ecological incentives, IoTeX 2.0 has introduced several measures:

1. DePIN Surf Accelerator Program: A $5 million DePIN accelerator program that provides entrepreneurs with funding support, guidance, and resources.

2. DePIN Liquidity Center Program: Inject vitality into young DePIN projects by providing up to $10,000 in liquidity pool matching.

3. Marshall DAO: A decentralized autonomous organization aimed at allowing IoTeX project stakeholders to propose how to allocate IOTX to promote ecosystem growth.

Ecosystem Upgrade: The Blueprint Emerges, Explosion Imminent

IoTeX 2.0’s open modular technology, mature infrastructure, and various ecological support programs enable any DePIN project to build and operate easily on it. Currently, over 200 projects have integrated into its ecosystem.

Projects worth paying attention to include:

• Network3: AI Layer2 project, with the number of global nodes exceeding 200,000.
• Wayru: Shared WIFI infrastructure, mobile downloads exceed 100,000.
• Inferix: A decentralized GPU network for visual computing and AI inference.
• PowerPod: Shared charging pile energy network.
• WatchX: An AI wearable device ecosystem equipped with multi-chain dApps.

In addition, a comprehensive DeFi ecosystem has been established on IoTeX, including DEXs (PinSwap, Loxodrome), derivatives trading platform (Quenta), decentralized stablecoin (Magma), and restaking platform (Bedrock), among others.

Conclusion

The launch of IoTeX 2.0 marks an important milestone in the development of DePIN. With modular infrastructure DIMs, modular security pools (MSP), and an innovative economic flywheel mechanism, IoTeX 2.0 lays a solid foundation for the trillion-dollar DePIN track. 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 within the next 3-5 years, IoTeX will connect 100 million devices, unlocking trillions of dollars of real-world value on the blockchain and opening up vast opportunities for the development of DePIN.