Bringing Omnichain DeFi to Life

Decentralized apps (dApps) and users can move native assets cross-chain and access unified liquidity pools with the help of the completely composable

The integration of IOTA EVM with the broader Web3 space is now complete, thanks to a bridge provided by the liquidity transit protocol Stargate V2.

Acting as a chain link, Stargate facilitates the movement of funds and assets between previously isolated blockchains. It utilizes the capabilities of LayerZero V2, an advanced omnichain interoperability framework, to ensure efficient interchain communication.

Applications built on LayerZero are empowered to provide users with seamless experiences across varying blockchain networks and environments.

? Exciting news for the future of #DeFi! We’re thrilled to announce @StargateFinance 's V2 integration of #IOTAEVM. Get ready for reduced bridging fees, enhanced trading efficiency, and expanded cross-chain capabilities! ?Read all about it ?⤵️ ?https://t.co/RDyW6nkw1a pic.twitter.com/HiNlxkAtvX

— IOTA (@iota) June 20, 2024

Unleashing Omnichain DeFi

The fully composable Stargate liquidity transport protocol enables decentralized applications (dApps) and users to transfer native assets across chains and access unified liquidity pools.

Among the numerous enhancements and features in Stargate’s V2 is a multi-transaction Transaction Model, allowing users to choose between a full-cost, instant transaction execution or a more economical option by batching their transaction with others. Batch transactions can save them up to 95% in fees compared to Stargate V1.

Key Features of Stargate V2

An AI Planning Module in Stargate V2 dynamically adjusts rewards and fees to balance Stargate Pools across all connections without holding any ownership of assets or funds.

Moreover, the new Hydra Extension facilitates the seamless transfer of WETH, USDC, and USDT across all Hydra-enabled chains.

In preparation for IOTA’s EVM launch, collaboration with the Stargate Foundation was crucial in realizing this integration. Following the initial launch of Stargate V2 on May 29, 2024, IOTA EVM became the first chain to which the protocol expanded.

With no liquidity pools required and significantly reduced bridging fees promised by this integration, LayerZero’s OFT technology is set to establish a new standard for cross-chain execution and multichain user experiences.

At press time, CoinMarketCap data shows that the price of the IOTA token is around $0.1844, reflecting an 8.68% increase over the last 24 hours. However, IOTA has been trending bearishly over the past seven days, showing a 7.51% decrease.

As previously reported by CNF, the IOTA Foundation recently added new directors and members to its Supervisory Board, bolstering its leadership team.

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