IOTA EVM Gets Testnet – Public Launch Perhaps in May

The IOTA community has high hopes for the launch of the Ethereum Virtual Machine (EVM) on the network. Because the EVM as a standard module in the crypto industry could open up new opportunities for IOTA in areas such as decentralized finance (DeFi) and blockchain gaming.

However, announcements that the IOTA EVM would launch in the first quarter of 2024 did not come true. But at least a testnet for the IOTA EVM is now available, as can be seen from a status update.

Accordingly, there are still a few (smaller) problems to be solved with cooperation partners this week before the IOTA EVM can be activated on the mainnet. May therefore seems realistic.

On the other hand, however, IOTA has long since become accustomed to the fact that major projects such as the integration of the EVM experience significant delays. The IOTA Foundation still has no new official start date for the EVM and surprisingly little information about projects that want to dock into the ecosystem in the future.

Observers remain skeptical as to whether the IOTA EVM will create momentum

In the Shimmer (SMR) side project, the integration of the EVM only briefly created a sense of optimism in autumn 2023; seven months later, nothing remains, as a current analysis shows. More than 150 crypto projects are competing with their EVMs and DeFiLlama data shows Ethereum (ETH) as the absolute market leader.

It is clear that well-known and established stablecoins are in demand in ecosystems with EVM. There are currently no answers from IOTA about possible partnerships. In October 2023 it was said that a stablecoin called USPlus was coming to IOTA – but nothing has been heard of it since then.

Conclusion: IOTA EVM – failure with an announcement?

Considering that IOTA hopes have been focused on the EVM for more than half a year now, the results delivered are modest. A closed testnet like now has only a very limited external impact for IOTA and there are currently no well-known cooperation partners for the intended official launch.

In addition, the EVM competitive situation at the IOTA Foundation under the leadership of Dominik Schiener is apparently underestimated. The IOTA price curve reflects the entire dilemma, down around 30 percent since the beginning of the year.

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(Featured image by Choong Deng Xiang via Unsplash)

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