Background
DePIN is an emerging vertical 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, participating in governance, etc., 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 5 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 now, but the concept of DePIN did not exist at that time.
IoTeX can be said to be the pioneer of DePIN and an indispensable public chain in the DePIN field. 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 needs of DePIN projects and the rapid growth of users. It also showcases its achievements in the DePIN field over the years and determines to continue improving DePIN infrastructure, developing the DePIN ecosystem, and helping billions of users around the world 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 investment in long-term staking of $IOTX (DePIN token, governing and empowering IoTeX's on-chain DePIN ecosystem), as well as cooperation with the IoTeX Foundation and DePINsurf accelerator, supporting DePIN projects built on the IoTeX chain.
Infrastructure Upgrade - 6 years of hard work, building the most suitable modular public chain for DePIN
No ecosystem or field can operate independently. It requires more infrastructure and applications to support each other, ensuring that each module has corresponding application support. This is especially true for DePIN, which has higher requirements for infrastructure and public goods.
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 technical stack, including identity recognition, off-chain computation, L2 SDK, and public goods, etc. They together constitute the indispensable basic products for building DePIN projects, and DePIN projects can choose the most suitable technical stack from a series of products according to their own needs.
With the infrastructure modules, any team can easily build DePIN projects on IoTeX 2.0 with good ideas and creativity. 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 made achievements in public infrastructure:
W3bstream
W3bstream is the world's first zero-knowledge decentralized off-chain computing infrastructure designed for smart devices and real-world data in DEPIN projects (proposed by a16z). It utilizes internally developed optimized zero-knowledge proofs (ZKP). Essentially, it triggers smart contracts by generating "real-world activity proofs" using crowdsourced data from DEPIN devices. 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 value monitor for DEPIN assets. DePINscan, as a visual data dashboard, has integrated more than 200 projects, with a total market value of over $26 billion, connecting over 1.2 million Web3 devices.
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.
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 the on-chain and off-chain self-sovereign digital identity, 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 cases such as creating device identities (ioID) and obtaining verifiable credentials.
The modular foundation is a unified and trusted layer. IoTeX 2.0 builds 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 jointly serve as the trust anchor and immutable ledger for all activities within the DIM layer, dApps, and L2 layer.
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. It allows IOXT to earn more rewards through staking and Restaking, and introduces market-based mechanisms such as LSD on this architecture, allowing IOXT's utility and revenue attributes to stack up a positive flywheel.
In terms of ecosystem incentives, IoTeX 2.0 has also launched multiple measures:
DePIN Surf Accelerator Program
The DePIN Surf Accelerator, launched by FutureMoney, Foresight X, and the IoTeX Foundation, was launched at ETHDenver 2024. Even new entrepreneurs in the cryptocurrency market can receive funding support, guidance from professional teams, and resources on IoTeX if they have good ideas.
This $5 million decentralized physical infrastructure network (DePIN) accelerator program focuses on 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.
New projects' tokens can be integrated into IoTeX through ioPay, ioTube, and mimo, facilitating seamless transactions and wider 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 with IOTX tokens equivalent to $10,000. 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 transactions 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 continuously improve exposure and engagement, fully leverage the collective power of the ecosystem, and build 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 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 network.
It will create a transparent preference system to 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 brand-new DePIN ecosystem led by IOTX holders, jointly pushing the IoTeX network to new heights.
Ecosystem Upgrade - The embryonic form 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 embryonic form of the IoTeX ecosystem map has been formed, and many high-quality projects are ready to explode. Key projects to focus on 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 jointly developed with the United Nations, has achieved over 100,000 mobile downloads, with 10,066,027 active WiFi networks, 79,880 active users, 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 paying attention to future activities and waiting for opportunities to participate.
PowerPod, a shared charging pile energy network, is building a decentralized energy internet that connects global 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 news, it will be available for pre-sale in Q3.
DeFi is an indispensable 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 in the development of DePIN
Through modular infrastructure DIMs, matching modular security pool (MSP), and innovative economic flywheel mechanism, IoTeX 2.0 has built a solid underlying architecture for DePIN, laying the foundation 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 very vast space waiting to be explored.
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