IOTA Keeps Silent on Its Projects, But Promises to Deliver Results

Lately, IOTA has seemingly fallen silent on its projects. This was quite strange since we used to get multiple updates or announcements from its team almost every month

Despite promising multiple updates or announcements almost every month since last year, IOTA has recently fallen silent on its projects.

Even the IOTA Foundation’s blog has not posted any significant developments within its ecosystem for a month now. However, platform chairman and co-founder Dominik Schiener has addressed the issue, revealing that everything has been going well on their end.

For Schiener, their lack of updates is part of their calculated strategy to prevent releasing crucial information prematurely, which could generate misunderstanding and unnecessary speculation. He adds that IOTA is only focusing on producing concrete results.

Nevertheless, Schiener guarantees that they are on track toward their key goals, including network decentralization through IOTA 2.0, integrating Layer 1 (L1) smart contracts via IOTA EVM (Ethereum Virtual Machine), and driving real-world adoption of their technology and tokenization efforts.

IOTA Token’s Performance

IOTA has been on a downtrend since its momentary spike to $0.1517 during Bitcoin’s (BTC) resurgence to $66K last weekend. As of Friday noon, the token was trading short of $0.12 amid a significant drop in transaction volume to a mere $11 million.

At that point, the market cap of the token’s 3.459 billion circulating supply only lay at around $415 million. So far, it has lost 20% of its value in the past year, which should reasonably upset many holders of the crypto asset. What’s worse was that it had already lost roughly 98% of its value from its all-time high of $5.69 seven years ago.

Meanwhile, TradingView’s overall technical evaluation of IOTA’s short-term and long-term charts all pointed to a “Sell” signal. The platform’s commonly used moving averages indicators have particularly dialed to a “Strong Sell,” which certainly does not bode well for the future of the digital asset.

Recent IOTA Projects

We don’t know yet what new projects IOTA is currently cooking in its forge. However, IOTA appears to be very busy in helping developers gain exposure on its Buildsphere Project platform.

? Next week @auditone_dao joins us for BuildSphere #22!Curious how bug bounties and traditional audits come together? ? CEO @entropyishigh & CTO @rajaathota72 will walk us through everything there is to know. Drop your Q’s in the comments below ?https://t.co/74L0DeWIQs pic.twitter.com/p0ZWnAzxOJ

Together with AuditOne, it has also been educating people about its bug bounty and audit programs. Meanwhile, MagicSea, the native IOTA and Shimmer decentralized exchange, has already crossed a cumulative $60 million in total value locked (TVL) despite a significant drop in its current TVL to $3.07 million based on DeFiLlama.

Among the other mainstream projects of IOTA that have gained a lot of attention in the international community due to their potentially broad use cases include its Trade Logistics Information Pipeline (TLIP) project in the Middle East and North Africa (MENA) region and Digital Product Passport (DPP) tailored for various enterprises.