IoTeX

IoTex offers layer-1 blockchain infrastructure for users to build and deploy decentralized physical infrastructure networks (DePINS). Users can choose from a range of modular blocks and leverage data from IoT devices to create a range of smart contracts and decentralized applications. As of January 2024, the network was supported by over 100 delegates. 

The platform offers a range of tools including 1) W3bstream, which is middleware infrastructure that enables users to stream and compute off-chain data from physical devices to applications built on a range of blockchains, including Ethereum, Solana, Polygon, Arbitrum, and Optimism; 2) ioPay, a multi-chain wallet designed for DePIN ecosystems; 3) IoTube, a bridging service between IoTex and other major L1 and L2 channels; and 4) DePINscan, which enables projects to create their own profile pages, share real-time statistics, and explore other explore projects. 

The platform offers a native token named “IOTX,” which is used to govern the network, reward contributors, and index the DePIN sector. As of January 2024, the network had a total locked value (TVL) of over USD 3.6 billion in staked tokens and supported over 120,000 active wallets. IoTex also provides grants, professional guidance, and token liquidity services to up-and-coming DePIN projects via its Halo Grants and Liquidity programs. 

In July 2024, IoTeX upgraded its platform to version 2.0 and introduced composable modules, a unified trust layer, and a new token economy that links DePIN dApps, Layer 2 chains, and devices. The upgrade aims to enable developers to build and deploy DePIN applications operating across multiple blockchains.

Key customers and partnerships

As of March 2024, the blockchain supported an ecosystem of over 500 projects (including 55 DePINs), such as EnviroBloQ, Drop Wireless, DIMO, and Wifi Map. 

In October 2023, the company partnered with ARM, a microchip manufacturer, to develop privacy-preserving collaborative data processing solutions based on ARM's confidential computing framework named “Veracruz.” The partnership aims to demonstrate the feasibility of securely processing smart device data for emerging DePIN applications. 

The company went on to partner with EMC, Dell’s IT infrastructure subsidiary, in March 2024, to develop blockchain-based solutions that integrate IoT devices with AI. While the broad implications of this collaboration were undisclosed, the companies reportedly aimed to combine their expertise in decentralized physical infrastructure networks DePINS with data infrastructure to develop decentralized AI (DeAI) networks that can interact with IoT devices. 

In September 2024, IoTeX partnered with Polygon Labs, a Web3 infrastructure provider, to integrate its IoTeX 2.0 platform with AggLayer, Polygon's blockchain interoperability solution. The integration with AggLayer will enable projects on different chains to programmatically distribute rewards and offer users a choice of blockchains to settle transactions.

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