The IOTA (MIOTA/USD) token is making major gains across the crypto market. The gains have been attributed to the recent staking feature launched on this network that will allow IOTA holders to stake their tokens and get rewards using newly minted tokens.
The IOTA network is developing a multi-asset ecosystem. The IOTA Foundation has announced that it will soon launch the Shimmer network to test a new staking feature for IOTA tokens.
IOTA launches new staking test net
In a blog post published on November 17, the IOTA foundation stated that it would launch staking for users on the platform. This will increase utility for the IOTA token and provide new opportunities for holders of this token to get rewards for participating in the ecosystem.
“The Shimmer network, IOTA’s staging network, will be the first project to use the IOTA network to fairly distribute its entire token supply – transforming the IOTA tangle into a fair Launchpad of unseen possibilities of new token economies,” the blog post read.
The announcement also noted that the newly launched staking test net will allow fair distribution of tokens on the network. it will focus on a fair distribution process that is dubbed the “rolling airdrops.”
IOTA’s token supply is capped; hence stakers in the network cannot be rewarded through new IOTA tokens but only through new applications or crypto networks. Those who stake IOTA tokens on the Shimmer network will be rewarded using Shimmer tokens. The post also notes that the entire supply of Shimmer tokens will be distributed to IOTA stakeholders.
IOTA making major developments
The peak of IOTA tokens happened in 2017 during a major bullish rally. The token reached an all-time high of $5.25 at the time, but it shed most of these gains in the following months. By 2020, it had fallen to an all-time low of $0.0081.
Since 2020, the IOTA network has been making major comebacks with different projects and updates. Its price also started making a major uptrend this year and showed signs of recovery to previous highs.
The IOTA network is popular for its zero-fee smart contracts. These contracts give IOTA leverage over other competing blockchains. The network also offers limitless scalability, a highly sought after feature by DeFi developers.
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