IoTeX Funnels $50M Funding Into DePIN Offering — Launches Solana Bridge

Key Takeaways

• IoTeX’s Solana Bridge announcement follows an earlier funding round.
• The bridge leverages IoTube Bridge Architecture and employs secure consensus and signature mechanisms.
• The company aims to increase activity and attract new users through Solana Bridge.

DePIN company IoTeX has launched its Solana Bridge, which it claims will enhance interoperability between the IoTeX and Solana ecosystems. This bridge will facilitate asset transfers and data sharing between the two platforms, creating opportunities for collaboration and broader engagement.

The company obtained $50 million  to accelerate the growth and adoption of its ecosystem. IoTeX previously launched W3bstream and ioTube with the aim of further strengthening its position in the DePIN sector.

IoTeX Launches Solana Bridge

IoTeX is an open-source platform that combines blockchain technology with the Internet of Things (IoT) to create a decentralized machine economy. The company recently announced the launch of its Solana Bridge , which enables asset transfers and data sharing between the IoTeX and Solana ecosystems.

This bridge enhances interoperability by connecting two major DePIN platforms. It also expands the reach of Solana DePIN projects, giving them access to IoTeX’s community and liquidity hubs.

From a technical perspective, the bridge leverages IoTube Bridge Architecture and utilizes IoTeX’s existing infrastructure to ensure efficient cross-chain transfers. The consensus mechanism requires a two-thirds witness signature for secure transactions, and the bridge supports elliptic curve signatures, specifically secp256k1 for Solana to IoTeX transfers and ed25519 for IoTeX to Solana transfers.

Previous DePIN Projects

IoTeX’s latest development, the Solana Bridge, aims to strengthen its position in the cross-chain interoperability sector. This development follows the integration of W3bstream, IoTeX’s DePIN computing service, into the Solana ecosystem.

W3bstream is a Layer-2 protocol that enables decentralized data processing within the IoTeX ecosystem. It works by fetching raw data from supported infrastructures, processing it using zero-knowledge (ZK) circuits, and generating ZK proofs. These proofs can then be verified on-chain by decentralized applications (dApps), ensuring the authenticity and integrity of the data.

W3bstream enhances scalability and performance by offloading data processing from the main blockchain. Its use of ZK proofs ensures data integrity, fostering trust in decision-making processes. This makes W3bstream particularly valuable in real-world applications that rely on accurate data, such as supply chain management and IoT.

With IoTeX’s track record, including its ioTube bridge facilitating over $30 million in total value locked, the company aims, with new projects, to increase trading volume and attract more users to both platforms. It also wants to reinforce IoTeX’s role as a central platform for DePIN, supporting a broader range of assets and partnerships within its expanding ecosystem.

IoTeX Stablecoin

In August 2024, the IoTeX community approved  IIP-30, adopting the Bridged USDC Standard from Circle. This decision will transition the existing ioUSDC stablecoin to USDC.e.

The adoption of USDC.e ensures standardized interoperability, allowing for seamless integration with other blockchain ecosystems. Backed by Circle, the issuer of USDC, the company stated that this move also opens the door to expanded use cases, facilitating easier integration with traditional finance and real-world assets.

IoTeX said transaction stability will be improved, providing a consistent value for settling transactions. Cross-chain compatibility will enable smoother interactions across various blockchains.

The implementation involves deploying USDC.e and its wrapper contract on IoTeX, alongside updates to IoTube validators to support the new bridge. DeFi protocols within the ecosystem will also be encouraged to adopt USDC.e.

About the Author

Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.

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